{"id":30313,"date":"2016-10-17T14:26:58","date_gmt":"2016-10-17T07:26:58","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/could-this-be-the-quickest-fix-for-singapores-property-slump\/"},"modified":"2016-10-17T14:34:34","modified_gmt":"2016-10-17T07:34:34","slug":"could-this-be-the-quickest-fix-for-singapores-property-slump","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/could-this-be-the-quickest-fix-for-singapores-property-slump\/","title":{"rendered":"Could this be the quickest fix for Singapore\u2019s property slump?"},"content":{"rendered":"<p>&#013;<br \/>\nCrowdsourcing pioneer sounds off on the city-state\u2019s dulling market<br \/>\nJubilee bridge in Singapore. Zephyr_p \/ Shutterstock.com<br \/>\nCurrent cooling measures are only walling out foreigners from helping developers and investors unload homes in Singapore.<br \/>\nThis is the view of Getty Goh, chief executive of Singapore-based real estate crowdsourcing platform CoAssets. Speaking with Channel News Asia, Goh advocated for the removal of the Additional Buyer\u2019s Stamp Duty (ABSD), a measure designed to deter foreigners from investing in Singapore property, as a short-term solution.<br \/>\n\u201cThere is really no harm in removing just the ABSD especially for foreigners because it will meet the various competing demands,\u201d Goh explained. \u201cFirstly, the Total Debt Servicing Ratio (TDSR) will already ensure that Singaporeans don\u2019t overstretch themselves. So that shouldn\u2019t be a worry. And the reintroduction of foreign buyers is not going to change things too much in the near term.\u201d<br \/>\nMore: Singapore home market unaffected by Indonesian tax amnesty<br \/>\nThe ABSD as well as the range of housing loan curbs in the city-state have weakened demand for new properties and dragged down prices, Goh said. \u201cI see removing this one measure temporarily as a way of allowing people who have already invested, an exit strategy,\u201d he added.<br \/>\nThe Singaporean government has remained adamant about putting the curbs in place though. National Development Minister Lawrence Wong emphasised last week that the measures would prevent the city-state from turning into \u201ca nation of property speculators.\u201d<br \/>\n\u201cIf and when capital inflows come, be it from local or foreign sources, it\u2019s very easy to cause fluctuations in our property market, and we don\u2019t want that to happen,\u201d Wong told The Straits Times.<br \/>\nListen to Goh speaking on the topic here:<\/p>\n<iframe loading=\"lazy\" width=\"100%\" height=\"400\" scrolling=\"no\" frameborder=\"no\" src=\"https:\/\/w.soundcloud.com\/player\/?url=http%3A%2F%2Fapi.soundcloud.com%2Ftracks%2F287589630&auto_play=false&hide_related=false&visual=true&show_comments=false&color=false&show_user=false&show_reposts=false\"><\/iframe>\n<p>Read next: Home prices in Singapore have fallen to a record 7-year low&#013;<br \/>\n&#013;<br \/>\nSource : property-report.com&#013;<br \/>\nRead more&#8230;<a href=\"http:\/\/www.property-report.com\/could-this-be-the-quickest-fix-for-singapores-property-slump\/\" target=\"_blank\">Could this be the quickest fix for Singapore\u2019s property slump?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#013; Crowdsourcing pioneer sounds off on the city-state\u2019s dulling market Jubilee bridge in Singapore. Zephyr_p \/&#46;&#46;&#46;<\/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-30313","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\/p75ss1-7SV","jetpack-related-posts":[{"id":123833,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-unveils-new-property-cooling-measures\/","url_meta":{"origin":30313,"position":0},"title":"Singapore unveils new property cooling measures","date":"December 16, 2021","format":false,"excerpt":"\r Singapore unveils new property cooling measuresThe new Singapore property cooling measures, which include a higher ABSD, lower TDSR, and tighter LTV, will take effect from today, 16 December 2021. The Government on Wednesday (15 December) unveiled a package of measures to cool the private residential and HDB resale markets.\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/Buildings-singapore.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":8215,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/still-too-early-to-remove-cooling-measures-wong\/","url_meta":{"origin":30313,"position":1},"title":"Still too early to remove cooling measures: Wong","date":"March 1, 2016","format":false,"excerpt":"\r National Development Minister Lawrence Wong. (Photo: Nitroacid \/ Wikimedia Commons) It is premature to lift the property cooling measures as it could undo the government\u2019s efforts to make home prices affordable, revealed National Development Minister Lawrence Wong during a parliamentary session on Monday (29 Feb), and reported Channel NewsAsia.\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":113626,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/foreign-buyers-show-resilience-in-the-luxury-condo-market\/","url_meta":{"origin":30313,"position":2},"title":"Foreign buyers show resilience in the luxury condo market","date":"January 15, 2020","format":false,"excerpt":"\r While the cooling measures in 2018 have dampened demand for residential properties, foreigners who bought top-end condos are showing more resilience.\u00a0 The cooling measures implemented in July 2018 may have lowered general home-buying demand, but foreigners appear to have been more resilient towards high-end condos, reported The Business Times,\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":47277,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/govt-to-amend-absd-rules-to-include-share-transfer\/","url_meta":{"origin":30313,"position":3},"title":"Gov\u2019t to amend ABSD rules to include share transfer","date":"March 9, 2017","format":false,"excerpt":"\r National Development Minister Lawrence Wong announced plans to plug ABSD loophole. Source: Wikimedia Commons The authorities are planning to amend the rules to plug a loophole that allows some companies to avoid paying Additional Buyers Stamp Duty (ABSD), by acquiring shares in a company that owns the property, rather\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112777,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-residential-price-increase-in-singapore-unlike-other-cities-imf\/","url_meta":{"origin":30313,"position":4},"title":"Private residential price increase in Singapore unlike other cities: IMF","date":"November 30, 2019","format":false,"excerpt":"\r Private residential prices in Singapore appear to have \u201cdecoupled\u201d from the worldwide chase for property rental yields\u00a0since 2013, as wealthy foreign buyers continue to exert their influence on the city state, according to The Business Times citing a study by the International Monetary Fund (IMF). According to the IMF\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2019\/11\/singapore-property-market-foreign-buyer-demand-chart-table.png?fit=1200%2C703&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":123962,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lakepoint-condominium-enters-private-treaty-negotiations-process\/","url_meta":{"origin":30313,"position":5},"title":"Lakepoint Condominium enters private treaty negotiations process","date":"December 24, 2021","format":false,"excerpt":"\r Located at Lakepoint Drive, the 309-unit Lakepoint Condominium, which sits on a 562,286 sq ft site, fell short of its reserve price of $640 million. Lakepoint Condominium closed its collective sales tender with offers falling short of its reserve price and has now entered the private treaty negotiation process,\u2026","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/Lakepoint-2.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/30313"}],"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=30313"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/30313\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=30313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=30313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=30313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}