Additional Buyer’s Stamp Duty for seniors

The Additional Buyer’s Stamp Duty (ABSD) was introduced in 2011 as a property cooling measure to ensure that residential properties remain affordable to Singaporeans. There have been numerous rounds of adjustments, including measures to encourage or support certain policies such as allowing married couples with an existing residential property to enjoy a refund on the ABSD on their replacement private property as a concession. As Singapore’s population ages and retirement needs increase, we welcome the Government’s initiative to allow single Singaporean homeowners aged 55 and above to claim an ABSD remission subject to, among other conditions, the requirements to purchase a lower value replacement property and dispose of his or her first property within six months after purchasing the replacement property. While the new policy is aimed at single senior homeowners, it is hoped that the Government could consider extending the scheme to other senior homeowners who may face similar difficulties in meeting their retirement needs.