New rules: ‘Little impact’ on private market

THE new property rules introduced to cool the property boom are ‘really for the HDB market’ and not the private real estate sector, said CapitaLand Residential Singapore chief executive Wong Heang Fine.

Mr Wong pointed out that people are still unsure about how the steps unveiled last month will affect the market.

‘That will settle in the next two months and then we’ll be able to assess what the real impact is. But as you can see from the measures, it doesn’t affect first-time buyers and buyers of private housing, except if you’re a speculator.’

Mr Wong told the media and analysts that the measures will have some impact but it will be small.

He said the market is strong with good liquidity and low interest rates, and underpinned by good economic growth. The measures include tighter lending rules for home owners with mortgages who are looking to buy another property.

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