Up to 15.1 percent of individuals who secured a new real estate loan in 2010 already had two or more outstanding loans.
While this percentage has stayed relatively stable over the years, the absolute number of individuals making up the group has risen.
As of 10 December 2010, 108,995 Singaporeans, permanent residents (PRs) and foreigners obtained a new property loan, said Credit Bureau (Singapore) (CBS).
For about 65,984 or 60.5 percent of borrowers, the new loan was their first. But for 26,542 or 24.4 percent of them, they obtained the new loan on top of another real estate loan they already had.
The remaining 16,469 or 15.1 percent of borrowers were holding two or more other outstanding real estate loans when they secured the new one.
The number of individuals who secured a new real estate loan rose in the past two years, just as the Singapore residential market picked up quickly from the worldwide recession.
The 108,995 figure as of December 2010 was 12.9 percent higher than the 96,544 in 2009.
As more individuals applied for a new loan, the number of borrowers holding multiple loans also increased. In 2009, 13,470 held two or more other outstanding real estate loans when they secured the new one.
The CBS data reflects that more people have taken up properties for investment, said Png Poh Soon, Consultancy and Research Head at Knight Frank. Low interest rates in the past two years would have driven investors seeking for greater returns, as well as made loans more affordable, he added.