{"id":102872,"date":"2019-01-11T13:46:16","date_gmt":"2019-01-11T06:46:16","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-cooling-measures-impact-bigger-than-expected\/"},"modified":"2019-01-11T14:05:36","modified_gmt":"2019-01-11T07:05:36","slug":"property-cooling-measures-impact-bigger-than-expected","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-cooling-measures-impact-bigger-than-expected\/","title":{"rendered":"Property cooling measures\u2019 impact bigger than expected"},"content":{"rendered":"


\nDBS bank\u2019s property loans segment has dropped by 40 to 50 percent since the latest cooling measures were announced.
\nThe government\u2019s surprise property cooling measures in July 2018 had \u201cmore bite\u201d than anticipated, with DBS bank\u2019s property loans segment dropping by 40 to 50 percent \u2013 way below the bank\u2019s forecast of a 20 to 25 percent reduction, said DBS CEO Piyush Gupta.
\nAt the start of the year, the bank expected to add $4 billion to its mortgage loan book, reported Today Online.
\nMore:\u00a0Outlook 2019: Private Housing Supply In Singapore To Surge In 2019
\nThe figure was forecasted to drop to $2.5 billion to $3 billion following the implementation of the property curbs. However, the amount of property loans posted by the bank stood at under $2.5 billion only.
\nAs part of the July cooling measures, the government raised the Additional Buyer\u2019s Stamp Duty (ABSD) for individuals by five percentage points, while entities faced a 10 percentage point hike. The loan-to-value limits were also tightened by the government.
\nDespite this, Gupta still expects Singapore\u2019s economy to grow by 2.5 to 3.0 percent this year.
\nHe cited the interest rate hikes by the US Federal Reserve, trade tensions between the United States and China, Brexit, and China\u2019s economic slowdown as the macroeconomic headwinds expected to hit the global markets this year.
\nAnd while Gupta foresees a slowdown in the global economy this year, as evidenced by the drop in the Purchasing Managers\u2019 Index (PMI) in the US, Europe and China, he believes that this \u201cdoes not portend any significant recession\u201d.
\nThe PMI measures the manufacturing activity within an economy.
\n\u201cI don\u2019t see any recession coming at all. I think the slowdown is part of the normal cyclical slowdown,\u201d he said.
\nTo know more about the property hotspots for 2019, check out\u00a0PropertyGuru AreaInsider
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Property cooling measures\u2019 impact bigger than expected<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

DBS bank\u2019s property loans segment has dropped by 40 to 50 percent since the latest...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-102872","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-qLe","jetpack-related-posts":[{"id":104147,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dbs-bank-misses-mortgage-growth-forecast-for-2018\/","url_meta":{"origin":102872,"position":0},"title":"DBS Bank misses mortgage growth forecast for 2018","date":"February 19, 2019","format":false,"excerpt":"\r The bank\u2019s mortgage business continues to be slow. Growth in DBS Bank\u2019s housing loans business weakened further than expected last year following the introduction of new property cooing measures in July, reported the Business Times. Despite revising its original full-year forecast of $4 billion to $2.5 billion when it\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":95567,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-home-prices-to-drop-by-up-to-10-following-new-curbs\/","url_meta":{"origin":102872,"position":1},"title":"Singapore home prices to drop by up to 10% following new curbs?","date":"August 7, 2018","format":false,"excerpt":"\r Local banks reckon home prices will fall following the latest round of cooling measures. Singapore banks expect home prices to fall along with home loan activity, following the introduction by the government of its latest round of property cooling measures. UOB chief Wee Ee Cheong revealed that his \u201cgut\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":94279,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-cooling-measures-to-impact-banks-mortgage-business-says-dbs\/","url_meta":{"origin":102872,"position":2},"title":"New cooling measures to impact banks\u2019 mortgage business, says DBS","date":"July 20, 2018","format":false,"excerpt":"\r Singapore\u2019s mortgage market is expected to soften in the long term due to the new cooling measures in the private residential market, according to the city-state\u2019s largest bank, DBS Group Holdings. Nevertheless, the large number of homes purchased a few hours before the curbs took effect will give a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":109478,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapores-recovering-housing-market-a-boon-for-dbs\/","url_meta":{"origin":102872,"position":3},"title":"Singapore\u2019s recovering housing market a boon for DBS","date":"July 30, 2019","format":false,"excerpt":"\r DBS cited mortgage lending as a bright spot in their recently released second-quarter earnings as the b Mortgage-loan applications rose 60 per cent from the first three months of 2019. This is due to the resurging housing market.\u00a0 Benefitting from the city-state\u2019s resurging housing market, Singapore\u2019s biggest bank DBS\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":103306,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-mortgage-demand-significantly-dented\/","url_meta":{"origin":102872,"position":4},"title":"Singapore mortgage demand significantly dented","date":"January 25, 2019","format":false,"excerpt":"\r Rising interest rates and new property cooling measures have significantly dented mortgage demand. Rising interest rates and the government\u2019s surprise property cooling measures in July have significantly dented mortgage demand at Singapore\u2019s banks, threatening to further accelerate the decline in house prices, reported Bloomberg. In the first 11 months\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":95315,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-related-loans-to-fall-by-1b-in-2h-2018-dbs\/","url_meta":{"origin":102872,"position":5},"title":"Property-related loans to fall by $1b in 2H 2018: DBS","date":"August 3, 2018","format":false,"excerpt":"\r Mortgages to home buyers and loans to property developers are expected to decline following the new property cooling measures. Due to the new property curbs, DBS Group Holdings expects its mortgage business to grow by 6.0 to 7.0 percent for the whole of 2018, down from its initial forecast\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/102872"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=102872"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/102872\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=102872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=102872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=102872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}