MEASURES TO MAINTAIN A STABLE AND SUSTAINABLE PROPERTY MARKET

The Government announced today the following measures to maintain a stable and sustainable property market:

Increase the holding period for imposition of Seller’s Stamp Duty (SSD) from the current one year to three years.

For property buyers who already have one or more outstanding housing loans1 at the time of the new housing purchase:

• Increase the minimum cash payment from 5% to 10% of the valuation limit2; and
• Decrease the Loan-to-Value (LTV) limit for housing loans granted by financial institutions regulated by MAS to these buyers from the current 80% to 70%.

The measures will take immediate effect on 30 August 2010.

Issued by:  Ministry of National Development, Ministry of Finance and Monetary Authority of Singapore
Date:  30 August 2010