Latest news with #MinistryofNationalDevelopment
New Paper
2 days ago
- Politics
- New Paper
No penalties for Bukit Canberra hawkers who cannot provide free meals: Ong Ye Kung
Stallholders at Bukit Canberra Hawker Centre are not charged for storing supplies in baskets or penalised for not providing free meals, said Health Minister Ong Ye Kung. Mr Ong, who oversees the ward where the food centre is located, was responding in an Aug 11 Facebook post to concerns raised by veteran food critic K.F. Seetoh about the treatment of hawkers there. In a Facebook post on Aug 4, Mr Seetoh had claimed that the food centre's hawkers were forced to pay $70 each month to use blue supply baskets at the back of each stall. The founder of local food guide Makansutra, in another post on Aug 8, said the stallholders were contractually obliged to offer 60 free meals at their own expense. "What a ridiculous smash and grab management policy," he said in the post, which included a screenshot of what appears to be a contract with the hawker centre's management. Mr Seetoh also claimed that hawkers were forced to offer budget meals of up to $3.50 for everyone, not just "the poor". In March 2023, the budget meal initiative was launched by the Ministry of National Development and the Housing Board to provide Singaporeans with meals typically priced $3.50 and below. Mr Ong, who also leads the Sembawang GRC MPs, said he had investigated the matters raised after finding out about the food critic's online posts. He said the claim that hawkers must provide 60 free meals "does not present the full picture". Mr Ong said stallholders had initially agreed to provide 30 meals each month for low-income residents when the hawker centre first opened, before the figure was adjusted to 100 meals over the three-year duration of their lease. Mr Ong, who is also Coordinating Minister for Social Policies, added: "There are no penalties if they do not or are unable to provide the meals. "This simple, well-intentioned initiative was meant to encourage our hawkers to 'pay it forward'." Mr Ong, who said he visits the hawker centre frequently, noted that the initiative has yet to commence. He added: "I appreciate K.F. Seetoh's concern for our hawkers and share his passion for keeping our hawker culture alive and thriving. "However, let's do so without putting down anyone, whether they are patrons, hawkers, the hawker centre operator, or government agencies." On Aug 11, Mr Seetoh thanked the minister and suggested that they meet so that he could get "the full picture". The 44-stall Bukit Canberra Hawker Centre opened in December 2022 after a three-year delay due to the Covid-19 pandemic. At the time of its launch, about 10 per cent of the stalls were run by Sembawang residents. It was the first such facility to open in the constituency after about three decades.
AsiaOne
04-07-2025
- Business
- AsiaOne
Seller's stamp duty rates for private homes raised; holding period increased from 3 years to 4, Singapore News
SINGAPORE — Sellers of private homes will have to pay higher seller's stamp duty (SSD) rates of between four per cent and 16 per cent if they sell a residential property less than four years after the date of purchase. The SSD is currently payable by those who sell a residential property within three years of purchase, at rates of between four per cent and 12 per cent. The Ministry of National Development, Ministry of Finance and Monetary Authority of Singapore announced the longer holding period and higher rates, which will kick in on July 4, in a statement late at night on July 3. The authorities said that in recent years, the number of private residential property transactions with short holding periods has increased sharply. "In particular, there has been a significant increase in the sub-sale of units that have not been completed," they said. A sub-sale refers to the sale of a unit to another buyer before the unit is completed. "Therefore, the Government will revert to the pre-2017 SSD holding period of four years and raise the SSD rates by four percentage points for each tier of the holding period." The SSD was introduced in 2010 as a deterrent against flipping property for profit. It was relaxed in 2017, when sellers no longer had to pay SSD if they sell a residential property after a holding period of three years. Before that, SSD was payable if they sold a property after owning it for less than four years. The latest changes will apply to all residential property bought from midnight on July 4. They do not affect Housing Board flat owners, owing to the minimum occupation period of at least five years for such flats. A report by property firm OrangeTee Group in April showed that sub-sales gained traction in 2024, jumping to 1,306 transactions, up from 178 in 2020. Sub-sales accounted for 6.6 per cent of overall non-landed home sales in 2024. This is the latest measure targeting the private property market. In April 2023, additional buyer's stamp duty (ABSD) rates were raised for Singaporeans and permanent residents buying their second and subsequent properties. The rate for foreigners buying any residential property was also doubled from 30 per cent to 60 per cent. The hikes were aimed at preventing property prices from being pushed up by investors, and prioritising Singaporeans buying homes for owner-occupation. ABSD rates for home buyers and developers were earlier raised in December 2021. [[nid:719344]] This article was first published in The Straits Times . Permission required for reproduction.
Straits Times
03-07-2025
- Business
- Straits Times
Seller's stamp duty rate for private residential properties raised
Sign up now: Get ST's newsletters delivered to your inbox The latest changes will apply to all residential property purchased on and after 12am on July 4. SINGAPORE - Sellers of private homes will have to pay higher seller's stamp duty (SSD) rates of between 4 and 16 per cent if they sell a residential property less than four years after the date of purchase. The SSD is currently payable by those who sell a residential property within three years of purchase, at rates of between 4 and 12 per cent. The Ministry of National Development , Ministry of Finance and Monetary Authority of Singapore announced the longer holding period and higher rates, which will kick in on July 4, in a statement late at night on July 3. The authorities said that in recent years, the number of private residential property transactions with short holding periods has increased sharply. 'In particular, there has been a significant increase in the sub-sale of units that have not been completed,' they said. A sub-sale refers to the sale of a unit to another buyer before the unit is completed. The SSD was introduced in 2010 as a deterrent against flipping property for profit. It was relaxed in 2017, when sellers no longer had to pay SSD if they sell a residential property after a holding period of three years. Before that, SSD was payable if they sold a property after owning it for fewer than four years. Top stories Swipe. Select. Stay informed. Singapore 193ha of land off Changi to be reclaimed for aviation park; area reduced to save seagrass meadow Business More Singapore residents met CPF Required Retirement Sum when they turned 55 in 2024 Singapore PAP questions Pritam's interview with Malaysian podcast, WP says PAP opposing for the sake of opposing Singapore 1 in 4 appeals to waive HDB wait-out period for private home owners approved since Sept 2022 Sport A true fans' player – Liverpool supporters in Singapore pay tribute to late Diogo Jota Singapore Healthcare facility planned for site of Ang Mo Kio Public Library after it moves to AMK Hub Singapore $500 in Child LifeSG credits, Edusave, Post-Sec Education Account top-ups to be disbursed in July The latest changes on July 4 will apply to all residential property purchased on and after 12am on July 4.
CNA
03-07-2025
- Business
- CNA
Singapore private property owners who sell homes within 4 years must pay seller's stamp duty
SINGAPORE: Private property owners who sell their homes within four years will incur a seller's stamp duty, the Ministry of National Development (MND) announced on Thursday (Jul 3). The seller's stamp duty (SSD) holding period will increase to four years, up from three years. The SSD rates will also increase by 4 percentage points for each tier of the holding period, the ministry changes will take effect for all residential properties purchased on and after Jul 4, 12am. The revised SSD will not affect HDB owners due to the Minimum Occupation Period for HDB flats, MND said. The SSD is payable by those who sell a residential property within a specified period after purchase. In 2017, this period was reduced from four to three years, and the SSD rates were also reduced by four percentage points for each tier of the holding period, said MND. In recent years, the number of private residential property transactions with short holding periods has increased sharply. In particular, there has been a significant increase in the sub-sale of units that have not been completed, it added. Therefore, the government will revert to the pre-2017 SSD holding period of four years, and raise the SSD rates by four percentage points for each tier of the holding period, it said.
Business Times
03-07-2025
- Business
- Business Times
Government raises seller stamp duties on residential properties to curb rise in ‘flipping'
[SINGAPORE] The government moved to curb rising speculative buying in Singapore's residential property market, increasing the seller's stamp duty rates by 4 per cent and extending the holding period that SSD applies from three to four years. These changes will take effect for all residential properties purchased on and after Jul 4, 2025, 12.00am, the Ministry of National Development, Ministry of Finance and Monetary Authority of Singapore said in a statement late Thursday (Jul 3) night. The authorities said: 'The revised SSD will not affect HDB owners due to the Minimum Occupation Period for HDB flats.' 'In recent years, the number of private residential property transactions with short holding periods has increased sharply. In particular, there has been a significant increase in the sub-sale of units that have not been completed.'
