ST : Closer to dream of owning his own home

15 JAN 2011,
property measures

Closer to dream of owning his own home

AS A potential first-time home buyer, Mr Joshua Cheah, 29, was all smiles after he heard about the latest Government measures to curb property speculation.

The credit risk analyst, who previously lived with his parents in a five-room flat at Farrer Court, has been on the lookout for his own pad since the HUDC estate went en bloc in 2007.

The family is currently renting a four-room Housing Board flat at Marine Parade.

Mr Cheah has yet to decide if he will buy his first home by himself or together with his parents.

He believes the revision in the seller's stamp duty - which will now range from 4 per cent to 16 per cent, depending on when the sale is done during the four years following the property's purchase - will put off speculators and lead to more affordable prices.

He is keeping his options open and is prepared to wait up to two years 'because these price adjustments take time'.

Before, he was considering only public housing, either new or resale.

'With these new rules, I will wait and see how much private property prices slide before I take the plunge,' he said.

'Just as in Hong Kong, land is scarce in Singapore, so property is a good investment,' he added.

Regarding the new measures, he said: 'It's a good move that will allow more Singaporeans to pursue their dream of owning a home of their own, even with foreign buyers coming in.'

DARYL CHIN