More measures to cool the property market
Here's are an excerpt of the press release from MND:
MEASURES TO MAINTAIN A STABLE AND SUSTAINABLE PROPERTY MARKET
1 The Government announced today the following measures to maintain a stable and sustainable property market:
- Increase the holding period for imposition of Seller’s Stamp Duty (SSD) from the current one year to three years.
- For property buyers who already have one or more outstanding housing loans at the time of the new housing purchase:
- Increase the minimum cash payment from 5% to 10% of the valuation limit; and
- 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.
We think it's quite unlikely prices will fall, maybe it will plateau and even out. Still, stranger things have happened. Guess time will tell.
[Update: Minimum Occupancy Period details here.]
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Posted on 30-08-2010 13:13 | By John