The government said on Monday the measures taken to cool the property market appear to have had the desired effect. Speaking in Parliament, National Development Minister Mah Bow Tan noted that since the measures were introduced, the sale of private homes fell 37 per cent on-month in September, and another 29 per cent in October. In September, the government removed the Interest Absorption Scheme and...
Interest Absorption Scheme
So far the market seems to have taken in its stride the removal of the interest absorption scheme (IAS) for properties. The knee-jerk decline of 43 points by the STI on Monday was followed by a sharp rebound on Wednesday as broader economic recovery factors continue to dominate. But there is an impending overbuilding of residential property in Singapore. According to Leong Wai Ho,director and senior...
Private property developers are offering schemes to help Singapore’s homebuyers amid the current economic recession. One of the schemes is the Interest Absorption Scheme (IAS). It sees developers paying the interest on home loans instead of buyers, until the project receives its Temporary Occupation Permit (TOP). It is similar to the Deferred Payment Scheme which the Singapore government scrapped last...