{"id":94189,"date":"2018-07-18T09:50:14","date_gmt":"2018-07-18T02:50:14","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-property-curbs-to-erode-market-confidence-says-redas\/"},"modified":"2018-07-19T01:04:16","modified_gmt":"2018-07-18T18:04:16","slug":"new-property-curbs-to-erode-market-confidence-says-redas","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-property-curbs-to-erode-market-confidence-says-redas\/","title":{"rendered":"New property curbs to erode market confidence, says REDAS"},"content":{"rendered":"


\nThe 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.
\nThese new cooling measures will impact the confidence of property developers, investors and home buyers, said REDAS President Augustine Tan.
\n\u201cProperty markets are driven by both economic fundamentals and market sentiment. It is thus imperative to monitor the impact of the new measures as the unintended consequences could have broader ramifications.\u201d
\nHe aired this sentiment during the property market update seminar organised by the REDAS on Tuesday (17 July), following the implementation of the new curbs earlier this month.
\nThe new property cooling measures include higher remissible additional buyer\u2019s stamp duty (ABSD) for entities purchasing residential property, a non-remissible five percent charge for developers when they acquire residential sites, as well as higher ABSD for Singaporeans and permanent residents (PRs) buying their second home.
\nEven first-time homebuyers are negatively affected as they need to fork out more cash or money from their Central Provident Fund (CPF) account when paying their downpayment due to the tighter loan-to-value (LTV) ratio.
\nAs such, Tan warned that the projected softer demand from those buying two or more properties could worsen the high supply situation in city-state.
\nHowever, JLL Singapore\u2019s research head Tay Huey Ying believes that a glut can be avoid as long as developers pace their launches to meet market demand during the five-year period before the ABSD penalties kick in.
\nShe forecasted that unsold units across Singapore could reach 50,526 units over the next four years, or 12,632 units per annum.
\nBut this amount can be absorbed by the market as demand is approximately 10,566 to 12,159 units per year, based on the sale volume in 2017 and the average annual demand for new houses over the last decade.
\nFurthermore, Tay thinks that the private housing market can still see moderate price growth as Singapore\u2019s stable economic growth continues and there\u2019s no external shocks such as full-blown trade war.
\n\u00a0
\nSenior Content Producer, Christopher Chitty, edited this story
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…New property curbs to erode market confidence, says REDAS<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The new property curbs are a \u201cbig setback\u201d for Singapore\u2019s property sector, according to the...<\/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-94189","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-ovb","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":94189,"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":98205,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-work-harder-and-take-more-prudent-approach-amidst-property-curbs\/","url_meta":{"origin":94189,"position":1},"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":[]},{"id":70074,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-more-upbeat-but-worry-over-possible-curbs\/","url_meta":{"origin":94189,"position":2},"title":"Developers more upbeat but worry over possible curbs","date":"October 26, 2017","format":false,"excerpt":"\r Home builders here have become more bullish, but they fear that the improving market conditions would result in more property curbs from the authorities, reported the Straits Times. In fact, the Real Estate Sentiment Index (RESI) show that property developers\u2019 general sentiment has improved. They also have better views\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":68246,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/redas-fast-paced-land-acquisitions-at-higher-prices-not-sustainable\/","url_meta":{"origin":94189,"position":3},"title":"REDAS: Fast-paced land acquisitions at higher prices not sustainable","date":"October 5, 2017","format":false,"excerpt":"\r Augustine Tan, President of Redas. (Photo: Far East Organization) While City Developments and Hong Realty acquired Amber Park for a record $1,515 per square foot per plot ratio, Real Estate Developers\u2019 Association of Singapore (Redas) president Augustine Tan warned that the fast rate by which developers acquire private residential\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":94279,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-cooling-measures-to-impact-banks-mortgage-business-says-dbs\/","url_meta":{"origin":94189,"position":4},"title":"New cooling measures to impact banks\u2019 mortgage business, says DBS","date":"July 20, 2018","format":false,"excerpt":"\r Singapore\u2019s mortgage market is expected to soften in the long term due to the new cooling measures in the private residential market, according to the city-state\u2019s largest bank, DBS Group Holdings. Nevertheless, the large number of homes purchased a few hours before the curbs took effect will give a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":97016,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-developers-think-that-private-condo-prices-will-fall\/","url_meta":{"origin":94189,"position":5},"title":"More developers think that private condo prices will fall","date":"August 31, 2018","format":false,"excerpt":"\r There was a reversal of market sentiment among Singapore home builders after the new property cooling measures were introduced on 6 July, reported the Business Times. In fact, the Real Estate Sentiment Index (RESI) compiled by the National University of Singapore (NUS) and the Real Estate Developers\u2019 Association of\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\/94189"}],"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=94189"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/94189\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=94189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=94189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=94189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}