MORE high-net-worth wealth could be headed for commercial real estate assets in Singapore, as investors recalibrate portfolios following the government’s hike in Additional Buyer’s Stamp Duty (ABSD) rates for residential property.

Even so, market watchers say, high-net-worth investors (HNWIs) and family offices may not be deterred by the 60 per cent ABSD – double the previous 30 per cent rate – that foreigners now have to pay for any residential property purchase. Stamp duty rates were raised on Apr 26 in an intervention aimed at curbing investment buying in residential property and reining in rising prices. Commercial property is not subject to any ABSD.

The high-end residential market, in which HNWIs typically park money, may see a pause. But wealthy foreigners who have chosen to relocate here will continue to look for homes, analysts said.