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Thread: No plans to ease property curbs: Deputy PM

  1. #1
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    Default No plans to ease property curbs: Deputy PM

    https://www.propertyguru.com.sg/prop...urbs-deputy-pm

    No plans to ease property curbs: Deputy PM

    Victor Kang • February 20, 2020


    His statement comes after developers made renewed calls to loosen a measure penalising them for their failure to complete and sell new projects in five years.

    Singapore’s Deputy Prime Minister and Finance Minister Heng Swee Keat revealed that the government has no plans to ease the property cooling measures.

    His statement comes after developers made renewed calls to loosen a measure penalising them for their failure to complete and sell new projects in five years.

    “It is not on our radar at this point because we need to make sure that we stabilise the economy and we address long-term structural issues,” explained Heng in a Bloomberg TV interview.

    The city-state introduced the curbs – which developers described as punitive – in July 2018 in a bid to rein in house-price growth.

    To stop developers from hoarding land, the government gave them five years from the date of acquisition of a site to build and sell all units. Otherwise, developers will face a 25% ABSD levy.

    The curbs have been successful in keeping a lid on the market as prices rose just 0.5% in Q4 2019. Sales also fluctuated, with January registering a 15% hike in transactions, reversing the 54% slump seen in December, reported Bloomberg.

    Earlier in the month, Singapore eased another restriction for some developers by exempting listed firms with substantial connection to Singapore from the Qualifying Certificate regime.

    Under this regime, firms are mandated to complete development in five years and sell all units within a project in two years of its completion.

    The relaxing of the measure prompted speculation that the government would be unwinding property curbs.

    “They are reading too much into that. In Singapore’s context, property is not just an investment, it is a home for people and we must make sure that we get that right,” said Heng.

    “That everyone must feel that this is my home, this is something which I as an ordinary worker has something to look forward to.”

  2. #2
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    Default Re: No plans to ease property curbs: Deputy PM

    When you know there is this number of household 251,807 staying in HDB waiting to buy you not going to ease.


    1,325,300 x 40% = 530,120 household $13,627 income.

    530,120 households can buy a property valued at $2,427,731.65

    1,325,300 x 21% = 278,313 staying in private property

    530,120 - 278,313 = 251,807 staying in where?

  3. #3
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    Default Re: No plans to ease property curbs: Deputy PM

    Easing Singapore property curbs not on radar: DPM Heng

    He says the need at this point is to stabilise the economy and address long-term structural issues

    Thu, Feb 20, 2020


    SINGAPORE has no immediate plans to ease property curbs, Deputy Prime Minister and Finance Minister Heng Swee Keat said on Wednesday, amid renewed calls by developers to loosen a measure that penalises them if they fail to complete and sell new projects within five years.

    "It is not on our radar at this point because we need to make sure that we stabilise the economy and we address long-term structural issues," Mr Heng said in a Bloomberg TV interview.

    Singapore imposed curbs in July 2018 to arrest house-price growth. To stop land hoarding, developers have five years from the time of purchase of a site to build and sell all units or risk being hit with a 25 per cent levy, a measure which developers have labelled as punitive.

    The curbs have helped keep a lid on the market, with prices gaining just 0.5 per cent in the fourth quarter of 2019. Sales have also fluctuated, with January transactions rising 15 per cent after a 54 per cent slump in December.

    Earlier this month, the government loosened another restriction for some developers, exempting listed companies with a substantial connection to Singapore from the Qualifying Certificate regime.

    The regime requires firms to complete development within five years and sell all units in a project within two years of its completion.

    The move prompted speculation that it was the first step in unwinding the property curbs.

    "They are reading too much into that. In Singapore's context, property is not just an investment, it is a home for people and we must make sure that we get that right," said Mr Heng.

    "That everyone must feel that this is my home, this is something which I as an ordinary worker has something to look forward to." BLOOMBERG

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