Singapore's government imposes a new transaction tax in the form of additional buyer's stamp duty (ABSD) on developers who fail to sell all units in 5 years in new developments commenced after 2011. We find that the ABSD shocks trigger rational responses of private developers who cut prices by...

This study uses the opening of the new Mass Rapid Transit (MRT) line, known as the Circle Line (CL), in stages between 2010 and 2012 in Singapore as the exogenous event to empirically test the impact of the new CL on housing wealth of households. Applying a “differences-in-differences”...

Singapore's government imposed two rounds of demand restrictions in 2011 and 2013, respectively, which disallow private housing owners from concurrently owning a private housing unit and a public housing flat. These restrictions curb speculative and investment activities, but do not deter public...