Malaysia: Johor state will review procedures and conditions for foreigners to own houses due to spiralling house prices in the state, especially in Iskandar Malaysia. Bernama news agency quoted Local Government, Housing, Arts, Culture and Heritage Committee chairman Ahmad Zahri Jamil as saying that the state Economic Planning Unit (UPEN) was studying ways to tighten the rules on foreign ownership. He...
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Property analysts have described the latest set of government measures as the "tsunami" of property cooling measures, as it affects public and private housing, executive condominiums, and industrial properties. Some say, the additional stamp duty will hit investors wanting to own a second or subsequent property. Mr Mohamed Ismail, CEO of PropNex, said: "Such a drastic move will have a downward spiral...
The Government announced today a comprehensive package of measures to cool the residential property market. It also introduced a Seller’s Stamp Duty on industrial properties for the first time, to discourage speculative activity in the industrial market. Cooling Measures for the Residential Property Market The Government has implemented several rounds of measures to cool demand and expand supply, so as...
s part of the cooling measures for the property market, limits have been set for granting of HDB loans and the use of CPF funds for the purchase of public housing with remaining leases of less than 60 years. They will take effect on 1 July 2013. If the remaining lease of the HDB flat is between 30 and 59 years, the use of CPF funds is allowed, except for buyers for whom the remaining lease cannot cover...
The Singapore government on Friday announced a comprehensive package of measures to cool the residential property market. The measures, which will take effect on January 12, include higher buyer's stamp duty, tighter loan-to-value limits, and higher minimum cash downpayment for second and subsequent housing loans. The measures are calibrated to be tighter on property ownership for investment, as well as...
Resale prices of private non-landed homes jumped 13.4 per cent on-year in the fourth quarter last year, according to flash estimates put out by the Singapore Real Estate Exchange (SRX). SRX compiles data from 11 top property agencies in Singapore. It said non-landed private resale home prices continued its uptrend to hit S$1,233 per square foot in the fourth quarter (Q4), compared to S$1,157 per square...
In a blog post on Monday, Minister for National Development Khaw Boon Wan said buyers of Executive Condominiums with outdoor spaces might not have realised that they were being sold space that the developer did not pay for. This is because outdoor roof terraces and private enclosed spaces on the ground floor do not count as gross floor area (GFA). This policy was put in place to encourage developers to...
Despite the government’s efforts to control property prices, Singapore home prices continue to climb. Hence, analysts expect to see more cooling measures from the government to avoid a property bubble. Driven by high demand and low interest rates, prices will likely rise by eight percent between now and 2017, according to property analysts at Credit Suisse. They noted that interest will remain flat...
A residential site located at Ang Mo Kio Avenue 2 has been awarded to Pinehill Investments Pte. Ltd, which lodged the top bid of S$550 million for the 99-year leasehold site, said the Urban Redevelopment Authority (URA). Launched for tender on 15 November, the site received strong interest from a total of 12 bidders, with Pinehill submitting the highest bid at S$8,502.35 psm on the site’s gross floor...
Recent comments by National Development Minister Khaw Boon Wan on the issue of expensive executive condominiums (ECs) could be a sign that the government is looking to implement another round of property cooling measures. At a DTZ seminar held yesterday, the consultancy revealed that demand for ECs is at an all-time high due to potential gains and the narrowing price gap between ECs and mass market...