Tag Archives: IOL

Measures to ensure a stable and sustainable property market

Posted on 14 Sep 2009 | Comments Off on Measures to ensure a stable and sustainable property market

1 Mr Mah Bow Tan, the Minister for National Development, announced today that the Government would take the following measures to ensure a stable and sustainable property market:
a. Reinstatement of the Confirmed List for the 1st Half 2010 Government Land Sales (GLS) Programme.
b. Removal of the Interest Absorption Scheme (IAS) and Interest-Only Housing Loans (IOL), with effect from today, i.e. 14 Sep 2009.
c. Non-extension of the Jan 2009 Budget assistance measures for the property market when the measures expire

Reinstating the Confirmed List in 1st Half 2010 GLS Programme
2 Demand for uncompleted private housing units has picked up strongly since Feb 2009. The 10,017 units sold by developers in the first seven months of 2009 had already exceeded the 4,260 units sold for the whole of 2008.  In response to the strong demand from home-buyers, developers have triggered four sites to date this year from the Reserve List of the 2nd Half 2009 GLS Programme, which together could yield about 1,600 units.

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Govt acts to cool market

Posted on 14 Sep 2009 | Comments Off on Govt acts to cool market

New home sales in Singapore have shot through the roof recently. Resale prices of many popular projects have also risen from the lows early this year.

MEASURES TO ENSURE A STABLE AND SUSTAINABLE PROPERTY MARKET

THE Government has introduced new measures to prevent the fast-rising private property market from overheating.

It is removing the interest absorption scheme, which allows buyers to defer the bulk of their purchase price until the property is ready for occupation, with immediate effect. Only those uncompleted private projects where the units have already been offered for sale under this scheme can continue to do so.

It is also taking away the interest-only housing loans. These two schemes are forms of housing loans that entirely eliminate or substantially lower regular instalment payments for property purchasers in the first few years before the properties are completed.

They could thus encourage property speculation in a buoyant market where prices are rising rapidly, said the Government in a joint release on Monday.

The removal of both schemes comes into immediate effect. Continue reading →

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