Latest round of stamp duty hike "has done its job," government says

DSD transactions have dropped, but numbers are yet to be disclosed.

The property cooling measures implemented by the Government have achieved their goal, Secretary for Financial Services & the Treasury Prof KC Chan says.

Speaking to the media, he said the Government increased the stamp duty on property transactions to 15% in November to cool the property market.

"We think the latest round of stamp duty increase has really introduced a period of cooling in the market as seen from the drop in the DSD (doubled ad valorem stamp duty) transactions, or huge drop in the DSD transactions.

"So we have been watching the number as it unfolds. But at this point in time, we believe that the latest round of stamp duty has done the job as we intended."