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SG Property measures limited foreign buying, speculation: Khaw

Property Here - Wednesday, November 13, 2013

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The number of foreigners buying property in Singapore fell to 330 or seven percent of overall private property transactions in Q3 this year, following tough cooling measures introduced by the government, revealed National Development Minister Khaw Boon Wan in Parliament on Tuesday and reported in the media. 

He noted that this is a significant decline from the 17 percent of total transactions accounted for by this group in 2011. In December that year, the government imposed a 10 percent additional buyer’s stamp duty (ABSD) on all property purchases by foreigners.  

Responding to a query from MP Christopher de Souza (Holland-Bukit Timah GRC), Mr Khaw also stated that sub-sale transactions, considered a gauge of the level of property speculation in the market, dipped to 4.6 percent in Q3 2013 from 7.6 percent in 2011. 

In absolute numbers, sub-sale transactions dropped from 670 per quarter in 2011 to 181 in Q3 2013. 

With this “encouraging” trend, Mr Khaw said that the government will continue to closely monitor the market and will not hesitate to act further when necessary.