He also asked if the Ministry of Finance will tighten processes for foreign families who buy multiple properties under the names of different family members to avoid ABSD. Separately, Mr Yip Hon Weng (Yio Chu Kang) asked if the Government will tighten the process involving “decoupling” by families or couples to acquire additional residential properties and avoid paying ABSD. He added that the Government will continue to keep a close eye on both the commercial and residential property markets and “take further steps, if necessary, to promote a stable and sustainable property market”. This will moderate rent increases in the coming quarters.” Mr Lee said: “We therefore expect pressures in the rental market to ease with this large supply entering the market, and we already see early indications that rental demand is abating. Households temporarily renting while awaiting the completion of their new homes will also move out of their rental units and into their new homes.” “We are expecting 40,000 home completions this year – the highest in the last five years – and about 100,000 completions by 2025. However, we expect to see signs of easing, with a large number of new residential units being completed over the next few years. “The tight supply conditions brought on by the pandemic had led to an exceptional imbalance in the rental market. “The vast majority of foreigners working in Singapore rent their homes and will not be affected by the recent ABSD revisions. On concerns over rising rental prices and the impact on business costs, Mr Lee said: “We do not expect the recent ABSD revisions to have a significant impact on the rental market.

The unlikely disciple