Following the publication of the Stamp Duties Act 1929 (Amendment of First Schedule) (No. 2) Notification 2023 which increases the stamp duty rates on residential property, the so-called „Additional Buyer’s Stamp Duty (ABSD) Rates“ (please also see EventID 20988 for more information on the new rates), the Stamp Duties (Instruments on or before 26 April 2023) (Remission) Rules 2023 were published on Singapore Statutes Online, the official website of the Singapore government for publicizing legal texts.
The rules specify those contracts or contract options for the sale / purchase of residential property that qualify for the „old“ rates effective before April 27, 2023. Specifically, they set out that
> (a) any contract or agreement for the sale of residential property to a purchaser that is executed on or after 27 April 2023 and is conditional on the exercise of an antecedent option;
(b) any conveyance or transfer of that property to the purchaser that is executed on or after 27 April 2023.
is excluded from the new rate so long as the „antecedent option“
– was granted before April 27, 2023 and
– will be exercised before the earlier of May 17, 2023 or the end of validity of the option.
It is important to note in this context that the option may not be altered following to April 27, 2023 effective date of the new stamp duties. If such option is modified following that date, the new rates will apply.