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Property firms in Singapore with moneylending arms, and which have roaring business operations, are now putting the brakes on their ventures.
Their activity came under scrutiny after National Development Minister Mah Bow Tan said in Parliament that the Ministry of National Development is drafting measures to stop moneylenders from exploiting cash-strapped flat sellers.
Meanwhile, property agency owners and moneylenders said there are about ten realty firms which have moneylending licences and operate credit arms along with their property businesses.
David Poh, president of Moneylenders’ Association of Singapore, said that there are at least another 30 individual real estate agents who are also licensed moneylenders.
Currently, there are 260 licensed moneylenders in the country, up from 173 in 2008 and 169 in 2007, and they are currently free to set interest rates of loans to more than $3,000.