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Cooling measures fairly successful

Posted on 22 May 2013 | Comments Off

The Monetary Authority of Singapore’s (MAS) macroprudential measures are said to have achieved “some degree of success” in cooling the property market and will be tweaked depending on market conditions.

At a dinner organised on Tuesday by the Asian Bureau of Financial and Economics Research, Ravi Menon, Managing Director for MAS, said these measures boost monetary and financial supervisory policies to help achieve financial stability and sustainable prices.

However, he noted that MAS faces major challenges ahead when implementing such policies.

Externally, these include low interest rates and a “wall of money” that could create a property bubble. This in turn could impact Singapore’s financial stability and consumer price affordability.

Nonetheless, “property prices finally appear to be stabilising” because of the central bank’s measures, with residential prices slipping below two percent in Q2 2013 compared to the previous quarter.

“Singapore’s fundamentals remain sound. Fiscal prudence, financial discipline, minimising debt and living within our means will provide us policy space and buffer to weather whatever comes ahead. This is an advantage most countries do not have,” added Menon.
Source – PropGuru – 22 May 2013

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Posted in Cooling Measures, Property Market / Real Estate

Tagged MAs, Monetary Authority of Singapore, Singapore Property Market, Singapore Real Estate

Taxman collects $1.03 billion in ABSD

Posted on 6 May 2013 | Comments Off

Singapore recorded a significant hike in tax revenue due to the additional buyer’s stamp duty (ABSD) introduced in January, reported The Straits Times.

The Inland Revenue Authority of Singapore (IRAS) stated that the government collected around S$158 million in ABSD from February to March. A total of S$1.03 billion has so far been collected since December 2011 when the measure was first implemented until March this year.

Foreigners accounted for most at S$580 million for 3,041 homes, while Singaporeans and permanent residents (PRs) paid S$386 million for 7,269 units. On the other hand, non-individuals contributed S$66 million for 285 units, reported IRAS.

Meanwhile, S$66.6 million has been collected in seller’s stamp duties (SSD) since it was introduced in 2010.

Experts noted that despite the property taxes, buying activity remains healthy as developers continue to offer discounts and incentives.

In fact, about 30 to 40 percent of buyers at new launches are purchasing their second, third or subsequent homes, said Alan Cheong, Research Head at Savills Singapore.

“They are creating reasons to buy. It could be for rental income when the population grows to over six million, capital gains or to hedge against the possibility of their children not being able to afford homes in the future,” he said.

Source : PropGuru 6 May 2013