In spite of pitching itself as one of the richest cities of the South East Asian countries, Singapore is reportedly losing on its potential investors following a steep increase of its property tax. At present, Singapore’s property sales tax is equating to 23.2% to 22.4% of property prices, which is reportedly the highest of all and the experts says that the recent tax inflation is the result of increased stamp duty being imposed on the foreigners.
As a city with increased convenience quotient, Singapore has always been the referred home for the expatriates across the world. Over the past few years, the property costs showed a steep rise, which triggered sheer discontent among the property occupants. The simmering discontent, thus slowdown the momentum of the posh living and convenient lifestyle in the city. Moreover, the government policies to a great extent and the levies exorbitantly charged have somewhat repelled the buyers’.
From the experts’ point of view, this is sure sign of splashed economy, but without taking necessary measures, a steep rise of the tax won’t help much. It’s just a few year back, the exponential rise of the property market sale, led the builders to approach the investors. But, at this point of time, when the government is not taking any sincere step to check the growing percentage of tax, the investors are mostly refraining from owning property in Singapore. Some new property developer are providing home and commercial space at low tax such as Stars of Kovan in Singapore.