Catch the latest news reports on The Big Story, The Straits Times’ weekday online news programme.

Buyer’s stamp duties for higher-value residential and non-residential properties will be raised with effect from Wednesday, Finance Minister Lawrence Wong said in his Budget speech on Tuesday.

This is expected to generate an additional $500 million in revenue a year. But the actual amount will depend on the state of the property market, he said.

Ms Christine Sun, senior vice-president of research and analytics at Orange Tee and Tie, joins the show to discuss how property buyers will be affected by the changes.