SINGAPORE’S softening residential property market is due to the numerous measures imposed by the government to prevent an asset bubble, Jones Lang LaSalle Real Estate (Singapore) Pte Ltd national director (research and consultancy) Ong Teck Hui says.
Since 2009, the government has had up to eight rounds of cooling measures which include increasing the downpayment, stamp duty that both buyers and sellers need to pay, and macro-prudential measures a borrower’s outstanding debt obligations must not exceed 60% his total income.
