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Real Estate Realities by Ku Swee Yong

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3.

Hot money in real estate?

— A review of the Additional Buyer’s Stamp Duty (ABSD)

6 February 2013, The Business Times

Despite four sets of cooling measures imposed from 2009 to late 2011, the private residential property price index still rose 5.9 per cent in 2011. In a world flush with cheap credit and incessant money printing by the western nations, Singapore’s authorities were concerned that the “investment flows into our property market are now larger than before, and unlikely to recede as long as interest rates remain low.” So on 7 December 2011, the Additional Buyer Stamp Duty (ABSD) was introduced to “cool investment demand, and avoid the prospect of a major, destabilising correction further down the road.” It has been more than ...

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