Hi Mr Prashant,
Yes indeed you are able to purchase a private property in Singapore. Like other buyers, you will be subjected to a normal buyer stamp duty of 3%. However, since you are of a foreigner status, you will be liable for a tax also known Additional Buyer Stamp Duty of 15%. Singaporeans owning 2 properties and PRs are also subjected to this ABSD tax however at different rates.
If your son is working here on a long term basis and wishes to not just own his own residence but at the same time achieve some financial gain via purchasing a property, I reckon this tax should not act as a deterrence. The Singapore property market is on a downside and prices are already at its low. There are currently massive discounts and firesales of up to 30% on properties even in the prime district. This discounted price can be treated as an offset to your taxes plus cheaper than you would purchase if you would move your purchase to another time. Government has spoken about the Reviewal of measures in the property market which may cause a revival in demand and prices in soon.
Let's get in touch at
+65 96659926
for me to understand your requirements, expectations and objectives. Following that, I will work out the financial calculations cash flow and breakdown of purchase with progressive payment to see which residence options your son can consider.
Do note that there is no agent fees involved and I will walk you through this whole tedious process of : explanation of procedure, shortlisting, negotiation, paperwork, establishing financial projections / application of loan, sharing of market insights, providing up to date transaction caveats & price analysis of properties as well as and handling all technical and legal matters at NO cost!
D Kumar
+65 96659926
ERA Associate Division Director
www.kumarrai.com
#1 team of ERA in Singapore, Asia Pacific International for 2014.
ERA 2014 Q1 Top Achievers (Top1%)
ERA Top Achievers 2013/14
ERA Multi-Million Dollar Club Award
2014 ERA Asia-Pacific Business Conference Elite Award
P Group
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