Singapore will announce more steps to cool the property market after previous measures failed to keep prices from rising, Prime Minister Lee Hsien Loong said. Check out texts of speeches delivered by the Minister for National Development, the Senior Minister of State for National Development, and the Parliamentary Secretary for National Development here for 2010
In summary
-
- Increase in the holding period for imposition of Seller’s Stamp Duty (SSD).
Increase in the minimum cash payment from five per cent to 10 per cent of the valuation limit. -
- Decrease in the Loan-to-Value (LTV) limit for housing loans.
Impact - Property buyers who already have one or more outstanding housing loans at the time of the new housing purchase will have to pay more money upfront.
reports Singapore News
The Ministry of National Development (MND) is a ministry of the Government of Singapore that directs the formulation and implementation of policies related to the national development of Singapore. It is located at Maxwell Road, just next to the headquarters of the Urban Redevelopment Authority,
MND website detailing its various portfolios revolving around land usage and development; with links to affiliated agencies.THE Ministry of National Development (MND) announced on Monday several measures that would maintain a ‘stable and sustainable’ property market, watch news live here at MediaCorp Channel NewsAsia for online feed
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