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New updates and resources for agents

Property-related announcements from Budget 2018

  1. Enhanced Proximity Housing Grant for resale flat buyers

    In his Budget 2018 speech, Finance Minister Heng Swee Keat announced that the government would enhance the Proximity Housing Grant (PHG) to give more support to family members who want to live with, or near each other.

    These are the key changes that have taken effect from 19 February 2018:

    • Families who buy a Housing and Development Board (HDB) resale flat to live with their parents or children will now enjoy a PHG of $30,000.
    • Singles who buy a HDB resale flat to live with their parents will receive a PHG of $15,000, while those who buy HDB flats near their parents will receive $10,000.
    • The proximity criterion for what is considered as “near” has been simplified to “within four kilometres”. You can use HDB’s e-Service to conduct distance enquiry checks on
      • Whether a specific HDB block is within four kilometres of another HDB block or a completed private residential property, and
      • Which are the HDB blocks within four kilometres of a specific HDB block or private residential property.

    Refer to the infographic below for more details on the enhancements to the PHG.

    Image: Housing & Development Board

    Find out more from the joint media release by the Ministry of National Development and HDB, and HDB’s website.

    You can also call the HDB Sales/Resale Customer Service Line at 1800-866-3066 between 8.00am to 5.00pm on weekdays.

  2. Changes to rate structure of the Buyer’s Stamp Duty

    Another announcement in Budget 2018 was the increase in the top marginal buyer’s stamp duty rate from 3 to 4 per cent for residential properties worth more than $1 million.

    The adjustments are line with changes to make our tax system more progressive.

    The new rates apply to all residential properties acquired from 20 February 2018.

    Purchase price/market value (whichever higher) New buyer’s stamp duty rates^
      For residential properties For non-residential properties
    First $180,000 1% 1%
    Next $180,000 2% 2%
    Next $640,000 3% 3%
    Exceeding $1,000,000 4%  

    ^ To be rounded down to the nearest dollar

    There are no changes to the buyer’s stamp duty rates for non-residential properties.

    Refer to IRAS’ e-Tax Guide on Buyer’s Stamp Duty on Residential and Non-Residential Properties for more information.

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