CNA : No further measures to cool property market for now: Mah Bow Tan

No further measures to cool property market for now: Mah Bow Tan
By Mok Fei Fei, Channel NewsAsia | Posted: 08 March 2010 1315 hrs

SINGAPORE: National Development Minister Mah Bow Tan said the government will not introduce more measures to cool the property market for now.

Speaking in parliament on Monday, he said his ministry will monitor the market closely. If there are signs that the market will overheat again, Mr Mah said the government will then introduce additional measures to stabilise the market.

Last month, the Ministry of National Development said it will impose a Seller's Stamp Duty on all residential properties and residential lands that are bought and sold within one year from the date of purchase.

There will also be a cap to the housing loan limit, which will be set at 80 per cent of the private property's value, instead of the current 90 per cent.

It was the latest move by the Ministry of National Development after it took action last September, when it removed the interest absorption scheme and interest-only housing loans.

- CNA/sc