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NEWS UPDATES 2 November 2010

Singapore property is too hot

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Singapore's Prime Minister Lee Hsien Loong said on Tuesday Singapore's red-hot property market was a matter of concern and needed careful monitoring to avoid the creation of a bubble.

"Our property market has been taking off, which is causing some consternation," he said. "We have had a series of measures to squelch the property market but liquidity is awash, sloshing around the whole region. "

"We are watching carefully. The last set of measures were announced at the end of August, they seem to have dampened sentiment some, but we will have to watch and see.'"

Singapore announced restrictions to cool its residential market on August 30. The measures included a reduction in the amount those with existing mortgages could borrow to buy second properties and extending a stamp duty on those selling property within three years of purchase. The government also introduced new requirements on those who wanted to purchase government-built apartments on the resale market.

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