Summary of 7th round of Cooling Measures

January 20th, 2013 at 1:17 pm

The government launched the seventh round of cooling measures on 12 January 2013, a comprehensive package of measures to cool the residential property market. The extensive measures addresses issues from public to private housing and executive condominium markets.

SUMMARY OF 7th Cooling Measures on Residential Market

  • Additional Buyer’s Stamp Duty rates will be increased between 5 to 7 percentage points across the board.
  • Loan-to-Value limits on housing loans granted by financial institutions will be tightened for individuals who already have at least one outstanding loan, as well as to non-individuals such as companies.
  • The minimum cash down payment for individuals applying for a second or subsequent housing loan will also be raised from 10 per cent to 25 per cent.
  • The government also introduced measures on public housing to control leasing and ownership of HDB flats by Permanent Residents.
  • New development guidelines for executive condominiums cap maximum strata floor area of EC units at 160 sq m and restrict sales of new dual-key EC units to multi-generational families only.
  • Private enclosed space (PES) and private roof terrace will be counted as gross floor area (GFA) under the 10 per cent bonus GFA, similar to the treatment for balconies.