On February 14, 2023, Deputy Prime Minister and Finance Minister Lawrence Wong presented the Singapore Budget 2023 in Parliament with the theme "Moving forward in a new era." The budget outlined several goals, including guiding Singapore's economy into a new post-pandemic future, assisting citizens in dealing with inflation and the increasing cost of living, and strengthening the social compact. The budget announcement followed the lifting of further Covid-19 restrictions in Singapore this week.

Ismail Gafoor, CEO of PropNex Realty, expressed hope for Budget 2023, including assistance for vulnerable and low-income groups, support for innovation and capabilities-building for firms, and addressing public housing affordability. DPM Wong's budget announcement did not disappoint on these fronts.

Regarding real estate, DPM Wong announced increased support to make public housing more affordable and accessible for young families purchasing their first homes. This included an increase in the CPF Housing Grant for eligible first-time families buying a 4-room or smaller resale flat, as well as the introduction of a new sub-category of first-timers that prioritizes families with children and young married couples aged 40 and below.

DPM Wong also announced changes to the Buyer's Stamp Duty (BSD) tax regime for higher-value residential and non-residential properties. The portion of the value of the property in excess of $1.5 million and up to $3 million for residential properties will be taxed at 5%, while properties in excess of $3 million will be taxed at 6%. For non-residential properties, the portion of the value of the property in excess of $1 million and up to $1.5 million will be taxed at 4%, and properties in excess of $1.5 million will be taxed at 5%.