Singapore may impose more property measures to cool market

Singapore may take further measures to cool the property market if needed following last month’s curbs, Mah Bow Tan, the city’s minister for national development, said in Parliament today.

The government on Jan. 13 raised down payment requirements for second mortgages and boosted sales taxes to curb property speculation. The measures were pre-emptive and imposed to cool the market, not “crash it,” Mah said.

“Given the current situation of strong economic growth, low interest rates and a lot of liquidity in the market, I think it’s not unnatural to expect property prices will remain strong,” Mah said. “We will continue to monitor the property market closely and take further steps if necessary to promote a stable and sustainable property market.”