SINGAPORE: Singapore Prime Minister Lee Hsien Loong said on Tuesday, Nov 2 the city-state's red-hot property market was a matter of concern and needed careful monitoring to avoid the creation of a bubble.
"Our property market has been taking off, which is causing some consternation," he told Reuters in an interview. "We have had a series of measures to squelch the property market but liquidity is awash, sloshing around the whole region.
"We are watching carefully. The last set of measures were announced at the end of August, they seem to have dampened sentiment some, but we will have to watch and see."
Singapore announced restrictions to cool its residential market on Aug 30. The measures included a reduction in the amount those with existing mortgages could borrow to buy second properties and extending a stamp duty on those selling property within three years of purchase.
The government also introduced new requirements on those who wanted to purchase government-built apartments on the resale market. — Reuters
"Our property market has been taking off, which is causing some consternation," he told Reuters in an interview. "We have had a series of measures to squelch the property market but liquidity is awash, sloshing around the whole region.
"We are watching carefully. The last set of measures were announced at the end of August, they seem to have dampened sentiment some, but we will have to watch and see."
Singapore announced restrictions to cool its residential market on Aug 30. The measures included a reduction in the amount those with existing mortgages could borrow to buy second properties and extending a stamp duty on those selling property within three years of purchase.
The government also introduced new requirements on those who wanted to purchase government-built apartments on the resale market. — Reuters
SHARE
TOP PICKS BY EDGEPROP
SALE
FEATURED
Setia Taipan 1, Setia Alam
Shah Alam, Selangor
RM 3,200,000
- beds |
- bath |
3200 sqft
SALE
FEATURED
Pacific Place @ Ara Damansara
Ara Damansara, Selangor
RM 428,000
2 beds |
2 bath |
864 sqft
RENT
FEATURED
Bandar Puncak Alam
Bandar Puncak Alam, Selangor
RM 55,000
- beds |
- bath |
54000 sqft
RENT
FEATURED
Regent Garden @ Eco Grandeur
Bandar Puncak Alam, Selangor
RM 2,000
4 beds |
3 bath |
1610 sqft