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Subscribe to this list via RSS Blog posts tagged in Cooling Measure

Singapore‚Äôs housing glut will worsen in the near future as more public and private units come on stream and only start to ease from 2017, with the government potentially reviewing property cooling measures, a report by UOB Global Economics and Markets Research said.

Private completions surged 52 per cent year-on-year to a 20-year high of 19,900 units in 2014, which was significantly higher than the Urban Redevelopment Authority's (URA) projections at the start of the year, said the report.

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Posted by on in Residential

The Singapore government will continue to monitor the property market closely and consider suitable adjustments to its cooling measures when necessary, said a Ministry of Finance (MOF) spokesman.

These actions are aligned with the government's objective to promote a stable and sustainable property market, she said.

MOF was responding to a BT query about strong market sentiments that there will be changes to cooling measures - in particular, the additional buyer's stamp duty (ABSD) - in the near term.

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Posted by on in Uncategorized
The government's measures to cool the residential property market have had significant impact: Transaction volumes have plunged, new home loan sales have contracted and loan-to-value (LTV) ratios have improved.

"The series of property-related measures taken by the government over the past few years has dampened momentum in the market," said the Monetary Authority of Singapore Financial Stability Review 2013 yesterday.

But the government remains vigilant as price levels remain high, it said.
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Bold claims by property experts of wielding the secret technique of buying homes with no cash outlay or owning multiple properties have proliferated in recent months, as investors look for ways to circumvent the successive rounds of cooling measures.

This has inevitably raised alarm bells in some quarters.
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The price of larger resale flats and the number of resale deals might dip by about 10 per cent as a result of the Housing Board's latest measures, say experts.

Cash premiums paid for them could also decline, as news of the changes starts sinking in.

On Tuesday, National Development Minister Khaw Boon Wan unveiled policy changes, including tighter mortgage terms and shorter loan tenures, that aimed to encourage financial prudence and to stabilise the market.
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Posted by on in Uncategorized
Recent property measures have put a squeeze on the number of Housing Board dwellers buying private properties.
According to the latest early figures, buyers with HDB addresses picked up 3,700 new private homes in the first six months of the year. This seems to mark a slowdown from last year, which saw 9,985 such transactions across 12 months.

A similar trend has been seen in the private resale market. HDB upgraders bought just 1,550 homes in the first half of this year, compared to 5,261 for the whole of last year.
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Regulatory measures taken to cool the property market have raised the purchase costs of luxury residential developments to the second-highest in the world for foreign buyers.

Singapore was second only to Hong Kong when it came to the purchase cost of new-build prime residential property.
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The property resale market saw a significant drop in both private and public transactions as effects of the cooling measures finally kicked in.

According to the Singapore Real Estate Exchange (SRX), some 605 condominium units changed hands in June, a 21 per cent drop from May's figure.
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Posted by on in Uncategorized
It would take an interest rate shock, poor GDP growth, or both, to bring down private property prices here noticeably over the next five years, a study said.

Analysts are anticipating that prices will fall as a record supply of land comes on stream and as the US Federal Reserve tightens monetary policy.
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Posted by on in Uncategorized
Some local and foreign banks are having their home loan lending practices reviewed as part of added scrutiny in the light of the booming property market, sources say.

The audits are being conducted by the Monetary Authority of Singapore (MAS), and will apply at both local and foreign banks.
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The Monetary Authority of Singapore (MAS) will restrict the tenure of loans granted by financial institutions for the purchase of residential properties, effective from 6 October.
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MAS' move is part of the government's broader aim of avoiding a price bubble and fostering long-term stability in the property market.?

The new rules impose an absolute limit of 35 years on the tenure of all loans for residential property. This will apply to loans to both individual and non-individual borrowers, as well as refinancing loans.
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