http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=200908310605dowjonesdjonline000078&title=singapore-government-cuts-charge-for-residential-developments-by-2
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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