Singapore Business Review
RESIDENTIAL PROPERTY | Staff Reporter, Singapore
Published: 15 April 20, 2013
Here is a possible reason behind it.
According to Savills, purchases by PRs constituted 14.3% of total private non-landed home sales in February, a dip from January’s 19.8%. However, the share of 14.3% was still within two standard deviations between January 2011 and March 2013, leading us to opine that the revised ABSD did not have a significant impact on PR purchases.
A possible reason for the fall could be due to PRs returning to their homeland during the lunar new year holiday.
Here's more from Savills:
Similarly, it appears that non-PR overseas purchasers were impervious to the 5-ppt revision in the ABSD rate as their proportion has been trending up since November 2012.
This was unlike the dramatic 17.1-ppt dive between December 2011 and January 2012 when a 10% ABSD rate was imposed on non-PR overseas purchasers.
Caveats as of 5 April 2013 (comprising transactions up to 26 March) signalled a rebound in purchases by PRs whose share rose to 18.7%. Correspondingly, purchases by non-PR oveseas buyers edged up from 10.0% in February to 11.8%.
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
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