For Additional Buyer Stamp Duty (ABSD),
For LTV limits, it will be tightened by 5%-points for all housing loans granted by financial institutions. These revised LTV limits will apply to loans for residential property purchases where the option to purchase is granted on or after July 6. But they do not apply to loans granted by HDB.
WHY cooling measure implement at this point of time?
PROPERTY MARKET IS TOO HOT
✅ Resurgence in prices and transactions
✅ Price increased 9.1% since Q2 2017
✅ Decline of 11.6% between mid-2013 to mid-2017
✅ Transactions 25% higher over last 12 months
✅ New housing loans 34% higher over the last 12 months
The recovery in the property market is welcome but it should not decouple from economic fundamentals.
⭐ If property prices rise too rapidly, they will outpace the growth in income.
– households will have to take on more leverage than they are able to manage;
– the risk will be compounded as interest rates rise over time.
⭐ A rapid increase in prices also raises the risk of a destabilising market correction later when additional supply come on-stream.
⭐ MAS, the Ministry of National Development, and the Ministry of Finance, are closely monitoring developments in the residential property market, and remain committed to ensuring a sustainable market.
On the night of 5 July 2018 before the new cooling measure! STRONG SALE !!!
Riverfront 519 units SOLD
Park Colonial 291 units SOLD
Stirling 189 units SOLD
After the new cooling measure, on 11 July 2018!
STILL SELLING STRONG !!!
Riverfront from 519 to 569 units SOLD
Park Colonial from 291 to 360 units SOLD
Stirling from 189 to 245 units SOLD