Nasaq, 31 Aug 2009
Singapore Government Cuts Charge For Residential Developments By 2%
SINGAPORE -(Dow Jones)- Singapore's Ministry of National Development said Monday that it will cut a tax on residential property sites that are developed into more valuable projects by 2%, on average, islandwide.
The revised charges will take effect Sept. 1, and will last until March next year, the ministry said in a statement.
The highest tax cut - 17% - is for residential developments on the island of Sentosa, which has seen a decline in buyer interest since the property market started to slow in 2008.
The government also cut the rate for commercial, hotel and hospital developments across the island by 4%. The same cut will apply to sites being developed for commercial use in the business zone.
Singapore's property market dropped sharply earlier this year as the island fell deep into recession. The market has been recovering, however, as buyers take advantage of property price cuts.
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