Is the 60% Foreigner ABSD causing more harm than control? Melvin taps into this 2023 cooling measure that has significantly impacted Singapore’s Core Central Region (CCR) market. With the 60% foreigner ABSD in place, CCR properties—mainly luxury properties aimed at foreigners—are becoming increasingly out of reach, leading to a growing number of foreign buyers moving into the OCR. The OCR, also known as the playground for HDB upgraders, now holds the largest market share.
With OCR now having the biggest market share, will HDB upgraders be priced out? Could creative solutions, like a tiered tax system for CCR properties, be the key to reviving the luxury market? This approach could encourage foreign buyers to invest in premium CCR properties without overheating the OCR market—an idea that aligns with recent calls in the news to fine-tune tax measures for market balance and long-term stability.
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