SG Property: The govt has unveiled new measures to cool speculative activity in the property market. With immediate effect, MND will 1) extend the holding period for sellers' stamp duty from 1 year to 3 years. 2) For owners of multiple properties, the minimum cash payment for a new property has been raised to 10% from 5% & 3) loan limit for 2nd homes has been cut to 70% from 80%.
At the same time, govt will build 22k public homes next year & further increase its scheduled land supply in 1H10 if demand remains strong. The household income ceiling for DBSS scheme will be raised to $10k from $8k prev to cater to the `sandwich’ class who do not qualify for public housing but yet cannot afford private property. The biggest player in the HDB DBSS is Sim Lian, which recently won the Tampines Ave 5 plot with potential GFA of 682k sf.
Spore twice attempted to cool the property market, in Sep 09 & Feb this year w/o much success as prices continue to surge 38% in 2Q10 making it the fastest growing market in the world in a survey by Global Property Guide. In Feb this year, the govt introduced a seller’s stamp duty on all residential properties that are sold within 1 year from the date of purchase, lowered the loan limit from home financing to 80% & ramped up land supply. Last year, it barred the deferred interest payment scheme.
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