Singapore Government announced new property measures

Since first property cooling measures been announced in August 2010, now another round of cooling measures is announced by Govt (16 January 2011). After all new past measures seems not really cooling down the Singapore property market.

A lot of people drop their jaw when they read this new measures, here they are:

Loan to Valuation limit raised to 60%
After August 2010, you can only get up to 70%. After tomorrow, 14 January 2011, you can only get up to 60% loan. Meaning you pay the 40% in CASH.

Seller’s Stamp Duty rates and period raised dramatically
Last time in February 2010 (aka cooling measure round 2), seller’s stamp duty was introduced. Basically if you sell a condo, you also have to pay the Govt a staggered stamp duty of up to 3%.

Now Seller’s Stamp Duty has been raised to a crazy 16% if you sell it within the first year of purchase. If you sell it within the 2 years – 12%, 3 years – 8% and 4 years – 4%.

All these new rules seems to take effect to all new launch project like Dleedon, Sage at Nassim, Spottiswoode 18 and else.

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