{"id":93765,"date":"2018-07-13T10:46:52","date_gmt":"2018-07-13T03:46:52","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/market-barely-had-time-to-respond-to-new-cooling-measures\/"},"modified":"2018-07-13T15:03:29","modified_gmt":"2018-07-13T08:03:29","slug":"market-barely-had-time-to-respond-to-new-cooling-measures","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/market-barely-had-time-to-respond-to-new-cooling-measures\/","title":{"rendered":"Market barely had time to respond to new cooling measures"},"content":{"rendered":"


\nThe Singapore government departed from its recent practice of announcing sensitive information on Fridays when it introduced its latest round of cooling measures on 5 July, which is a Thursday \u2013 barely giving the market time to think.
\nIn a note, Withers KhattarWong partner Kenneth Szeto said announcements were supposed to be released on Fridays to provide a weekend buffer prior to the stock market reaction, reported Singapore Business Review.
\n\u201cBuyers and sellers themselves barely had five hours to react to the announcement before implementation, and property launch show flats were immediately flooded, as buyers rushed to issue their sale options before midnight to come within existing rules \u2013 to either pay less Additional Buyers Stamp Duty (ABSD) or obtain higher quantum home loans,\u201d he said.
\n\u201cThe ink has barely dried on the rules and regulations, and the usual accompanying tax guides are still being written. For parties who are engaged in ongoing deals, it will be necessary to look carefully at the impact of the new rules, and seek the necessary clarification with the tax authorities on how ongoing deals will be affected.\u201d
\nSzeto noted that the revised housing loan limits will see first time home buyers fork out an additional five percent cash down payment on their purchases.
\nHe expects this to \u201crein in buyers\u2019 demand for both new launch properties as well as resale properties, just as the asking prices in the market are starting to gather momentum after four consecutive years of flat-lining or decline\u201d.
\nSo far, the latest round of ABSD rate increases are the highest. Szeto believes the new 25 percent ABSD payable by corporate entities, including property developers, will cool developers\u2019 interest in purchasing en bloc sites for redevelopment.
\n\u201cIn recent months, even before the implementation of the measures, Singapore-based developers have already been observed to be more selective with site selection, and more conservative with bid prices,\u201d he added.
\n\u00a0
\nSenior Content Producer, Christopher Chitty, edited this story.\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Market barely had time to respond to new cooling measures<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Singapore government departed from its recent practice of announcing sensitive information on Fridays when...<\/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-93765","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-ool","jetpack-related-posts":[{"id":136094,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-hikes-property-tax-in-latest-round-of-cooling-measures\/","url_meta":{"origin":93765,"position":0},"title":"Singapore hikes property tax in latest round of cooling measures","date":"April 27, 2023","format":false,"excerpt":"\r Both local and foreign buyers of residential properties will now have to pay higher additional buyers' stamp duties, which will take effect from today.\r \r Source : cnbc.com\r Read more...Singapore hikes property tax in latest round of cooling measures","rel":"","context":"In "Property News"","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":93765,"position":1},"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 "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":101756,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cooling-measures-dampened-buying-sentiment-in-q3-report\/","url_meta":{"origin":93765,"position":2},"title":"Cooling measures dampened buying sentiment in Q3: report","date":"November 28, 2018","format":false,"excerpt":"\r En bloc sales in Singapore have come to a halt while residential sales have also suffered. The government\u2019s latest round of property cooling measures dampened buying sentiment in the private residential market during the third quarter of 2018, said Edmund Tie & Company (ET&Co) in a report. This comes\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":123853,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-property-stocks-fall-amid-new-cooling-measures\/","url_meta":{"origin":93765,"position":3},"title":"Singapore property stocks fall amid new cooling measures","date":"December 17, 2021","format":false,"excerpt":"\r The latest round of cooling measures, which saw higher ABSD rates, a tighter TDSR threshold and a lower LTV limit for HDB-granted loans, impacted Singapore property stocks negatively. Singapore\u2019s property firms saw their shares drop on Thursday (16 December) following the Government\u2019s unexpected announcement of new property cooling measures,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/singapore-city.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":123833,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-unveils-new-property-cooling-measures\/","url_meta":{"origin":93765,"position":4},"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 "Property News"","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":93453,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/no-rationale-for-new-property-cooling-measures-says-redas\/","url_meta":{"origin":93765,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/93765"}],"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=93765"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/93765\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=93765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=93765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=93765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}