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With New Property Measures, High COV will be History...Dennis says

Written by Dennis Ng on .




Singapore Government Announced New Measures to Cool Down Property Market

Written by Dennis Ng on .

The following announcement is extracted from website of Ministry of National Development

1 The Government announced today the following measures to maintain a stable and sustainable property market:
  1. Increase the holding period for imposition of Seller’s Stamp Duty (SSD) from the current one year to three years.
  2. For property buyers who already have one or more outstanding housing loans1 at the time of the new housing purchase:
    1. Increase the minimum cash payment from 5% to 10% of the valuation limit2; and
    2. Decrease the Loan-to-Value (LTV) limit for housing loans granted by financial institutions regulated by MAS to these buyers from the current 80% to 70%.
The measures will take immediate effect on 30 August 2010.

New Measures to Help First Time Home Buyers

Written by Dennis Ng on .

if you own a private property, now you cannot buy a HDB Resale flat. If you do, you must sell your private property within 6 months. Those who own HDB flats (whether New or Resale), after 5 years Occupation period, can buy private property, within 5 years cannot buy private property.

In my opinion, this measure announced is likely to dampen demand for HDB Resale flats and possibly cool down rising HDB Resale Flats' prices.