SINGAPORE: Fewer foreigners bought condominium units in the second quarter of 2023 as they were apparently deterred by the doubling of the additional buyer’s stamp duty (ABSD) for foreign buyers to 60% in end-April.

       A total of 205 private non-landed homes were bought by foreigners in the second quarter, down 22.6% from 265 units in the previous quarter, a report by OrangeTee & Tie released last week showed. The figures exclude executive condominiums which foreigners are not allowed to buy.

       The proportion of foreign purchases also fell from 6.9% to 4.2% over the same period.

       Foreigners were hit with the highest ABSD hike in the latest round of cooling measures which were introduced on April 27 after the proportion of foreign buyers had steadily crept up over the previous few quarters. — The Straits Times/ANN