cooling measures


In an interview with reporters today, newly appointed Minister of National Development Lawrence Wong says It is still “not time yet” to ease the cooling measures put in place by his predecessor, Mr Khaw Boon Wan. “We don’t want to risk a premature market rebound,” he said, adding that the government would ease the cooling measures depending on a whole range of indicators, including price, domestic and overseas economic situation, and whether the US Federal Reserve was likely to increase interest rates.

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MAS Director Ravi Menon: Property cooling measures have done their job

The head of the Monetary Authority of Singapore on Saturday (May 24) said the property cooling measures in place over the past few years were introduced in a “highly unusual situation”, and are unlikely to stay in place when more normal conditions return. The moves, which MAS Managing Director Ravi Menon described as “macroprudential measures”, have largely succeeded in keeping prices stable and moderating risk-taking.

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Property market slowdown forces home renovation companies to close

The slowdown in the property market, under the weight of policy measures and loan curbs, has impacted the home renovation industry in Singapore. The Renovation and Decoration Advisory Centre said, in the past two weeks, three to four of such companies have told them that they are thinking of calling it quits.

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HDB resale prices fall for first time in 8 years

Resale prices for Housing and Development Board (HDB) flats fell last year by 0.6 per cent, compared to 2012 — the first annual decline in eight years. And in a further reflection of a market chilled by several rounds of cooling measures, HDB statistics released yesterday showed that there were only 18,100 transactions involving resale flats last year, almost 30 per cent fewer compared with 2012, and the lowest since the HDB started collecting the data in 1997.

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