The government has introduced property cooling measures to protect the property market from risks in the global market in Singapore .
The government announced three new measures today to cool the private property market. The measure’s include an increase in cash down payment, total down payment and an extension of the seller’s stamp duty .
Private property buyers will face a 10 % increase for the total down payment requirement in Singapore while property buyers who already have one or more outstanding home loans will face a 5% increase in the cash down payment requirement.
The Seller’s stamp duty will now be extended for properties sold within three years from the time it was purchased. If the property is sold within the first year of purchase, the rate of SSD will start at 3% of purchase price. The rate will decrease to 2% in the second year and 1% in the third year.
These measures are being introduced to protect the property market from falling vulnerable to the continuing risks in the global market. According to the government, more measures may await us in the future if the market continues to show signs of exuberance.
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To find out more about the property market in Singapore, do speak to our property expert, Mr Dave Yong. He can be reached at email@example.com