Policymakers in Singapore have surprised the property sector by releasing a series of “calibrated adjustments” to the Seller’s Stamp Duty (SSD) and Total Debt Services Ratio (TDSR).
It is believed that relaxing these regulations will help to stabilise the property market that has seen prices decline for 13 quarters in a row.
Singapore’s largest listed property firm, CapitaLand Singapore, welcomed the revisions after more than three years of price decline.
“Together with the government’s policies to support population and economic growth, such measures will help to ensure a stable property market and healthy demand for new homes in the long term,” said CapitaLand Singapore’s CEO Wen Khai Meng.
“We believe that projects with excellent locations and transportation connectivity, good range of facilities, proximity to shopping malls and established amenities, and a reasonable pricing will continue to attract buyers.”
The Singapore government had previously been reluctant to curb its cooling measures, but the changes have been well received by many large firms.
“We welcome the government’s adjustments to the Seller’s Stamp Duty (SSD) and Total Debt Servicing Ratio (TDSR) framework,” International real-estate firm City Developments is reported as saying to CNBC. “Real estate is one of the key instruments of investment. The revised SSD in particular, will provide flexibility for property investment and is expected to inject increased activity into the residential property market,” it added.