Singapore Property Cooling Measures – Introduced on 30 August 2010
This is the 3rd set of cooling measures since the property market heated up in 2009.
1. Increase the holding period for imposition of Seller’s Stamp Duty (SSD) from the current one year to three years.
- Sold within 1st year of purchase, i.e. the property is held for 1 year or less from its purchase date – The full SSD rate (1% for the first $180,000 of the consideration, 2% for the next $180,000, and 3% for the balance) will be imposed.
- Sold within the 2nd year of purchase, i.e. the property is held for more than 1 year and up to 2 years – 2/3 of the full SSD rate.
- Sold within the 3rd year of purchase, i.e. the property is held for more than 2 years and up to 3 years – 1/3 of the full SSD rate.
- No SSD will be payable by the vendor if the property is sold more than 3 years after it was bought.
2. Buyers who already have one or more outstanding housing loans at the time of the new housing purchase:
- Increase the minimum cash payment from 5% to 10% of the valuation limit2; and
- Decrease the Loan-to-Value (LTV) limit for housing loans granted by financial institutions regulated by MAS from the current 80% to 70%.
3. The extended SSD will not affect HDB lessees as the required Minimum Occupation Period (MOP) for HDB flats is at least 3 years.
Read more on the subsequent cooling measures announced after 30 August 2010.
Read more on the subsequent cooling measures announced before 30th August 2010.