If latest figures from Credit Bureau Singapore (CBS) are anything to go by, the property cooling measures may indeed be taking effect.
According to data, 58.3 percent of the 15,410 Singaporeans / permanent residents (PRs) who were granted mortgages (including refinancing cases) in Q1 2012 did not have any outstanding home loans for either private property or HDB flats.
This figure is higher than the 56.4 percent for FY2011 and 53 percent for 2010.
The government’s latest measures include lower loan-to-value (LTV) ratios for buyers with existing loans.
The ABSD (additional buyer’s stamp duty) and seller’s stamp duty (SSD), aimed at curbing short-term property trading, may have also deterred property investment and resulted in a higher proportion of first-loan cases.
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