Mr Mah said the 'callibrated', steps will stabilise the private property market and 'pre-empt' it from overheating. -- ST PHOTO: DESMOND LIM
A SERIES of sweeping measures designed to take the heat out of the booming property market and rein in investors and speculators were announced on Monday.
The buy-at-any-cost sentiment that has been boiling away in recent months is expected to take an immediate hit while prices are also tipped to soften.
The restrictions, like cooling measures imposed in September last year and in February this year, are designed with one overriding aim: Stop a housing bubble forming. They target owners who try to sell - or flip - their properties for a quick buck while those aiming to buy investment properties in addition to their exisitng home will find it far more costly.
The new rules - they came in on Monday - also make it harder for HDB and private home owners to dabble in each other's markets.
National Development Minister Mah Bow Tan, who announced the moves, told a briefing: 'We think that if we do nothing, there's going to be a bubble.'
He said the 'callibrated', steps will stabilise the private property market and 'pre-empt' it from overheating. With Singapore's strong economic growth expected to moderate in the second half, a property bubble will likely form if the current momentum in the market continues, said Mr Mah.
