Singapore Property News This Week #32

Residential

Redas holds meetings with industry players regarding cooling measures

A series of meetings has been held by the Real Estate Developers’ Association of Singapore (Redas) with industry players such as developers, property consultants, brokerage analysts and lawyers to discuss the impact of the recently implemented cooling measures.

They discussed the intended objectives of the measures, and proposals for changes in the cooling measures, which may eventually be presented to the authorities. One potential proposal includes identifying districts popular to foreign investors and applying tiered stamp duties. Other proposals include giving incentives such as subsidies to first-time Singaporeans and Permanent Residents (PRs) homebuyers instead of penalising foreigners for buying properties.

According to data collated by Redas, foreigners are not fully responsible for the increase in mass market home prices since only 1 out of 33 selected projects launched recently had more than 50% of its units bought by foreigners. The …