Govt mindful of property speculation
TO CURB property speculation, the Government has made available
26 sites yielding about 10,500 private residential units as part of
its Government Land Sales (GLS) programme for the first half of
this year alone.
This is the highest figure provided by the biannual GLS
programme since the Reserve List System started in 2001.
The Reserve List System makes available, if necessary, extra
sites for flexible uses.
The Government will continue to "increase supply to meet the
strong demand", National Development Minister Mah Bow Tan said in
Parliament yesterday.
He was responding to a question from MP Ho Geok Choo (West Coast
GRC) about measures that have been taken to cope with rising
property prices.
He said: "The Government will continue to monitor the property
market closely.
"We will implement additional measures if necessary to maintain
a healthy and stable property market."
The measures introduced in February this year and September last
year have already helped moderate the increase in private- and
public-housing prices, he said.
Prices in the first quarter of the year increased 5.6 per cent
for private residential property, compared to a 7.4 per cent
increase in the final quarter of last year.
As for public housing, resale prices have registered a slower
increase the Resale Price Index rose by just 2.8 per cent in the
first quarter, compared to a 3.9 per cent increase in the final
quarter of last year.
The median Cash Over Valuation the sum paid over and above the
valuation of a flat has also stabilised.
Steps that have been taken include a lower loan-to-value limit
for all housing loans provided by financial institutions, and a
stamp duty to be paid on residential properties and land sold
within one year after purchase.
These measures, Mr Mah said, were "calibrated to encourage
greater financial prudence among purchasers" and prevent a property
bubble.
"They were not intended to stop prices from rising or deter
genuine home-buyers and investors from buying properties," he
said.
As for Housing Board flats, Mr Mah said that HDB is prepared to
offer more than the 12,000 flats that have already been pledged for
release this year.
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