Budget 2024: Impact of ABSD changes on developers and property market

During Budget 2024, it was announced that housing developers can clawback the Additional Buyer's Stamp Duty if they sell just 90 per cent of the units they build within five years of land acquisition. Under old rules, developers needed to clear all the units to enjoy that clawback. Nicholas Mak, Chief Research Officer at prop tech firm Mogul.sg, and Justin Quek, Chief Executive Officer of OrangeTee & Tie, spoke to CNA about how this will impact developers and the property market.