More Government Anti-Property Speculation Measures
On 13 January 2011, more government anti-property speculation measures were announced.
In an unexpected turn of events, the sudden release of more government anti-property speculation measures have caught residential property buyers and sellers by surprise.
So what are the latest government anti-property speculation measures that Singapore has instituted?
More Government Anti-Property Speculation Measures:
URA News Release
13 January 2011
Measures to maintain a stable and sustainable property market
The Government announced today the following measures to maintain a stable and sustainable property market:
a) Increase the holding period for imposition of Seller’s Stamp Duty (SSD) from the current three years to four years;
b) Raise the SSD rates to 16%, 12%, 8% and 4% of consideration for residential properties which are bought on or after 14 January 2011, and are sold in the first, second, third and fourth year of purchase respectively;
c) Lower the Loan-To-Value (LTV) limit to 50% on housing loans granted by financial institutions regulated by MAS for property purchasers who are not individuals1; and
d) Lower the LTV limit on housing loans granted by financial institutions regulated by MAS from 70% to 60% for property purchasers who are individuals with one or more outstanding housing loans2 at the time of the new housing purchase.
The measures will take effect on 14 January 2011.