The total property price for a Singapore Permanent Resident (PR) buying a second property worth $3.588 million includes the Buyer's Stamp Duty (BSD) and the Additional Buyer's Stamp Duty (ABSD).
1. Buyer's Stamp Duty (BSD):
- First $180,000: 1% = $1,800
- Next $180,000: 2% = $3,600
- Next $640,000: 3% = $19,200
- Next $500,000: 4% = $20,000
- Next $1,500,000: 5% = $75,000
- Remaining amount ($588,000): 6% = $35,280
Total BSD = $1,800 + $3,600 + $19,200 + $20,000 + $75,000 + $35,280 = $154,880
2. Additional Buyer's Stamp Duty (ABSD):
- 30% of $3.588 million = $1,076,400
Total Stamp Duty Payable:
- BSD + ABSD = $154,880 + $1,076,400 = $1,231,280
Therefore, the total property price including stamp duties is:
- $3,588,000 + $1,231,280 = $4,819,280