Friday, January 11, 2013

New Cooling Measures for Singapore property

Not for the first time you are hearing, the government has once again imposed a new cooling measures on Singapore property in the bid to control speculation for property in Singapore.

The following measures will take effect on 12 January 2013:

a) Additional Buyer’s Stamp Duty (ABSD) rates will be:

i) Raised between five and seven percentage points across the board.
ii) Imposed on Permanent Residents (PRs) purchasing their first residential property and on Singaporeans purchasing their second residential property.

b) Loan-to-Value limits on housing loans granted by financial institutions1 will be tightened for individuals who already have at least one outstanding loan, as well as to non-individuals such as companies.

c) Besides tighter Loan-to-Value limits, the minimum cash down payment for individuals applying for a second or subsequent housing loan will also be raised from 10% to 25%.

The measures listed above will not impact most Singaporeans buying their first home.

I think this news will come as a surprise to many especially with the pace coming in from the last cooling measures we had just recently. This news in my opinion will be very bad for property developers - Capitaland, Keppeland, CDL and Wing Tai as not only sales have been dropping in recent months, with this additional news they are going to once again feel the pinch even more.

And of course, for myself who are still awaiting for the PR application results this month, this news do come as a disappointment to me as the new ABSD will affect me on purchasing a property here :(

33 comments:

  1. things will get worse before it gets better. if you can wait, the ABSD will not be so bad if house prices can fall. otherwise, rent must fall otherwise no need to apply for PR liao.

    ReplyDelete
    Replies
    1. I agree.

      I think what I can only hope is that the ABSD brings the price down, along with the over supply in 2015, the govt removes some of the cooling measures and boom,like you said, it might be the best time to buy again.

      Delete
    2. Isn't this is the cycles the authorities always adopt; mkt too hot imposes cooling measures and when it is too cold impart more goodies.

      Until then, when the price comes down, you just need to build up your cash for the first payment.

      They are doing the same tricks since 1994/1995...

      Delete
  2. I think more people will buy in JB instead. Who will wanna donate the ABSD to government? End result --> money flow out of SG.

    ReplyDelete
  3. we are also want to buy property in Singapore . so pls suggest how much cost for 2 bhk flats in Singapore .



    Property in Bangalore | Property in chennai

    ReplyDelete
    Replies
    1. Hi

      2 bedroom HDB flats in Singapore will range at about S$300K. But if you are looking for condominium, it might range further. A reasonable one will cost you at about S$600K at the cheapest.

      Delete
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