While the majority of people surveyed like the idea of price controls, they want some of the rules softened a bit. So, most agree that governments cooling measures are working, many homebuyers hope to have some of the curbs relaxed from the stringent level they are currently at.
This information comes from a recent survey of 940 people conducted during the last Quarter of 2014 by PropertyGuru.com
Sol Acres EC Cooling Measures
The three most request measures to be relaxed or changed are:
Additional Buyers Stamp Duty (ABSD) on 2nd and additional properties other than Sol Acres EC
Total Debt Servicing Ratio (TDSR) framework
Mortgage Servicing Ratio (MSR) on HDB loans
Right now Singaporeans pay 7% ABSD on a 2nd home unit and 10% for third and subsequent properties. Foreigners buying private residences in Singapore have to pay a higher ABSD of 15%.
The monetary Authority of Singapore (MAS) enacted TDSR to curb, cool, and prevent over buying from Singapore’s residence. This policy passed in June 2013 limited the total monthly payments on loans, which include residence, car, and credit card debt not to exceed 60% of a person’s income when buying Sol Acres EC.