{"id":118661,"date":"2020-09-17T11:39:00","date_gmt":"2020-09-17T04:39:00","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-cooling-measures-all-the-more-necessary-amid-economic-crisis-says-desmond-lee\/"},"modified":"2020-09-17T12:02:50","modified_gmt":"2020-09-17T05:02:50","slug":"property-cooling-measures-all-the-more-necessary-amid-economic-crisis-says-desmond-lee","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-cooling-measures-all-the-more-necessary-amid-economic-crisis-says-desmond-lee\/","title":{"rendered":"Property cooling measures all the more necessary amid economic crisis, says Desmond Lee"},"content":{"rendered":"


\n\u201cA home is a big ticket item and it\u2019s for the well-being of Singaporeans that some of the measures are there,\u201d said Mr Lee.
\nNational Development Minister Desmond Lee believes the property cooling measures are necessary to safeguard the well-being of Singaporeans by encouraging prudence and caution in long-term commitments such as property acquisitions, reported TODAY.
\nHe made the comment in response to PropNex Chief Executive Ismail Gafoor\u2019s question\u00a0on whether the government would consider relaxing some of the property cooling measures, during a dialogue session at the PropNex Mid Year 2020 Convention.
\nThough Mr Ismail noted that speculative activity within the local property market has been eliminated since the latest round of cooling measures in July 2018, he suggested tweaking the Additional Buyer\u2019s Stamp Duty (ABSD) rule.
\nAnd while the market has remained steady since the start of the COVID-19 pandemic, he said this is largely due to pent-up demand, as the long-term outlook is grim.
\nAccording to URA data, non-landed private home sales rose for the fourth straight month in August to hit its highest level since September 2019.\u00a0\u00a0
\nIn addition, five HDB resale flats were sold for at least $1 million in August, while the average resale price of HDB flats last month across Singapore also climbed 2.1% year-on-year.
\nBut with a subdued property market\u2019s outlook expected in the longer-term, Mr Ismail urged the government to review the ABSD imposed on homeowners.
\nCurrently, the ABSD stands at 12% of the property price for Singaporeans acquiring second and subsequent properties and 20% for foreigners for any property purchase.
\nHe proposed tweaking the stamp duty for properties located within the Core Central Region.\u00a0
\n\u201cBecause it is a relatively hefty 20% ABSD on foreigners and the inflow is being very much reduced in the current situation, and moving forward it might (continue to) be the case because of the global outlook,\u201d he said as quoted by TODAY.
\nMr Ismail also called for the easing of the rule on ABSD remission for married Singaporean couples purchasing their second home. As part of the COVID-19 (Temporary Measures) Act, Singaporean couples can only get a remission for the second property if they sell their first home within a year.
\nHowever, upgraders often wait several years for the completion of their second homes. As such, many of them hurriedly sell their HDB flats to avoid paying the 12% ABSD, he said.
\n\u201cIn this process, they go through some challenges because when they sell their HDB, they\u2019re going to rent or shift to their parents\u2019, until they receive the Temporary Occupation Permit (for the second home).\u201d
\nAccording to him, Singaporeans who can afford to acquire a second property within the local market should be supported so that they would not have to invest abroad, where they may end up risking their retirement funds since foreign policies and the currency policies are very different.
\nHowever, Mr Lee explained that it is important for Singaporeans to be very prudent and careful, especially when entering very long term commitments.
\n\u201cA home is a big ticket item and it\u2019s for the well-being of Singaporeans that some of the measures are there,\u201d said Mr Lee, who took on the National Development Minister post after the General Election in July.
\nNonetheless, he pointed that \u201cno measure is perpetual\u201d and that his ministry will continue to review and calibrate property rules as needed.
\n\u201cWe recognise that at some stages, (the measures) can cause some pain and friction to genuine homebuyers,\u201d he said.
\n\u201cWe\u2019ll continue to study those measures to see how we can enable those who are aspiring and have prepared well for the upgrade, to be able to do so while ensuring that we reduce the risk of speculation and runaway prices that will hurt everyone.\u201d
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Property cooling measures all the more necessary amid economic crisis, says Desmond Lee<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cA home is a big ticket item and it\u2019s for the well-being of Singaporeans that...<\/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-118661","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-uRT","jetpack-related-posts":[{"id":8177,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/budget-2016-what-to-expect\/","url_meta":{"origin":118661,"position":0},"title":"Budget 2016: What to expect","date":"March 11, 2016","format":false,"excerpt":"\r Key measures will be announced in Budget 2016, and many are wondering if this will mean changes to the property measures. Singapore\u2019s property market faces strong headwinds, but the government seems determined to maintain the cooling measures for now. With more home buyers and developers looking for greener pastures\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/03\/Helen-Ng-683x1024.jpg?fit=683%2C1024&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":47961,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/no-buying-frenzy-despite-easing-of-property-cooling-measures\/","url_meta":{"origin":118661,"position":1},"title":"No buying frenzy despite easing of property cooling measures","date":"March 14, 2017","format":false,"excerpt":"\r Sales at some new launches in Singapore continue to move slowly despite the recent tweaking of property curbs. 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Analysts consider recent ministerial remarks on the property market as\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/01\/Residential-apartments-in-Singapore-v2.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":96129,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-prices-to-fall-by-up-to-15-on-property-curbs-propnex\/","url_meta":{"origin":118661,"position":3},"title":"Home prices to fall by up to 15% on property curbs: PropNex","date":"August 16, 2018","format":false,"excerpt":"\r The drop in home prices in Singapore could appeal to home buyers. 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