{"id":104187,"date":"2019-02-20T11:02:54","date_gmt":"2019-02-20T04:02:54","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/redas-calls-on-government-to-tweak-property-cooling-measures\/"},"modified":"2019-02-20T11:06:09","modified_gmt":"2019-02-20T04:06:09","slug":"redas-calls-on-government-to-tweak-property-cooling-measures","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/redas-calls-on-government-to-tweak-property-cooling-measures\/","title":{"rendered":"REDAS calls on government to tweak property cooling measures"},"content":{"rendered":"


\nLast year, the government raised the ABSD payable by developers from 15 percent to 30 percent, of which five percent is non-remittable.
\nReal Estate Developers\u2019 Association of Singapore (REDAS) president Chia Ngiang Hong has urged the government to review the additional buyer\u2019s stamp duty (ABSD) policy to avoid the \u2018land grab\u2019 situation seen in 2017 and 2018, reported Channel NewsAsia.
\nIn a surprise move in July, the government raised the ABSD payable by developers from 15 percent to 30 percent, of which five percent is non-remittable. The time frame to sell out the project was also capped at five years.
\nGet more details on the property market outlook for 2019 here
\nSpeaking at a REDAS Chinese New Year event, Chia noted that the ABSD \u201chas pushed all developers to exhaust their inventory at around the same time, and could partly account for the land price escalation in 2017 and 2018 because everyone basically ran out of inventory at the same time\u201d.
\nAnd while excessive land-banking should be discouraged, he believes that some flexibility in the time-frame within which to sell the project should be provided.
\n\u201cIf the ABSD is not reviewed, we can expect a repeat of the 2017 to 2018 \u2018land grab\u2019 situation in four to five years\u2019 time. When the price of the raw material goes up, we can expect the price of the end product to increase as well,\u201d he noted.
\nChia also called for a review of the loan-to-value limits for first-time property buyers as well as the upfront payment of ABSD for HDB owners looking to upgrade to a private home.
\n\u201cI strongly believe that it is the intention of the government to assist to fulfil the aspirations of many young Singaporeans to own a private home. Hence, it may be timely to review and tweak some existing policies and measures to help Singaporeans, particularly first-timers, to achieve their objective,\u201d he said.
\nHome buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\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…REDAS calls on government to tweak property cooling measures<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Last year, the government raised the ABSD payable by developers from 15 percent to 30...<\/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-104187","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-r6r","jetpack-related-posts":[{"id":93453,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/no-rationale-for-new-property-cooling-measures-says-redas\/","url_meta":{"origin":104187,"position":0},"title":"No rationale for new property cooling measures, says REDAS","date":"July 9, 2018","format":false,"excerpt":"\r The Real Estate Developers\u2019 Association of Singapore (REDAS) sees no rationale in imposing new property cooling measures considering that the Singapore property market is still in the \u201cearly stages of a recovery and the recovery is in line with economic fundamentals\u201d, reported Channel News Asia. Among the new curbs\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":94189,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-property-curbs-to-erode-market-confidence-says-redas\/","url_meta":{"origin":104187,"position":1},"title":"New property curbs to erode market confidence, says REDAS","date":"July 18, 2018","format":false,"excerpt":"\r The new property curbs are a \u201cbig setback\u201d for Singapore\u2019s property sector, according to the Real Estate Developers\u2019 Association of Singapore (REDAS) in a report by the Business Times. These new cooling measures will impact the confidence of property developers, investors and home buyers, said REDAS President Augustine Tan.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":100382,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentiment-among-property-developers-down-on-july-cooling-measures\/","url_meta":{"origin":104187,"position":2},"title":"Sentiment among property developers down on July cooling measures","date":"October 23, 2018","format":false,"excerpt":"\r The latest round of cooling measures were described as unexpected and surprising, as well as extremely disruptive. Property cooling measures announced in July have dampened sentiment in the property market, with the Real Estate Sentiment Index (RESI) falling sharply to 4.0 in Q3 from 6.6 in Q2, reported the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":116153,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/government-unveils-temporary-relief-measures-for-property-developers-individuals\/","url_meta":{"origin":104187,"position":3},"title":"Government unveils temporary relief measures for property developers, individuals","date":"May 8, 2020","format":false,"excerpt":"\r Singaporean married couples will now have a year instead of six months to sell their first property in order to get the ABSD remission for their second property.\u00a0 The Singapore government has rolled out temporary relief measures for individuals and property developers affected by disruptions to sales of housing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":101328,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-cooling-measures-averted-a-10-15-growth-in-home-prices\/","url_meta":{"origin":104187,"position":4},"title":"Property cooling measures averted a 10-15% growth in home prices","date":"November 16, 2018","format":false,"excerpt":"\r National Development Minister Lawrence Wong clarified that the government wants to stabilise the property market so that prices may move broadly in line with income growth. While developers may want a \u201ccomplete laissez faire situation\u201d of allowing \u201cthe market to run its own course\u201d, the government cannot take a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":113695,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-to-remain-cautious-in-aggregating-land-in-2020\/","url_meta":{"origin":104187,"position":5},"title":"Developers' to remain cautious in aggregating land in 2020","date":"January 17, 2020","format":false,"excerpt":"\r Developers have slowed down in their land-banking activity as they wait for demand for private homes to grow.\u00a0 Having replenished their land banks during the 2016 to 2018 en bloc fever, developers have slowed down in their land-banking activity, with UOL and City Developments each acquiring just one Government\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\/104187"}],"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=104187"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/104187\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=104187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=104187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=104187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}