According to the PAP government. OF COURSE LAH! As if they would say NO, PROPERTY BUBBLE STILL GOING STRONG, JIALAT! Cooling measures like increased stamp duties, decreased loan to value did rock the private property market mostly. Still, sellers won't be so pleased as they cannot sell off at even higher prices. Cannot please everyone all the time.
Those who are in trouble and stuck as they entered before the cooling measures!
Singapore home prices “sort of stabilised”, says minister
Mar 23, 2011
Singapore home prices have “sort of stabilised” after four rounds of cooling measures, a senior government official said this week.
Peter Ong, permanent secretary at the ministry of finance, made the remarks at a conference on East Asia development, Reuters reported.
Ong’s comments are a hint that perhaps new cooling measures will not be introduced soon, despite transaction volumes remaining high and developers bidding aggressively at government land auctions.
Singapore private home prices rose 17.6 per cent last year despite attempts to cool the market in February and August.
Resale prices of state Housing & Development Board (HDB) apartments that house over 80 per cent of the population gained 14 per cent.
The latest measures, announced on Jan 13, included tougher borrowing limits and a hefty stamp duty of 16 per cent of the selling price for those who buy and sell within 12 months.