Property stamp duty takings up 9.5% to S$6.4 billion in FY2024 after two years of declines
The FY2024 total, based on revised unaudited estimates from the Accountant-General's Department, is 12 per cent higher than an earlier projection of S$5.7 billion for the period April 2024 to March 2025. It also comes close to the all-time high of S$6.76 billion collected in FY2021.
The government's stamp duty takings include buyer's stamp duty (BSD) collected on all property purchases and leasing transactions, and additional buyer's stamp duty (ABSD) charged on residential property purchases by individuals and entities as well as developers' purchases of land for housing development.
Data compiled by property agency Huttons for The Business Times indicate that overall property transactions rose 16.2 per cent to 59,766 units in FY2024, from 51,433 units in the previous year. The total includes private properties, executive condominiums (ECs), resale HDB flats as well as commercial and industrial units. Rental transactions, meanwhile, inched up 1.3 per cent to 166,246, from 164,124 in FY2023.
Stamp duty revenue is on the rise after two years of shrinking takings. Transaction volume fell in FY2023 and FY2022 after higher ABSD rates were implemented in two rounds of market cooling measures – first in December 2021, then raised sharply in April 2023.
The higher stamp duty takings in FY2024 may have been driven by robust new launch sales, said Wong Xian Yang, research head for Singapore and South-east Asia at Cushman & Wakefield.
A NEWSLETTER FOR YOU
Tuesday, 12 pm Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
Sign Up
Sign Up
Christine Sun, chief researcher & strategist of the Realion Group, said that 8,680 new homes (excluding ECs) were sold in FY2024, a 37.1 per cent increase from the 6,329 sold in FY2023.
More resale homes were also sold, with 14,929 units sold between April 2024 and March 2025, a 31 per cent increase from the year ago period.
Overall, there were 24,981 private residential units sold in FY2024, a 30.4 per cent increase from 19,153 homes sold in FY2023, Lee Sze Teck, senior director of data analytics at real estate agency Huttons Asia said.
'A shift in market sentiment due to cuts in interest rates boosted sales in Q4 2024 and Q1 2025,' he added.
Moreover, home prices continued to rise in 2024, and increasing transaction values would have resulted in higher stamp duties collected, Sun said.
Data from the Urban Redevelopment Authority (URA) showed private home prices rose 3.9 per cent for the full year in 2024, after rising 6.8 per cent in 2023 and 8.6 per cent in 2022.
Transaction values across the private residential market (including ECs) in 2024 amounted to S$54.7 billion, about 15 per cent higher than the S$47.2 billion recorded in 2023, said Chua Yang Liang, JLL's head of research and consultancy for South-east Asia.
While steep hikes in ABSD rates applying to foreigners led to a plunge in foreign buying, more purchases by Singapore citizens and permanent residents (PRs) 'may have more than offset the decline in stamp duties collected from foreigners', said Huttons' Lee.
Only 1 per cent of private homes (including ECs) purchased in FY2024 were bought by foreigners, down from 1.8 per cent in FY2023, Huttons data showed.
PRs accounted for 13.8 per cent of the purchases were by permanent residents, a smaller share from the 15.2 per cent in the year before.
'The poor sales in the Central Business District and prime properties indicate that repeated increases in ABSD have led to structural shifts in the residential market, primarily the moderation in foreigner demand, and investment demand for properties that rely on rental yields,' said Tricia Song, CBRE's head of research for South-east Asia.
However, the higher value of government land sales (GLS) transacted in FY2024 could have contributed to an increase in stamp duty collected for FY2024, she added. Developers pay an upfront non-remissable ABSD component of 5 per cent on land purchases.
The value of GLS sites sold in the FY2024 period totalled around S$10.3 billion, 13.3 per cent higher than the S$9.1 billion sold in FY2023, according to CBRE Research.
For the current financial year FY2025, the government has estimated that stamp duty collection will fall 7 per cent to S$5.9 billion.
Stamp duty collection could be slightly lower this year, as the number of private resale transactions may fall, said Realion's Sun.
She estimates that 12,000 to 14,000 resale homes could be sold in 2025, fewer than the 14,053 resale homes (excluding ECs) transacted in 2024. 'This is because fewer condos were completed over the past year, which may have resulted in fewer available units being listed for sale.'
Realion anticipates that HDB resale volume may dip slightly as well, from 28,986 units in 2024 to an estimated 27,000 to 28,000 units this year.
PropertyGuru's Lee noted that Singapore's economy is expected to grow at a slower pace amid evolving global uncertainties, leading to more cautious buyer sentiment.
'However, the strong take-up observed in recent new launches suggests that many buyers have begun to normalise the uncertainty and recalibrate their expectations accordingly,' added Lee.
This year, the Core Central Region (CCR) will also see the largest number of units launched since 2021, said Huttons' Lee. The higher prices of prime location properties 'may pull up the overall quantum of transactions subject to stamp duties'.
Property tax revenue rises
Meanwhile, the government is estimated to have collected S$6.7 billion in property tax in FY2024, a 12.9 per cent increase from S$5.9 billion in FY2023. The tally is just a shade above the budgeted estimate of S$6.67 billion for the year.
Property tax is charged based on the annual value (AV) of the property, which is assessed based on the estimated annual rent if the property was rented out.
In January 2024, the property tax rate for owner-occupied homes with AVs in excess of S$30,000 was increased to between 6 per cent and 32 per cent. In 2023, the rates were between 5 per cent and 23 per cent.
For non-owner-occupied properties, including investment properties, property tax was raised to between 12 per cent and 36 per cent in 2024 from 11 per cent to 27 per cent in 2023.
The rise in property tax revenue could be attributed to the higher rates and rising valuations, said Dr Lee Nai Jia, head of real estate intelligence at PropertyGuru.
The AVs of HDB flats have also been increased with effect from January 2024 to reflect a rise in market rents, said Realion's Sun.
After surging 29.7 per cent in 2022 and rising another 8.7 per cent in 2023, private residential rents fell by 1.9 per cent in 2024. There were 89,355 private residential units rented in FY2024, a 6.3 per cent increase from the 84,037 units rented in FY2023, Cushman's Wong said.
In the HDB market, the number of flats rented out dipped 5 per cent to 36,937 from 38,879 in the year before.
Some 27,499 commercial units were leased, a slight decrease from 28,579 units before.
There were 12,455 industrial units rented in FY2024, down 1.4 per cent from 12,629 in FY2023.
For the current financial year (from April 2025 to March 2026), property tax collection is likely to remain stable or see a moderate increase, supported by a relatively resilient rental market that appears to have reached equilibrium, said PropertyGuru's Lee.
Realion's Sun projects market rents in 2025 to rise modestly by up to 2 per cent for both the HDB and private home markets.
The Ministry of Finance has set a budgeted estimate of S$6.9 billion for property tax revenue for FY2025, which is 3 per cent higher than FY2024's revised estimates.
In total, the government is expected to collect S$104.7 billion in tax revenue for FY2024, 11 per cent higher than the S$94.3 billion collected in FY2023. Total tax revenue is estimated to reach S$110 billion in the current fiscal year.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
16 minutes ago
- Business Times
Broadening bullishness in Singapore
In the latest episode of Mark To Market, a podcast by The Business Times, senior correspondent Ben Paul takes a hard look at Singapore's multi-billion-dollar shot in the arm for its flagging equity market and whether it's finally moving the needle. The spark? The Monetary Authority of Singapore's (MAS) Equity Market Development Programme (EQDP), which placed S$1.1 billion with three heavyweight fund managers Avanda, Fullerton and JP Morgan. The goal: to inject fresh capital beyond the usual STI suspects and revive interest in small to mid-cap stocks. Paul walks us through why this could be more than just a flash in the pan. Analysts are already flagging potential 'EQDP beneficiaries' like Food Empire, iFast and Sheng Siong whose stocks are seeing renewed investor interest. But the bigger story is how this could shift the way companies engage with shareholders, especially as MAS is also ramping up its GEMS scheme and introducing recourse mechanisms for investors burned by market misconduct. Paul delves into the critics' take and shares his opinion on these latest developments. The episode also unpacks MAS' upcoming consultations on investor recourse, including legal support for shareholder lawsuits and whistleblower protections. Why listen? Because this isn't just another reform package A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up MAS is putting real money behind market revitalisation and investors are paying attention. Because it's not just about liquidity, it's about accountability With more investor tools, underperformers can no longer hide behind excuses. Because the public market is getting a public reboot And Singapore Inc. needs to step up. Listen now to the full episode and stay ahead of market trends and corporate developments with Ben Paul. Mark To Market is a podcast of BT Correspondents. Look out for the next episode featuring wealth editor, Genevieve Cua. And if you have any thoughts or questions, feel free to reach out to us at btpodcasts@ . Written and hosted by: Ben Paul (benpaul@ Edited by: Howie Lim & Claressa Monteiro Produced by: Ben Paul, Howie Lim & Chai Pei Chieh A podcast by BT Podcasts, The Business Times, SPH Media --- Follow BT Correspondents: Channel: Amazon: Apple Podcasts: Spotify: YouTube Music: Website: Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party's products and services. Please consult professional advisors for independent advice. --- Discover more BT podcast series: BT Money Hacks: BT Podcasts: BT Market Focus: BT Branded Podcasts:
Business Times
11 hours ago
- Business Times
BlueSG lays off staff ahead of operations pause to revamp app and fleet
[SINGAPORE] BlueSG on Monday (Aug 4) announced that it has laid off staff ahead of a pause in its car-sharing operations from Friday, while it prepares for a major upgrade to its tech platform and vehicle fleet amid complaints of car and app issues. BlueSG, a major player in Singapore with around 250,000 subscribers, said that it made the 'difficult decision to streamline operations significantly'. It did not reveal how many staff were affected, but confirmed that it is now operating with 'a core team'. 'We are working closely with affected employees to provide fair severance, career support, and where possible, explore redeployment opportunities within the wider group,' it said. Its new platform is slated to be launched in 2026. There will be an expanded network of pick-up and drop-off points and a fleet of newer vehicles. Keith Kee, chief executive officer of BlueSG, told The Business Times: 'We are not ending the service per se. We call it a pause, because it is in preparation for the upgrade.' He said that building on the experience it has gained from its operations, it fully intends to come back with an improved product by revamping its platform and car fleet. 'We want to have a refreshed user experience. The new platform will feature a refreshed fleet and upgraded systems, designed to deliver a stronger performance and more seamless user experience.' Existing BlueSG vehicles are 'not likely' to be carried over to its new chapter, and will be decommissioned or repurposed where necessary, he added. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up He did not elaborate on the cost of the reboot, but shared: 'This decision reflects a long-term strategic vision that's set by careful financial financing.' BlueSG is also looking forward to investments from strategic partners who will also contribute technology and expertise to the company, he explained. 'But right now, I think the focus is on ensuring that our existing service and our existing users are able to take the pause, and that we address the current issues first.' Common issues cited by users In recent years, BlueSG had issues with feedback in online channels about unresponsive customer service, malfunctioning apps, and aged or unclean vehicles. An ex-BlueSG subscriber told BT that he stopped using the service earlier this year because the vehicles and charging stations were not well maintained, and the customer support was disappointing. Technology issues are partly to blame, said a source familiar with the matter. This comes from the management having opted to develop its own in-house software solutions, which is more difficult than using or adapting off-the-shelf ones. BlueSG's app is rated 3.8 out of 5 stars on both Google Play and Apple's App store, with user reviews citing poor user experience and app issues. Walter Theseira, associate professor of economics at the Singapore University of Social Sciences, said: 'I think (the shutdown) was expected. We know that the economics of car-sharing has always been challenging in Singapore, with most firms that have been in the space over the last few decades having folded.' He said that BlueSG's fleet, comprising entirely of electric vehicles (EVs), may have been a hindrance to expansion. 'The bigger issue is that (an all-EV fleet) boxes you in somewhat, making you unable to expand to points without charging.' The EV fleet may also have contributed to the situation. Theseira said that by the time Singapore engineering firm Goldbell bought out the operator in 2021, the first-generation Blue SG cars, which were Bolloré Bluecars, were already outclassed by other EVs. The operator's second-generation of cars, Opel e-Corsas, was a questionable choice, given the availability of better Chinese EVs. Automotive consultant Vincent Ng echoed this viewpoint, saying that BlueSG's cars were limited in range and slow to charge, hampering their user-friendliness – and the operator's competitiveness. Observers said that a new approach is needed for the car-sharing space in Singapore. 'Competitors like GetGo have shown that a clean-slate business model could outperform BlueSG, so that may have motivated the relaunch,' said Theseira, who thinks that BlueSG is likely to keep its existing customer base, but change its branding, operations and pricing model. Ng said that a ground-up relaunch is viable, if access to the charging network remains. He added that the most valuable component of BlueSG at the time of Goldbell's takeover was not the car-sharing business itself, but the charging network. With that takeover, French energy company TotalEnergies acquired the charging network. 'BlueSG's charging network was the largest in Singapore in 2021, and it is still a valuable asset – more so than the cars or the business itself.' GetGo is currently the largest car-sharing service in Singapore, with around 400,000 users. BlueSG's user base is now around 250,000, up from 140,000 in 2021; it recently surpassed seven million cumulative rentals since its start in 2017. What customers can expect: processes for refunds, closures and more The current BlueSG service will wind down its operations at 23.59pm on Aug 8. Matters such as billing, account closures, subscription adjustments and refunds will be managed until Aug 31. The company said: 'BlueSG is committed to ensuring a transparent, efficient and smooth process for users, with clear communications, timely updates and dedicated customer support throughout the process.' In a statement on Monday, the Consumers Association of Singapore (Case) said that it has worked with BlueSG to set up a dedicated channel for handling credit refunds and outstanding bills to support affected users. Customers requiring assistance may approach Case via its website or hotline, the association added. BlueSG started out as a subsidiary of French conglomerate Bolloré Group in 2017, before its acquisition by Goldbell. At the time, Goldbell said that it planned to expand the car-sharing business regionally, and use BlueSG as the global headquarters.
Business Times
11 hours ago
- Business Times
Stamp duty takings up 9.5% to S$6.4 billion in FY2024 after two years of decline
[SINGAPORE] Stamp duty revenue collected in the government's financial year ended March 2025 rose 9.5 per cent to S$6.4 billion, increasing after two straight years of falling takings as transaction volume and value rose. The FY2024 total, based on revised unaudited estimates from the Accountant-General's Department, is 12 per cent higher than an earlier projection of S$5.7 billion for the period April 2024 to March 2025. It also comes close to the all-time high of S$6.76 billion collected in FY2021. The government's stamp duty takings include buyer's stamp duty (BSD) collected on all property purchases and leasing transactions, and additional buyer's stamp duty (ABSD) charged on residential property purchases by individuals and entities as well as developers' purchases of land for housing development. Data compiled by property agency Huttons for The Business Times indicate that overall property transactions rose 16.2 per cent to 59,766 units in FY2024, from 51,433 units in the previous year. The total includes private properties, executive condominiums (ECs), resale HDB flats as well as commercial and industrial units. Rental transactions, meanwhile, inched up 1.3 per cent to 166,246, from 164,124 in FY2023. Stamp duty revenue is on the rise after two years of shrinking takings. Transaction volume fell in FY2023 and FY2022 after higher ABSD rates were implemented in two rounds of market cooling measures – first in December 2021, then raised sharply in April 2023. The higher stamp duty takings in FY2024 may have been driven by robust new launch sales, said Wong Xian Yang, research head for Singapore and South-east Asia at Cushman & Wakefield. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Christine Sun, chief researcher & strategist of the Realion Group, said 8,680 new homes (excluding ECs) were sold in FY2024, a 37.1 per cent increase from the 6,329 sold in FY2023. More resale homes were also sold, with 14,929 units sold between April 2024 and March 2025, a 31 per cent increase from the year ago period. Overall, there were 24,981 private residential units sold in FY2024, a 30.4 per cent increase from 19,153 homes sold in FY2023, Lee Sze Teck, senior director of data analytics at real estate agency Huttons Asia said. 'A shift in market sentiment due to cuts in interest rates boosted sales in Q4 2024 and Q1 2025,' he added. Moreover, home prices continued to rise in 2024, and increasing transaction values would have resulted in higher stamp duties collected, Sun said. Data from the Urban Redevelopment Authority (URA) showed private home prices rose 3.9 per cent for the full year in 2024, after rising 6.8 per cent in 2023 and 8.6 per cent in 2022. Transaction values across the private residential market (including ECs) in 2024 amounted to S$54.7 billion, about 15 per cent higher than the S$47.2 billion recorded in 2023, said Chua Yang Liang, JLL's head of research and consultancy for South-east Asia. While steep hikes in ABSD rates applying to foreigners led to a plunge in foreign buying, more purchases by Singapore citizens and permanent residents 'may have more than offset the decline in stamp duties collected from foreigners', said Huttons' Lee. Only 1 per cent of private homes (including ECs) purchased in FY2024 were bought by foreigners, down from 1.8 per cent in FY2023, Huttons data showed. PRs accounted for 13.8 per cent of the purchases were by permanent residents, a smaller share from the 15.2 per cent in the year before. 'The poor sales in the Central Business District and prime properties indicate that repeated increases in ABSD have led to structural shifts in the residential market, primarily the moderation in foreigner demand, and investment demand for properties that rely on rental yields,' said Tricia Song, CBRE's head of research for South-east Asia. However, the higher value of government land sales (GLS) transacted in FY2024 could have contributed to an increase in stamp duty collected for FY2024, she said. Developers pay an upfront non-remissable ABSD component of 5 per cent on land purchases. The value of GLS sites sold in the FY2024 period totalled around S$10.3 billion, 13.3 per cent higher than the S$9.1 billion sold in FY2023, according to CBRE Research. For the current financial year FY2025, the government has estimated that stamp duty collection will fall 7 per cent to S$5.9 billion. Stamp duty collection could be slightly lower this year, as the number of private resale transactions may fall, said Realion's Sun. She estimates that 12,000 to 14,000 resale homes could be sold in 2025, fewer than the 14,053 resale homes (excluding ECs) transacted in 2024. 'This is because fewer condos were completed over the past year, which may have resulted in fewer available units being listed for sale.' Realion anticipates that HDB resale volume may dip slightly as well, from 28,986 units in 2024 to an estimated 27,000 to 28,000 units this year. PropertyGuru's Lee noted that Singapore's economy is expected to grow at a slower pace amid evolving global uncertainties, leading to more cautious buyer sentiment. 'However, the strong take-up observed in recent new launches suggests that many buyers have begun to normalise the uncertainty and recalibrate their expectations accordingly,' added Lee. This year, the Core Central Region (CCR) will also see the largest number of units launched since 2021, said Huttons' Lee. The higher prices of prime location properties 'may pull up the overall quantum of transactions subject to stamp duties'. Property tax revenue rises Meanwhile, the government is estimated to have collected S$6.7 billion in property tax in FY2024, a 12.9 per cent increase from S$5.9 billion in FY2023. The tally is just a shade above the budgeted estimate of S$6.67 billion for the year. Property tax is charged based on the annual value (AV) of the property, which is assessed based on the estimated annual rent if the property was rented out. In January 2024, the property tax rate for owner-occupied homes with AVs in excess of S$30,000 was increased to between 6 per cent and 32 per cent. In 2023, the rates were between 5 per cent and 23 per cent. For non-owner-occupied properties, including investment properties, property tax was raised to between 12 per cent and 36 per cent in 2024 from 11 per cent to 27 per cent in 2023. The rise in property tax revenue could be attributed to the higher rates and rising valuations, said Dr Lee Nai Jia, head of real estate intelligence at PropertyGuru. The AVs of HDB flats have also been increased with effect from January 2024 to reflect a rise in market rents, said Realion's Sun. After surging 29.7 per cent in 2022 and rising another 8.7 per cent in 2023, private residential rents fell by 1.9 per cent in the 2024. There were 89,355 private residential units rented in FY2024, a 6.3 per cent increase from the 84,037 units rented in FY2023, Cushman's Wong said. In the HDB market, the number of flats rented out dipped 5 per cent to 36,937 from 38,879 in the year before. Some 27,499 commercial units were leased, a slight decrease from 28,579 units before. There were 12,455 industrial units rented in FY2024, down 1.4 per cent from 12,629 in FY2023. For the current financial year (from April 2025 to March 2026), property tax collection is likely to remain stable or see a moderate increase, supported by a relatively resilient rental market that appears to have reached equilibrium, said PropertyGuru's Lee. Realion's Sun projects market rents in 2025 to rise modestly by up to 2 per cent for both the HDB and private home markets. The Ministry of Finance has set a budgeted estimate of S$6.9 billion for property tax revenue for FY2025, which is 3 per cent higher than FY2024's revised estimates. In total, the government is expected to collect S$104.7 billion in tax revenue for FY2024, 11 per cent higher than the S$94.3 billion collected in FY2023. Total tax revenue is estimated to reach S$110 billion in the current fiscal year.
