Strong sales suggest new stamp duty hikes may not cool demand

SINGAPORE: Two days after a new round of property curbs took effect on April 27, Blossoms by the Park in Buona Vista surprised many with a robust 75% take-up, prompting some analysts to question if the latest measures are sufficient to cool prices and demand.

Within two days of its launch, the city fringe condominium sold 205 of its 275 units despite the announcement late on April 26 of a fourth round of hikes in additional buyer’s stamp duty (ABSD) rates since 2011.