Land and Housing
Northern Metropolis
- Make preparations for establishing a Northern Metropolis Co-ordination Office, and commence consultation on the development proposals and land use planning of San Tin Technopole
Land and Housing
- 12 residential sites under the 2023/24 Land Sale Programme, railway property development, private development and redevelopment projects as well as the URA’s projects to provide about 20 000 units; 3 commercial sites and 3 industrial sites to provide about 200 000 square metres of commercial floor area and 170 000 square metres of industrial floor area respectively
- Secure land for the production of no less than 72 000 private housing units in the coming 5 years
- Public housing: identified sufficient land for the provision of about 360 000 public housing units
- Private housing: completion of private residential units to average over 19 000 units annually in the 5 years from 2023 onwards. The expected first-hand private residential unit supply for the next 3 to 4 years is about 105 000 units
Application of Innovation and Technology in the Construction Industry
- $75 million for conducting studies on establishing the Building Testing and Research Institute, constructing an advanced construction industry building, and strengthening the supply chain of Modular Integrated Construction (MiC) modules
Stamp Duty
- Current demand-side management measures for residential properties (commonly known as “harsh measures”) remain unchanged
- Adjust value bands of the ad valorem stamp duty payable for sale and purchase or transfer of residential and non-residential properties (Rates at Scale 2) to ease burden on ordinary families of purchasing their residential properties, particularly small and medium residential units
| Amount or value of the consideration (whichever is the higher) |
Rate |
|---|---|
| Up to $3,000,000 | $100 |
| $3,000,001 to $3,528,240 | $100 + 10% of the excess over $3,000,000 |
| $3,528,241 to $4,500,000 | 1.5% |
| $4,500,001 to $4,935,480 | $67,500 + 10% of the excess over $4,500,000 |
| $4,935,481 to $6,000,000 | 2.25% |
| $6,000,001 to $6,642,860 | $135,000 + 10% of the excess over $6,000,000 |
| $6,642,861 to $9,000,000 | 3.00% |
| $9,000,001 to $10,080,000 | $270,000 + 10% of the excess over $9,000,000 |
| $10,080,001 to $20,000,000 | 3.75% |
| $20,000,001 to $21,739,120 | $750,000 + 10% of the excess over $20,000,000 |
| $21,739,121 and above | 4.25% |
| Value of property | Ad valorem stamp duty payable before adjustment of value bands | Ad valorem stamp duty payable after adjustment of value bands | Difference |
|---|---|---|---|
| $4,000,000 | $90,000 | $60,000 | 🡇$30,000 |
| $5,000,000 | $150,000 | $112,500 | 🡇$37,500 |
| $6,500,000 | $230,000 | $185,000 | 🡇$45,000 |
| $8,000,000 | $300,000 | $240,000 | 🡇$60,000 |
| $11,000,000 | $412,500 | $412,500 | No difference |
