The developers of Reflections at Keppel Bay, the project designed by Daniel Libeskind on the Singapore waterfront, are among the local real estate companies offering to pay at least part of a stamp duty recently imposed on their foreign customers.
Sales to non-Singapore residents have fallen more than 75 percent since the tax went into effect in December, according to Knight Frank, the real estate agency. The duty adds as much as 10 percent to the cost of a home in Singapore for foreign buyers.
“Developers who are willing to partially absorb the duty will be able to continue sales,” said Albert Foo, general manager of marketing for Keppel Land, developer of the Reflections project. Full story
