Singapore Tax Intended to Prevent Bubble in Industrial Property Market
Singapore has implemented a stamp duty on industrial property sales to dissuade short-term speculation, according to Bloomberg. Effective as of January 12, sellers will pay a 15 percent tax for sales of warehouses and factories occurring within the first year of purchase. The tax rate will drop to 10 percent in the second year and five percent in the third year.
There were 3,460 industrial strata transactions (valued at $2.67 billion) in 2012 – a 78 percent increase over the previous year, according to Colliers (quoted in the Bloomberg article). Of the strata factories sold in 2012, 99.7 percent of sellers made a profit, with the average profit close to $213,000 (47 percent) according to Savills Plc. (also quoted in the Bloomberg article). Furthermore, units bought in 2012 and flipped in the same year returned an average profit of 15 percent ($70,000).
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The 274 square mile city-state of Singapore has been ranked by the Word Bank as the easiest place to do business for the seventh year in a row.
Last Updated on January 27, 2013 by Ramin Seddiq