Govt will do what is necessary, says Mah. Such steps could include upping loan-to-value ratio or levying a speculation tax, say analysts.
WHILE the current exuberance in the property market has “some element of speculation involved”, it is not excessive. And if does get to that point, the Government ” will take whatever action is necessary” to prevent excessive speculation, said National Development Minister Mah Bow Tan (picture) yesterday. He was speaking on the sidelines of a ceremony marking a construction phase of Tower 1 at the Marina Bay Financial Centre (Phase 1).
Analysts told Today that if the Government decides to take any action, it could be anything from increasing home loan-to-value ratio to introducing a tax specific to property speculation. Industry veteran Nicholas Mak noted that during the 1996 property boom, property sellers were taxed on one-third to 100 per cent of net gain. Continue reading
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