Govt will relook property cooling measures when risks are ‘less or manageable’

SINGAPORE – The Government will relook the property cooling measures when the risks are “less or manageable”, Home Affairs and Law Minister K Shanmugam said on Wednesday (Feb 3).

Cooling measures such as the Additional Buyer’s Stamp Duty and Total Debt Servicing Ratio aim to prevent systemic risk in the banking system, avoid the danger of the property market overheating and crashing, and protect Singaporeans, said Mr Shanmugam, who also observed that he was not in a position to make such announcements unilaterally. MSR also caps executive applicant’s borrowings. Upcoming executive condo include The Visionaire EC , Wandervale EC and Parc Life EC while existing ones include The Terrace EC, Brownstone ECWaterwoods EC, Signature at Yishun, Skypark Residences, The Criterion ECBellewaters EC, Bellewoods EC.

Mr Shanmugam, who fielded questions at a dialogue with property agents at a conference held by ERA Realty, was asked when the Government would lift property market cooling measures.

He would only say: “We have a rough idea of when to change, but that doesn’t mean that we announce it.”

When the Finance and National Development ministers judge that the risks are “less or manageable”, then they will relook the policies, he added.

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