Property industry players hope that the government might reconsider changing some of its property policies. These policies were made two years ago, which then go beyond the usual exemptions and rebates on property taxes with its off-budget/budget packages.
This demand was seen necessary to aid the current situation where the demand was low, while the measures were made when the market was in boom.
Developers are targeting government’s reconsideration of the deferment of stamp duty on property purchases where the property is under development. This policy was removed in 2006. They hope that the government adapts the old formula where the development charges are based on 50 percent of the appreciation in land value.
It was also suggested that a demand-boosting measure be done. This is changing the investment criteria for Economic Development Board’s Global Investor Programme in order to welcome higher shares for property purchase.
Another hope they raise is the revival of the deferred payment scheme (DPS) which was removed last year. By doing this, they can increase home sales.
By reinstating DPS, it can help buyers and upgraders. Mr. Chua of Ho Bee recommends changes on DPS to address concerns raised in the past.
He confirms, “The most important thing is to require the buyer to secure a housing loan even if he does not need to draw down the loan immediately, to ensure a credit assessment of the buyer is done by the banks.”