Genuine HDB Upgraders Looking to Buy Private Property but Hampered by Transitional Taxes

51 Ms Foo Mee Har asked the Minister for National Development how can support be given to genuine HDB upgraders who wish to purchase a private property for owner occupation but find themselves caught in transitional issues such as the hefty Additional Buyer's Stamp Duty.

Mr Lawrence Wong: The Additional Buyer's Stamp Duty, or ABSD, is intended to moderate demand for private residential properties. Any changes to the ABSD regime will have an impact on the property market. So we cannot look at this matter in isolation. The government continues to monitor the property market closely, and will take the necessary measures to ensure a stable property market, with prices moving in line with economic fundamentals. This will ultimately benefit more Singaporeans, including HDB upgraders.