(Bloomberg) — Singapore’s latest property tax — now one of the highest among global markets — has dented foreign demand. Foreign buyers bought 57 private apartments in May, down 50% from April, according to Savills Singapore’s analysis of data from the Urban Redevelopment Authority.
In late April, Singapore authorities doubled property levies for foreigners to 60% in a bid to tame soaring home prices. The government said the policy was a preemptive move, as investment demand for residential property is likely to continue to grow otherwise.
Shares of City Developments Ltd. – one of Singapore’s biggest property developers – fell about 1.2% on Tuesday.
–With assistance from Krystal Chia.
(Updates with company share prices in the third paragraph)
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