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Priya de Langen Property Report 03/02/2010 13:10

Singapore´s Budget 2010 brought interesting news for the property sector – the progressive property tax for all owner-occupied residential properties. Under this structure, those who have properties with an Annual Value (AV) exceeding S$77,000 will see an increase in their property taxes; this equates to a mere 3 percent of private property owners or 0.4 percent of all property owners in Singapore. This, of course, pertains to those high-end property owners.

This move by the Government is definitely catered to reducing the pressure on mass market owners and get more out of those in the wealthy segment of society but perhaps it is also a positive indication that it has noticed the improving market sentiments, and especially on the high-end property sector?

Market Sentiment
Though the responses vary, market watchers as well as developers agree that the high-end market will see a healthy growth this year. Jones Lang LaSalle (JLL) stated that the market will progress due to improved market sentiment, better than expected improvement in regional economies, and foreign buyers returning to the Singapore market. The Intergrated Resorts (IRs) will also attract more investors.

Chua Chor Hoon, head of SEA Research, DTZ revealed: “There is more interest in the high-end property market. More foreigners are coming in to buy.”

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