Friday, January 11, 2013

More property cooling measures announced

SINGAPORE: The Singapore government on Friday announced a comprehensive package of measures to cool the residential property market.

The measures, which will take effect from January 12, include higher buyer's stamp duty, tighter loan-to-value limits, and higher minimum cash down payment for second and subsequent housing loans.

The measures are calibrated to be tighter on property ownership for investment, as well as on foreign buyers, the Ministry of National Development said.

To discourage over-borrowing, financing conditions for housing have also been tightened.

In addition, structural measures have been implemented to strengthen the policy intent of public housing and executive condominiums.

To further moderate the demand for HDB flats, the government has introduced several new measures.

It will tighten eligibility for loans to buy HDB flats.

Permanent residents who own a HDB flat will also not be allowed to sublet their entire flat.

Permanent residents who own a HDB flat must sell their flat within six months or purchasing a private residential property in Singapore.

Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam said in a statement: "The reality we face is that interest rates are extraordinarily low, globally and in Singapore, and continue to add fuel to our property market.

"We have to take this further round of measures now, to check recent market trends and avoid a more serious correction in prices further down the road."

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)

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