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Subscribe to this list via RSS Blog posts tagged in total debt servicing ratio

Posted by on in Residential

The second quarter of this year saw a surge in the number and value of transactions in Good Class Bungalow Areas - to at least 11 deals totalling S$282.3 million, up from just four deals adding up to S$95.3 million in Q1.

The latest Q2 performance - which is also a marked improvement from the five deals worth S$81.8 million in the same period last year - was buoyed by the sale of 35 Ridout Road in May at S$91.7 million, the biggest sale ever, on absolute quantum price basis, in a GCB Area.

The same month also saw a record per square foot of land price of S$2,190 psf in a GCB Area being achieved for a luxuriously built and furnished bungalow in Bishopsgate. The three-year-old bungalow, which has two storeys and a basement, fetched S$33 million.

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BNP Paribas in a Monday report said that it believes that immigration policies and the incoming private housing supply will make averting further declines in property prices more difficult than is widely thought.

This is against a general consensus that the authorities have enough controls in place to maintain a "desirable slow bleed" in residential prices.

The bank estimates that private property prices could fall a further 10 per cent over the next two years, which in turn could have a negative wealth effect and constrain private consumption growth.

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BUYERS with HDB addresses are opting for smaller apartments when they venture into the private housing market, according to research done by a property consultancy firm.

It found that 66 per cent of HDB home owners bought units of less than 100 sq m in the first quarter of this year, up from the 62 per cent in the final three months of last year. The median size of the purchased units fell 2.3 per cent to 85 sq m.

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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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One in three home buyers are unaware of or do not understand the new total debt servicing ratio (TDSR) framework, a recent survey has revealed.

The survey by UOB found that home buyers' top two uncertainties over the new TDSR framework are how the existing cooling measures affect their loan application and how the framework applies to their personal situations.
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This week's tweak in the total debt servicing ratio (TDSR) framework is targeted at a small group of stressed households that are struggling to get mortgage refinancing, analysts said in reports yesterday.

They were referring to the move on Monday by the Monetary Authority of Singapore (MAS) to exempt owner-occupiers from the TDSR cap of 60 per cent - specifically those looking to refinance the homes they bought before TDSR took effect last June 29.
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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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Home loan growth is expected to slow further this quarter amid weakening residential property sales, analysts said yesterday.
However, prices are likely to remain elevated until at least the middle of next year despite several rounds of property cooling measures in recent years, they said.

The central bank said on Tuesday that home loan growth here had slowed, and the number of borrowers with unreasonably high levels of housing debt had improved after the measures.
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Transaction volumes for strata-titled retail properties in the third quarter are at their lowest level in nearly two years, following the implementation of a Total Debt Servicing Ratio (TDSR) framework at the end of June.
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The 126 units that changed hands in Q3 was a 60 per cent plunge from the 382 units sold in the previous quarter. It was the lowest number of strata-titled retail transactions since Q4 2011, when 122 retail properties were transacted.
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The head of the property developers' body yesterday said the future shines bright with exciting possibilities, even as the property market takes its course through the cycle of business.

Speaking at the Real Estate Developers' Association of Singapore's (Redas) mid-autumn celebration, its president, Chia Boon Kuah, also said Redas planned to increase its public engagement in several areas including offering ideas to the authorities on new plans for Tanjong Pagar and Paya Lebar.
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Posted by on in Residential
While the volume of shophouse transactions has slowed since the Total Debt Servicing Ratio (TDSR) framework was introduced in late June, prices seem to be holding up for now.
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Based on the analysis of URA Realis caveats data as at Sept 9, the number of caveats lodged for shophouses eased from 34 in May to 22 in June and 11 in July. Only 10 caveats were lodged for shophouse purchases in August, though more caveats for last month's transactions are expected in the next few weeks.
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Posted by on in Uncategorized
Developers are giving home-seekers a lot more leeway when it comes to choosing a unit following the tough lending rules that came in at the end of June.

As well as lengthening the preview periods for new launches so people have more time to decide and get their finances sorted out, some projects let some buyers reserve a unit without having to deposit a cheque.
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Posted by on in Uncategorized
Buyers flocked to the latest two executive condominiums (ECs) to hit the market after new mortgage lending rules introduced in June dampened buying interest in private properties.

Analysts attributed the demand to the way Housing Board rules are structured that make it easier for buyers of ECs to seek the maximum loan quantum under the new lending rules, compared with private properties. ECs are a hybrid of private-public housing sold with HDB restrictions, but turn private after 10 years.
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Kwek Leng Beng, executive chairman of City Developments, says that unless the global and domestic economies rebound strongly and curbs on foreign buyers for private residential property sales are reviewed, the group expects some oversupply in the Singapore residential sector from next year onwards.
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Posted by on in Uncategorized
The new rules on mortgage lending could leave good earners like remisier Alan Goh out in the cold if they try to take on a bigger home loan.

Mr Goh relies entirely on commissions for his monthly income and, although he earns a comfortable living from stock market trading, he will face tighter restrictions on lending.
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The latest home loan rules that took effect on June 29 were not a fresh round of property cooling measures, said Deputy Prime Minister Tharman Shanmugaratnam at a community event yesterday.

Mr Tharman, who is also Minister of Finance, said that the new Total Debt Servicing Ratio (TDSR) Framework is a long-term rule that is meant to get banks to practise prudence.
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Posted by on in Uncategorized
The Urban Redevelopment Authority's second quarter flash estimates showed that its benchmark private home price index rose 0.8 per cent from Q1, supported by a 3 per cent escalation in prices of non-landed homes in suburban areas. This compares with respective increases of 0.6 per cent and 1.4 per cent in Q1.

Property consultants and analysts seem loath to forecast price drops in the near future despite predicting a decrease in the number of transactions for private homes after Friday's rollout of standardised guidelines for financial institutions to implement a total debt servicing ratio (TDSR) not exceeding 60 per cent of a borrower's gross monthly income, when granting property loans.
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