Measures to Ensure a Stable and Sustainable Property Market
MAS, MND and MOF made a joint statement on Friday announcing the following measures to ensure a stable and sustainable property market:
1) 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; and
2) 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)
The steps are essential (and probably insufficient on its own) to prevent a bubble from forming in our property market.
Full details of the changes can be found here:
http://www.mnd.gov.sg/newsroom/newsreleases/2010/news19022010.htm