Second mortgages on the decline in S’pore

November 17th, 2011 at 10:42 pm

Test figures from Credit Bureau Singapore (CBS) suggest that speculative investors intending to profit from the country’s residential market are cutting back on their purchases, in light of the government’s cooling measures. Gathered from a number of financial institutions, the figures show a considerable decline in the number of buyers taking out new property loans in addition to existing loans. Data from the CBS noted a 33 percent drop from January to August, 38 percent lower than for the whole of 2010.