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S'pore property prices have stabilised: official

Monday 21 March 2011

SINGAPORE - Singapore home prices have stabilised after four rounds of measures aimed at cooling the property market, a senior government official said on Monday.

Property prices in Singapore 'have sort of stabilised', said Peter Ong, Permanent Secretary at the Ministry of Finance, at a conference on East Asian development.

His comments indicate authorities may not introduce new measures anytime soon, despite still-high transaction volumes and aggressive bids by developers at government land sales.

Singapore private home prices rose 17.6 per cent last year despite attempts to cool the market in February and August.

Resale prices of state Housing & Development Board (HDB) apartments that house over 80 per cent of the population gained 14 per cent.

The latest measures, announced on Jan 13, included tougher borrowing limits and a hefty stamp duty of 16 per cent of the selling price for those who buy and sell within 12 months.

Source: The Business Times