05 Jul '18, 4pm

Panic buying at showflats after new cooling measures

SINGAPORE: Crowds of potential buyers flooded showflats across Singapore shortly after new cooling measures were announced on Thursday (Jul 5), in the hope of avoiding bigger housing loans and a hike in stamp duty. Several showflats extended their opening hours till 11.59pm, with some developers even bringing forward their launches by a couple of weeks. Advertisement The Additional Buyer Stamp Duty (ABSD) rates will be raised by 5 percentage points for citizens and permanent residents (PRs) buying second and subsequent homes as well as foreigners buying any residential property, the government announced on Thursday. The new rates are effective Jul 6, but there will be a transitional provision for cases where the Option to Purchase (OTP) is granted by sellers to potential buyers on or before Jul 5. Meanwhile, LTV limits will be tightened by 5 percentage points for all housi...

Full article: https://www.channelnewsasia.com/news/singapore/absd-showf...

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