REAL estate honchos generally do not anticipate price cuts for new private home launches as a result of Singapore’s upcoming property tax increases, though some developers may try to buy more land in the suburbs, according to a quarterly survey.

The poll findings also indicate that the tax hikes are likely to slow demand for luxury condominiums and landed properties, especially those in prime locations.

For its Q1 2022 survey, the National University of Singapore Real Estate (NUS+RE) sought the views of 39 senior executives in Singapore’s real estate industry, including developers, on the impact of the tax hikes on the private residential market. NUS+RE represents the Institute of Real Estate and Urban Studies (IREUS) and the Department of Real Estate.