The Additional Buyer’s Stamp Duty (ABSD) may be abolished this year given the supply of homes that are coming into the market amid the increasingly challenging global economic climate, Mr Kwek Leng Beng, executive chairman of City Developments (CDL) predicted yesterday. He added, without going into specifics, that mid and low-end private housing could see further price declines this year, while the...
property cooling measures
The property market could finally be showing signs of stabilising, two years after the Government introduced a slate of measures, including the Additional Buyer's Stamp Duty and the Total Debt Servicing Ratio. HDB resale prices have fallen about 10 per cent from their highs in 2013, while private resale prices have come off by about 8 per cent. After taking office, the new Minister for National...
It is still “not time yet” to ease the measures that were put in place to cool the property market, National Development Minister Lawrence Wong said on Friday (Oct 16). Speaking to reporters during a visit to the Waterway Terraces BTO project in Punggol, Mr Wong said the price adjustments so far have been moderate compared to the increases in earlier years. “We don’t want to risk a premature...
The moribund housing market may have set off a chorus of voices calling for the property cooling measures to be relaxed, but Monetary Authority of Singapore (MAS) managing director Ravi Menon said it is premature to do so as the price correction has been modest, putting paid to hopes among developers and homeowners of a market rebound. “Property prices have softened somewhat, but like I said last...
The easing of property cooling measures will depend on factors such as the state of the economy, wage growth, and the situation in the property market, said Law and Foreign Affairs Minister K Shanmugam. He was speaking at a real estate convention on Thursday (Jul 9), organised by property firm RE/MAX Singapore, in response to a question on a review of the cooling measures currently in place. The...
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...