OrangeTee has expressed support for the recent proposal to extend the Additional Buyer’s Stamp Duty (ABSD) remission deadline for developers, as discussed in the Ministry of National Development’s Committee of Supply debate.
The extension is seen as a fairer approach, allowing larger and more complex projects more time to ensure quality construction standards. This change is particularly timely given the anticipated increase in projects with complex requirements near MRT stations, such as those in Jurong, Hougang, and new growth areas like Mount Pleasant.
Despite the benefits of the extension, developers may still face challenges, particularly with en bloc sales, which depend on buyer and seller negotiations. Smaller projects that do not qualify for ABSD remission may struggle to sell all units, especially high-end projects reliant on foreign buyers affected by increased ABSD rates.
In addition, OrangeTee commented on the increase in the Fresh Start Housing Grant, which aims to help public rental families achieve homeownership. This initiative is expected to lower financial barriers for first-time buyers, fostering stronger communities and enhancing social equity.
The Silver Housing Bonus will also be expanded to include seniors selling private properties with an annual value between S$21,000 and S$31,000. This offers seniors an opportunity to improve financial stability and retirement planning, though some may opt out due to cultural beliefs about inheritance.
Finally, the upcoming Build-To-Order (BTO) project at Mount Pleasant is anticipated to be highly popular due to its central location and proximity to amenities. Prices for these BTO flats are expected to be competitive, with strong demand anticipated based on previous application rates in similar areas.
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