If you recall, the last round of property measures was implemented just 2 months ago when stamp duty rates were increased for larger ticket property purchases. With this set of higher ABSD rates amidst a weaker economic outlook, the Government may be looking to moderate and stabilise the market before more properties are snapped up by foreigners.
Just yesterday it was reported that a wealthy Indonesian family snapped up 3 plots of Good Class Bungalows (GCBs) for well over S$200 million in the Nassim enclave. They are newly minted Singapore Citizens and are only focused on the super high end residential segment. And there was a Business Times news article released last week that up to 3,500 high net worth individuals are set to become Singapore citizens in 2023, which was later on refuted by the Ministry of Home Affairs (MHA) as misleading because new citizenship applications in 2023 have not been decided and having a high net worth is not the main qualifying criteria.