13 Jan '11, 3pm

REDAS says measures will discourage property speculation

SINGAPORE : The Real Estate Developers' Association of Singapore (REDAS) has said the latest measures taken by the government to further cool the residential property market will discourage speculative demand. It said in a statement that the measures which impact Seller's Stamp Duty (SSD) and Loan-To-Value limits on housing loans will also encourage longer term holding of properties, which will contribute to the stability of the market. From January 14, the holding period for the Seller's Stamp Duty will be raised to four years from the current three. The SSD rates will also be raised to 16 per cent for properties sold in the first year, 12 per cent for those in the second year, 8 per cent in the third year, and 4 per cent for properties sold after four years. Meanwhile, those with existing home loans will have to pay more cash upfront for taking out new mortgages. The Loa...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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