New Singapore Government measures took effect

All new measures that has implemented about 3 months ago by Singapore government has take immediate effect to cool public and private housing prices. This immediate effect is also confirmed by National Development Minister Mah Bow Tan.

This cooling measures has hit HDB’s resale market price until the median cash over valuation (COV) payments dropped from the average $30,000 to $25,000 in October. Mr. Mah said that COV numbers for November transactions have so far declined.

COV means the premium cash that paid by a buyer over and above property valuation price. It’s believed this COV is a measures of the demand for HDB resale home. So far, the number of transactions in the HDB market has dropped 30 percent in Q4 compared to Q3.

Singapore private property like singapore condo, landed house, bungalow are still rising but at a slower pace. Last month, the URA announced that private residential prices rose 2.9 percent in Q3, representing a step-down from the last quarter, when prices rose 5.3 percent.

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