"The revised Additional Buyer Stamp Duty measures are meant to moderate the demand for properties across all groups of buyers of properties, including Singapore citizens, Singapore permanent residents and foreigners, " a statement provided by a Ministry of Finance official said.
"While we did see some strengthening of the IT market in the fourth quarter, first-half growth will be moderate and pent-up demand should drive a stronger recovery in the second half of the year, " he said in a statement.