Feb 22nd - Government Budget 2010, changes in property tax calculation, will now be a tiered taxation structure as opposed to old flat rate set way back in 1994.
The tax rate for owner-occupiers will be adjusted from the current 4% flat rate to:
- 0% for the first $6,000 of Annual Value
- 4% for the next $59,000 of Annual Value
- 6% cent for the balance of Annual Value in excess of $65,000
Non-owner-occupied residential properties and other properties are taxed at 10%.Th Budget 2010 speech
Feb 20th - Government introduce measures to contain property speculation to temper sentiments and pre-empt a property bubble from forming. Introducing a Seller’s Stamp Duty (SSD) on all residential properties and residential lands that are bought after today and sold within 1 year from the date of purchase. Lowering the Loan-to-Value (LTV) limit to 80% for all housing loans provided by financial institutions regulated by the Monetary Authority of Singapore (MAS).
Sep - The Government introduce measures to temper the exuberance in the private residential market. The removal of Interest Absorption Scheme (IAS) and Interest-Only housing loans, resumption of the Confirmed List under the Government Land Sales Programme in 1st Half of 2010 and non-extension of property-related measures announced as part of Budget 2009 which expired in Jan 2010.
Property sales plunge.
Oct 26th - Withdrawal of Defferred Payment Scheme for the sale of uncompleted private residential and commercial properties.
Dec - Stamp duties for buyers implemented, must be paid within 14 days of the date of acceptance of Option.
Oct - The 1st Public Housing Project under the Design, Build & Sell Scheme (DBSS) launched for sale.
Jul - Loan-to-Value Limit raised from 80% to 90%.
Cash payment for residential properties reduced from 10% to 5%.
Non-related singles allowed to use their CPF to jointly buy private properties.
Apr - Government announces plans to build 2 Integrated Resorts.
Dec - Tsunami Tragedy.
Aug - Foreigners allowed to buy land in Sentosa Cove.
Jul - Formation of HDB Corp = Public Housing building programme.
Outbreak of SARs
The Gulf war = Property prices plunges.
CPF minimum sum raised to S$80,000.
Sep - For EC purchase, 10% of downpayment must be in cash and balance 10% can be paid using CPF.
Oct - Capital gains lifted. Foreigners allowed to use S$ for housing loans.
Sep 11th - Terrorist attack on New York World Trade Centre.
Dotcom bubble burst.
Jun - HDB owners required to seek approval before booking of private property even if 5 year time bar fulfilled.
Stamp duties for buyers of uncompleted properties until TOP or subsequent sale.
More anti speculation policy reversal.
Stamp duties for sellers suspended.
Reversal of Anti speculation policy implemented in 1996.
The Asian financial crisis = Property prices plunges.
HDB mortgage pegged to bank rates.
HDB owners allowed to book a new private property only after occupying the flat for 5 years.
May - Anti speculation measures implemented, 80% financing restriction for property purchase.
Feb - Property prices peaked to it's historical level.
Aug - HDB introduces EC, Executive Condominium costing 10% les than 99 year lease condos.
CPF relax rules on withdrawal amounts.
HDB relax rules, buyers allowed to take higher mortgages = Property prices soar.
Oct - HDB introduces scheme, allow singles citizens above 35years old to buy 3room flats.
Gulf War = Property prices falls.
HDB relax rules, PRs allowed to buy HDB flats.
HDB relax rules, HDB owners allowed to invest in private property.
Nov - CPF increased withdrawal limit from 80% to 100% of the value of the property = Property price rises.
CPF implements Minimum Sum Scheme to ensure retirement income for Singaporeans.
Economic recession = Property prices plunge.
CPF implements scheme for private home ownership allowing Singaporeans to use 80% of their CPF ordinary account to buy property = Property price rises 300% to 400%.
Residential Property Act introduced = Foreigners allowed to buy flats of 6 levels or higher.
Oil Crisis = Property prices plunge.
Foreigners not allowed to buy residential properties.
CPF implement Public Housing Schemes for home ownership.
Property Tax introduced.
Formation of HDB to provide low cost subsidised housing for Singaporeans.