Number of Sellers of Residential Properties Who Paid Seller Stamp Duty Year on Year since Implementation

24 Mr Sitoh Yih Pin asked the Minister for National Development (a) what has been the number of sellers of residential properties who paid Seller Stamp Duty (SSD) year on year since SSD was implemented; (b) of these numbers, how many of them are Singaporeans who own only one residential property; and (c) whether the Ministry will consider exempting Singaporeans who own only one residential property from SSD.

Mr Lawrence Wong: Since the Seller’s Stamp Duty (SSD) was implemented in 2010, only about 5% of all transactions in the secondary market, or approximately 5,000 transactions, were liable for SSD. Out of these, approximately 40%, or 2,000 transactions, involved sale by Singaporeans owning only one residential property.

The SSD is intended to discourage short-term holding of residential properties, and is part of the Government’s measures to ensure a stable and sustainable property market. This principle applies to all sellers of property, regardless of the number of properties they own at the point of sale.