Summary
 
The Government announced the introduction of Additional Buyer’s Stamp Duty and the 1st half 2012 GLS Programme on 7th December 2012.
 
Key points:
 
-  With effect from 8th December, buyers of private residential properties will be liable for additional stamp duty of between 3 - 10%, depending on nationality and number of properties owned.
 
-  The 1st half 2012 GLS Programme was also announced and is expected to yield 7,000 units (including executive condominiums) in the Confirmed List.
 
-  Overall, these are negatives for the property market and we should see volume and prices trending down in the coming months.
 
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