06 Jul '18, 6am

Singapore moves to cool down resurgent property market

Singapore moves to cool down resurgent property market

People look at the skyline of the central business district in Singapore. Edgar Su, Reuters/File SINGAPORE -- Singapore raised buyers' fees and tightened loan requirements from Friday to cool a resurgent property sector, warning that rising prices could be destabilizing as interest rates rise. Private residential prices in the affluent city-state have surged by 9.1 percent over the past year on strong demand after declining gradually for close to 4 years, the government said. A statement, issued jointly by the central bank and the ministries of finance and national development, warned that the rise in property prices must not "run ahead of economic fundamentals". Allowing prices to surge unchecked could "raise the risk of a destabilizing correction later, especially with rising interest rates and the strong pipeline of housing supply," the statement added. The government r...

Full article: http://news.abs-cbn.com/business/07/06/18/singapore-moves...

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