PropNex, one of Singapore’s largest real estate agency, has reported its recommendations for the upcoming Singapore Budget 2026, focusing on market stability, housing affordability, and urban renewal. The agency suggests recalibrating policies to address challenges faced by buyers and homeowners, without compromising affordability or sustainability.
Among the key proposals is the reduction of the additional buyer’s stamp duty (ABSD) for foreigners purchasing high-value non-landed private homes in the Core Central Region (CCR). Kelvin Fong, CEO of PropNex, highlighted the resilience of the Singapore property market, stating, “The healthy home sales and moderate price growth in the past year have showcased both the resilience and discipline in the Singapore property market.”
PropNex recommends lowering the ABSD rate for foreigners to 30% for properties priced at $10m and above, aiming to stimulate sales in the ultra-luxury segment without affecting local buyers. Additionally, the agency suggests reducing the en bloc sale consent threshold to 70% for developments over 40 years old, facilitating urban renewal and optimising land use.
The agency also proposes extending the ABSD remission deadline for large-scale housing projects to seven years, providing developers more time to market units and undertake ambitious projects. Lastly, PropNex advocates raising the mortgage servicing ratio from 30% to 40% for new executive condominium buyers, reflecting rising property prices and ensuring financial prudence.
These recommendations, if adopted, could enhance market dynamics and support Singapore’s urban development goals, offering a balanced approach to property market challenges.
