Arab Today, arab today singapore announces harsh measures to cool housing market
Last Updated : GMT 09:42:59
Arab Today, arab today
Arab Today, arab today

Singapore announces harsh measures to cool housing market

Arab Today, arab today

Arab Today, arab today Singapore announces harsh measures to cool housing market

Singapore - XINHUA

Singapore government announced a fresh comprehensive set of stringent measures on Friday to cool the city state\'s residential property market. The latest measures, which will take effect on Jan. 12, include higher buyer\'s stamp duty, tighter loan-to-value limits, higher minimum cash down payment for second and subsequent housing loans, as well as seller\'s stamp duty for industrial properties. Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam said that the government had to take further measures to check recent market trends and avoid a more serious correction in prices further down the road. \"The reality we face is that interest rates are extraordinarily low, globally and in Singapore, and continue to add fuel to our property market,\" he said. The government said the latest measures might be temporary and subject to reviews depending on the market conditions. With the latest measures, the additional buyer\'s stamp duty will be raised by between 5 and 7 percent across the board, including those for permanent residents buying their first and subsequent residential property and Singaporeans buying their second property onwards. Foreign or non-individual buyers of private property will have to pay an additional buyers\' duty of 15 percent, up from the 10 percent announced as part of a round of cooling measures earlier. The loan-to-value limit will be lowered for individuals obtaining their second and subsequent housing loans, and the minimum cash down payment for individuals will also be raised significantly. Permanent residents, or foreigners who have been granted permanent residency, will not be allowed to sublet their whole public housing units. The maximum strata floor area for new executive condominium units will be capped at 160 square meters. In addition, a new sellers stamp duty of 5 to 15 percent will be imposed on industrial property, depending on when it is sold. Singapore buyers of their first property will not be affected by most of the measures. Local media said it was the seventh and most comprehensive round of cool-down measures announced by the government since the housing prices began to rise quickly along with the rebound of the economy in 2009. Nevertheless, the housing prices in Singapore still rose to record highs in the last quarter of 2012 despite the cooling measures. The public housing units, which are built and sold by the government to local households, account for 76 percent of the total number of residential units in Singapore. The rest are private properties that are less stringently regulated. The government has also significantly increased the supply of public housing units over the past two years. Each household is allowed to buy only one unit of public housing unit, which the government has been trying to keep affordable. \"A large supply of public and private housing -- up to 200,000 units in total -- will be completed in the coming years. Coupled with the new measures, we will be better placed to ensure that housing remains affordable to Singaporeans,\" Minister for National Development Khaw Boon Wan said. 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today singapore announces harsh measures to cool housing market Arab Today, arab today singapore announces harsh measures to cool housing market

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today singapore announces harsh measures to cool housing market Arab Today, arab today singapore announces harsh measures to cool housing market

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Taxi! Transport gets an overhaul

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Turkey warns of 'security' steps

GMT 12:17 2017 Sunday ,24 September

Turkey warns of 'security' steps
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:11 2017 Saturday ,23 September

Doctor provides advices to families

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday