{"id":93453,"date":"2018-07-09T10:29:38","date_gmt":"2018-07-09T03:29:38","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/no-rationale-for-new-property-cooling-measures-says-redas\/"},"modified":"2018-07-09T11:03:56","modified_gmt":"2018-07-09T04:03:56","slug":"no-rationale-for-new-property-cooling-measures-says-redas","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/no-rationale-for-new-property-cooling-measures-says-redas\/","title":{"rendered":"No rationale for new property cooling measures, says REDAS"},"content":{"rendered":"


\nThe 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.
\nAmong the new curbs imposed by the government are a five percentage point increase in Additional Buyer\u2019s Stamp Duty (ABSD) rates for Singapore citizens and permanent residents (PRs) purchasing their second homes and a five percentage point tightening for loan-to-value (LTV) limits for all residential property loans granted by financial institutions.
\nREDAS noted that Singapore\u2019s property market began to see improved sentiments last year, on the back of brighter economic forecasts. The Singapore economy grew 3.5 percent by end-2017 and 4.4 percent during the first quarter of 2018.
\nNonetheless, the sale transaction volume is not high and remained within market expectation given that the property market had been in the doldrums since 2013, it said.
\nThis comes as buyers remained price-sensitive as the existing sizable ABSD (Additional Buyer\u2019s Stamp Duty) and TDSR (Total Debt Servicing Ratio) continued to restrain foreign buyers and Singaporeans.
\nWith this, the industry body feels that the property market \u201cshould be allowed time to find its own course and reach a sustained equilibrium\u201d.
\nREDAS does not also see the need to impose additional measures on developers.
\n\u201cAs is, in the purchase of sites from the GLS (Government Land Sales) programme or private collective sites to replenish their land bank to keep operations going, developers are constrained by a confluence of financial considerations as well as tough and unfriendly business policies including the existing ABSD on developers and the Qualifying Certificate (QC) punitive conditions on majority of developers (who are deemed foreign companies),\u201d it said.
\n\u201cIt is in the interest of the country to have a vibrant real estate industry and a steady growth in real estate value for home owners and investors in the long term.\u201d
\n\u00a0
\nSenior Content Producer, Christopher Chitty, edited this story.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…No rationale for new property cooling measures, says REDAS<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Real Estate Developers\u2019 Association of Singapore (REDAS) sees no rationale in imposing new property...<\/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-93453","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-ojj","jetpack-related-posts":[{"id":103066,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/redas-names-cdl-group-general-manager-as-new-president\/","url_meta":{"origin":93453,"position":0},"title":"REDAS names CDL group general manager as new president","date":"January 18, 2019","format":false,"excerpt":"\r Augustine Tan will be stepping down as president of REDAS. (Photo: Far East Organization) The Real Estate Developers\u2019 Association of Singapore (REDAS) has named Chia Ngiang Hong, group general manager at City Developments Limited (CDL), as its new president for the 2019\/2020 term, reported the Business Times. He will\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":93453,"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":104187,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/redas-calls-on-government-to-tweak-property-cooling-measures\/","url_meta":{"origin":93453,"position":2},"title":"REDAS calls on government to tweak property cooling measures","date":"February 20, 2019","format":false,"excerpt":"\r Last year, the government raised the ABSD payable by developers from 15 percent to 30 percent, of which five percent is non-remittable. Real 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\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":93453,"position":3},"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":100382,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentiment-among-property-developers-down-on-july-cooling-measures\/","url_meta":{"origin":93453,"position":4},"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":98205,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-work-harder-and-take-more-prudent-approach-amidst-property-curbs\/","url_meta":{"origin":93453,"position":5},"title":"Developers work harder and take more prudent approach amidst property curbs","date":"September 20, 2018","format":false,"excerpt":"\r It could take several years for the market to absorb the pipeline supply of private homes. The government\u2019s latest property cooling measures made it harder for developers to offload the nearly 46,000 private residential units expected to come onstream in 2019 and 2020, said Augustine Tan, president of the\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\/93453"}],"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=93453"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/93453\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=93453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=93453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=93453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}