Singapore developers oppose property cooling measures by government
Property developers in Singapore are protesting against new property market cooling measures imposed last week which let the stock market tumble.
The city state’s renewed clampdown on speculative property demand sent real estate stocks reeling on July 6, as analysts predicted the end of a nascent home price rebound and the deflation of a buoyant market for collective sales.
The new regulations command that individuals taking up their first housing loan will face tighter borrowing limits under the new rules, meaning they have to put up more cash to buy property. For foreign purchases of residential property, the additional buyer’s stamp duty increases to 20 per cent from 15 per cent, while for Singapore citizens the extra charges apply only from their second home purchase, the Money Authority of Singapore, Ministry of National Development, and Ministry of Finance said in a joint statement on July 5.
For entities buying any residential properties for development, the additional buyer’s stamp duty rises by 10 percentage points to 25 per cent, with a further five percentage points imposed for developers.
Meanwhile, the Real Estate Developers’ Association of Singapore has challenged the cooling measures, saying that there’s no rationale for the steps as the market is only in the early stages of a recovery, the Straits Times reported, citing a statement from the group.
The tightened rules, rolled out a day after the central bank noted “euphoria” in the property market, let Singapore’s benchmark Straits Times Index dropping two per cent on July 6 as property developers and banks led declines, with City Developments Ltd. and UOL Group Ltd. sliding more than 13 per cent in the red each
Property developers in Singapore are protesting against new property market cooling measures imposed last week which let the stock market tumble. The city state’s renewed clampdown on speculative property demand sent real estate stocks reeling on July 6, as analysts predicted the end of a nascent home price rebound and the deflation of a buoyant market for collective sales. The new regulations command that individuals taking up their first housing loan will face tighter borrowing limits under the new rules, meaning they have to put up more cash to buy property. For foreign purchases of residential property, the additional buyer’s...
Property developers in Singapore are protesting against new property market cooling measures imposed last week which let the stock market tumble.
The city state’s renewed clampdown on speculative property demand sent real estate stocks reeling on July 6, as analysts predicted the end of a nascent home price rebound and the deflation of a buoyant market for collective sales.
The new regulations command that individuals taking up their first housing loan will face tighter borrowing limits under the new rules, meaning they have to put up more cash to buy property. For foreign purchases of residential property, the additional buyer’s stamp duty increases to 20 per cent from 15 per cent, while for Singapore citizens the extra charges apply only from their second home purchase, the Money Authority of Singapore, Ministry of National Development, and Ministry of Finance said in a joint statement on July 5.
For entities buying any residential properties for development, the additional buyer’s stamp duty rises by 10 percentage points to 25 per cent, with a further five percentage points imposed for developers.
Meanwhile, the Real Estate Developers’ Association of Singapore has challenged the cooling measures, saying that there’s no rationale for the steps as the market is only in the early stages of a recovery, the Straits Times reported, citing a statement from the group.
The tightened rules, rolled out a day after the central bank noted “euphoria” in the property market, let Singapore’s benchmark Straits Times Index dropping two per cent on July 6 as property developers and banks led declines, with City Developments Ltd. and UOL Group Ltd. sliding more than 13 per cent in the red each
