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Thread: Speculation: 'More steps if needed'

  1. #1
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    Default Speculation: 'More steps if needed'

    http://www.businesstimes.com.sg/sub/...73498,00.html?

    Published February 22, 2010

    Speculation: 'More steps if needed'

    Measures aimed at HDB market may be on the way: Mah

    By UMA SHANKARI


    (SINGAPORE) The government will take more measures to curb speculative activity in the property market if it has to, Minister for National Development Mah Bow Tan said yesterday.

    Measures targeted at the HDB (Housing & Development Board) market could also be on the way. These could be announced during the Budget Debate and Committee of Supply sessions following today's Budget announcement, Mr Mah added.

    'Going forward, we will monitor the market closely and if there is a need to, we will take further measures,' Mr Mah said. 'I think that there are a few other measures that can be taken.'

    Mr Mah, who was speaking to reporters at a community event last night, added that it is better not to speculate on what those measures might be and instead 'see what happens' first.

    The government on Friday announced two new property policies to curb speculation and encourage financial prudence.

    A seller's stamp duty will be levied on those who buy a residential property and sell it within a year. Currently, stamp duty is levied only for the purchase of a property and not its sale.

    Also, the loan-to-value limit on housing loans will be lowered from 90 per cent to 80 per cent.

    The two measures, which come on top of previous policies announced in September last year to cool the market, are not expected to hit prices and the volume of private property sales, market watchers said.

    Mr Mah said that the government is taking very measured moves - which are designed to have a minimal impact on genuine homebuyers - as it tries to pre-empt a property bubble from forming.

    Measures are being implemented in steps this time around, unlike in 1996 when many measures were introduced at one go.

    'We have to weigh very carefully what are the measures we want to take, such that we don't cause the market to collapse, but at the same time, we let a little bit of air out of the bubble,' Mr Mah said.

    And as for the HDB market, 'we are looking at something', he added.

    Mr Mah said in late January that HDB is checking to see if buyers are using government-subsidised flats to speculate in the property market - even as resale flat prices hit a new high in the fourth quarter of 2009.

  2. #2
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    To me, it is the demand, not the speculation. Even private crash like nobody business, HDB still stand strong because of REAL demand. I am surprised some people actually think speculation is the root cause.




    Quote Originally Posted by mr funny
    http://www.businesstimes.com.sg/sub/...73498,00.html?

    Published February 22, 2010

    Speculation: 'More steps if needed'

    Measures aimed at HDB market may be on the way: Mah

    By UMA SHANKARI


    (SINGAPORE) The government will take more measures to curb speculative activity in the property market if it has to, Minister for National Development Mah Bow Tan said yesterday.

    Measures targeted at the HDB (Housing & Development Board) market could also be on the way. These could be announced during the Budget Debate and Committee of Supply sessions following today's Budget announcement, Mr Mah added.

    'Going forward, we will monitor the market closely and if there is a need to, we will take further measures,' Mr Mah said. 'I think that there are a few other measures that can be taken.'

    Mr Mah, who was speaking to reporters at a community event last night, added that it is better not to speculate on what those measures might be and instead 'see what happens' first.

    The government on Friday announced two new property policies to curb speculation and encourage financial prudence.

    A seller's stamp duty will be levied on those who buy a residential property and sell it within a year. Currently, stamp duty is levied only for the purchase of a property and not its sale.

    Also, the loan-to-value limit on housing loans will be lowered from 90 per cent to 80 per cent.

    The two measures, which come on top of previous policies announced in September last year to cool the market, are not expected to hit prices and the volume of private property sales, market watchers said.

    Mr Mah said that the government is taking very measured moves - which are designed to have a minimal impact on genuine homebuyers - as it tries to pre-empt a property bubble from forming.

    Measures are being implemented in steps this time around, unlike in 1996 when many measures were introduced at one go.

    'We have to weigh very carefully what are the measures we want to take, such that we don't cause the market to collapse, but at the same time, we let a little bit of air out of the bubble,' Mr Mah said.

    And as for the HDB market, 'we are looking at something', he added.

    Mr Mah said in late January that HDB is checking to see if buyers are using government-subsidised flats to speculate in the property market - even as resale flat prices hit a new high in the fourth quarter of 2009.

  3. #3
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    Agree, in this day and age, many who want a flat want it now and not 2-3 years later as in the BTO, add to the fact that the influx of foreigners coming to Singapore in the last 2-3 years.

    That is why there are high COVs.

    Quote Originally Posted by Squall8888
    To me, it is the demand, not the speculation. Even private crash like nobody business, HDB still stand strong because of REAL demand. I am surprised some people actually think speculation is the root cause.

  4. #4
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    Quote Originally Posted by 2824
    Agree, in this day and age, many who want a flat want it now and not 2-3 years later as in the BTO, add to the fact that the influx of foreigners coming to Singapore in the last 2-3 years.

    That is why there are high COVs.
    And not to overlook the reduction of supply from the tens of thousands of people who refuse to let go their HDB due to the high rental yield...even when they staying in prime residential that cost more than 1500 psf. Infact they are using the rental from the hdb to pay partial of their private installments.

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