The Government on Wednesday (Dec 15) announced a package of measures to cool the private residential and HDB resale markets. The measures include raising Additional Buyer’s Stamp Duty (ABSD) rates, tightening the Total Debt Servicing Ratio (TDSR) threshold and lowering the Loan-to-Value (LTV) limit for loans from the Housing and Development Board (HDB), said the Ministry of Finance, the Ministry of...
Some Executive Condominium (EC) developers have seen higher sales despite the government introducing a package of cooling measures on January 12. EC projects like One Canberra and Watercolours, which were launched last year, have seen sales jumped by about five times after the measures kicked in. In the two weekends after the new measures kicked in, One Canberra sold 30 units, up from two to three units...
In the immediate aftermath of the announcement of the Government’s most sweeping property cooling measures to date, property stocks plummeted as analysts said the impact on demand could be severe with a possible double-digit drop in sales of private residential units. But as the panic gradually settles, a snapshot of the market suggests that buyer sentiment may still be on the positive side, and the...
They should be more calibrated, rather than one-size-fits-all: Developer Property developer GuocoLand, the Singapore-listed firm controlled by Malaysian billionaire Quek Leng Chan, would like to see a more calibrated approach to property cooling measures by the Government rather than a one-size-fits-all approach. Said its newly-appointed Chief Operating Officer, Mr Cheng Hsing Yao: “In a global...
Channel NewsAsia understands authorities are conducting spot checks on at least seven property developers to find out if they have backdated their documents. It has been about a week since the latest round of property cooling measures kicked in. Among the changes is an increase in Additional Buyer's Stamp Duty of five to seven percentage points across the board. In a bid to help buyers avoid paying the...
The outlook for the en bloc market has become bleak in the aftermath of the latest round of cooling measures, according to experts. “I think these measures caught everyone by surprise. For en bloc developers, the first couple of months will show more subdued dealing of land parcels. If developers are not confident to sell, they will not bid aggressively,” said Ian Loh, Head of Investment at Knight...
Singapore’s sweeping package of property cooling measures to curb rising home prices not only applies to foreigners buying properties in the city-state, but has gone one step further to include permanent residents (PRs) and citizens. Introduced last Friday, this is the government’s seventh round of measures since 2009 and includes a stamp duty hike of between five and seven percent across the board,...
The property market is likely to see a quieter period after the latest round of cooling measures. Market experts told Channel NewsAsia both buyers and developers should be taking their time before taking their next steps. The latest series of cooling measures announced on January 11 has spurred some property buying to beat Saturday's deadline. For instance, Far East Organisation (FEO) sold just 22 units...
DBS chief executive officer Piyush Gupta said the property cooling measures unveiled on January 11 have "a lot of teeth". Speaking at an event for its private banking clients on Monday, Mr Gupta said the measures were a reflection of the government willingness to trade off growth for social harmony and to rein in inflation. He warned that as a result, the Singapore economy could grow at the lower end of...
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...
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