The Ministry of National Development (MND) announced on Thursday adjustments to the Additional Buyer’s Stamp Duty (ABSD) rates and Loan-to-Value (LTV) limits on residential property purchases, to cool the property market and keep price increases in line with economic fundamentals.
The adjustments will kick in on Friday, July 6.
Even with that narrow timeframe, potential buyers and eager sellers appear to have made the most of the time allotted.
However, there will be no change in the rates for citizens and PRs purchasing their first residential property.
In other words, citizens and PRs affected are those who are purchasing their second, third and subsequent residential property.
Time is money
Channel 8 posted a live video showing just how many people had flocked to showflats at Park Colonial, an upcoming condominium located at Woodleigh.
Here are some screenshots from the scene.
One of the agents interviewed at Park Colonial revealed that the ABSD news prompted them to extend their showflat timings, a decision they came to only at about 8pm.
The crowd wasn't limited to just Park Colonial though — Hougang's Riverfront Residence was no less packed:
Top photo via Lissandra See's Facebook post
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