Singapore's Government measures to cool property market on 30 August 2010
1) 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 one year to three years. b) For property buyers who already have one or more outstanding housing loans at the time of the new housing purchase: i. Increase the minimum cash payment from 5 per cent to 10 per cent of the valuation limit; and ii. Decrease the Loan-to-Value (LTV) limit for housing loans granted by financial institutions regulated by MAS to these buyers from the current 80 per cent to 70 per cent. The measures will take immediate effect on 30 Aug, 2010. 2) The Government's objective is to ensure a stable and sustainable property market where prices move in line with economic fundamentals. The property market is currently very buoyant. While the rate of price increase of private residential properties has moderated in the last three quarters, prices have