insight
工程技術，地產投資，信仰家園，時尚生活
（新加坡）新明日報 (2010-08-30)
（新加坡訊）新明日報報道，為避免私宅屋主在炒賣組屋，政府宣布即日起私宅屋主，不能同時擁有組屋，而且要賣組屋一律得等上5年。 國家發展部長馬寶山表示，數據顯示越來越多屋主，在住滿3年非津貼組屋後，就把組屋賣掉。 這個數據比居住超過5年才賣屋的人來得多，但馬寶山不願透露確實的數字。 為了避免國人炒賣組屋，政府規定即日起，購買規定非津貼組屋（沒享受購屋津貼的轉售組屋）屋主，需住滿5年才能賣出或出租組屋。 另外，購買非津貼組屋者在住滿5年前，也不能購買私宅。 馬寶山說“非津貼組屋屋主如果要購買私人房產，需住滿5年後才能這麽做。” 此外，私宅擁有者，也需在購買組屋的6個月內，把私宅賣掉。 馬寶山說：“這項措施將確保購買組屋者，是有意長期住在組屋裏，並讓購買受津貼和非津貼組屋的買家，得到同等的待遇。” 有房貸未還清 再買新屋子 隻能貸款70％ 國家發展部今早也宣布一係列即日起生效的降溫措施，其中最重要的，就是限製貸款額度。 國家發展部長馬寶山指出，無論是向建屋局或其他銀行借貸，隻要仍有未還清的房貸，這些屋主在購買新屋子時，將麵對更大的困難。 目前有一個及以上房貸的屋主，在購買新屋時，可借貸貸款比率，將由屋價的80％減少至70％，因此購屋者必須掏出更多的現金。 此外，目前有房貸在身的買主，在購買新屋時，需支付的頭期現金，將從估價的5％增加到10％。 馬寶山說““那些沒有負債的買家，在向銀行借款時，將可繼續享有貸款屋價80％的頂限，而向建屋局借貸的，將可繼續享有90％的頂限。” 購買私人房產、執行共管公寓、中等入息公寓（HUDC）和政府組屋（包括DBSS組屋）者，並向銀行借貸者，都將受新措施影響。 馬寶山強調，這些新措施不會對首次購屋者帶來太大的影響。
(2010-08-31)
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Sentiment in the Singapore residential market has been very positive on the back of economic recovery, low interest rates as well as high liquidity. Transaction volume of new homes has also been high due to launches at popular locations. To an extent this has placed first time buyers at a disadvantage with prices of HDB resale flats and mass market suburban condominiums reaching historical record levels.
Individually these new measures have minimal impact on demand in the residential market. However, when packaged together these measures serve to moderate the entire residential market in Singapore, both private as well as public housing.
For buyers looking to buy the second or subsequent private property, these measures ensure that only those who have a strong cash position will be able to enter the residential market for investment purposes, due to the increase in cash down payment and the decrease in loan-to-value ratio. The increase of the seller’s stamp duty to three years illustrates the government’s intention to reduce the volume of short-term speculation without overly affecting medium-to-long- term investors. Overall the goal is to discourage would-be punters from over-extending themselves or finding themselves in financial difficulties should the economic or interest-rate environment turn unfavourable. Going forward, we expect that developers will be less bullish in their bids for development sites and increase in home prices will be more moderated.
The pool of HDB upgraders (public housing owners looking to upgrade to private properties) will shrink, as this group would now have to wait a longer five years, instead of the previous three years. First-time homebuyers stand to benefit the most from these measures, not only from the increase in supply providing more options, but also from an expected reduction in competition from buyers who are purchasing second and subsequent properties. First-timers with a monthly household income of $8,000 - $10,000 can now buy DBSS flats – an additional option to buying ECs – with a CPF housing grant of $30,000. The main thrust of these revised measures insofar as they apply to public housing, reiterates the government’s stand that HDB homes are primarily for owner-occupation and should remain so.
Private home-owners can’t play HDB chip any more
String of steps to douse speculation; prices and sales of mass-market private homes may be hit
The Prime Minister had hinted on Sunday that major moves were afoot to cool the property market. Even so, when the Ministry of National Development (MND) spelt out the measures yesterday, several market-watchers did a double-take. Many of them expect private home prices and sales to be hit.
Of all of MND’s new measures, analysts pegged the move to disallow concurrent ownership of HDB flats and private residential properties within the minimum occupation period (MOP) as the most significant. The MOP is the time that buyers are required to stay in their flats before they can sell.
Private property owners who buy an HDB flat now have to dispose of their private homes within six months. National Development Minister Mah Bow Tan, who announced the measures, said that right now, around half of private property owners who buy an HDB flat sell their private properties. The rest hold onto both.
The MOP for non-subsidised flats was also increased to 5 years from 3 years.
PropNex chief executive Mohamed Ismail said that the mandate to dispose of one’s private property when purchasing an HDB flat will have ‘great ramifications’ for the industry. Based on his firm’s records, about 10 per cent of all HDB resale purchases are by private property dwellers.
‘These may be investors who will now not be able to purchase HDB flats and keep their private property for investment purposes,’ he said.
MND also targeted potential buyers of second homes with two policy changes. Those who hold an existing mortgage can now only borrow up to 70 per cent of a property’s value for the second home, down from 80 per cent previously. They must also pay 10 per cent in cash, up from 5 per cent.
And owners who sell houses and apartments less than three years after buying them will also have to pay a seller’s stamp duty. Previously, the seller’s stamp duty was only imposed on those who sell their homes within one year of purchasing.
The Real Estate Developers’ Association of Singapore (Redas) said in a statement that while the latest measures may affect affordability due to higher upfront cash component, they will not impact genuine home buyers.
But at least one developer BT spoke to felt that the measures would hit sales of mass market private homes as HDB upgraders will have to cough out 10 per cent cash and can only borrow up to 70 per cent of the property’s value.
‘Genuine upgraders could be turned off as they will have to sell their HDB flats and settle that loan before buying a new property,’ the developer said. ‘Now, the practice is to buy units from developers at new launches and then wait for their new property to be built before selling existing homes.’
CBRE Research executive director Li Hiaw Ho also pointed out that the pool of HDB upgraders looking to buy private properties will shrink as this group will now have to wait for five years instead of three.
The government acted as Singapore’s strong economic growth, low interest rates and high liquidity continued to push home prices up in 2010 – sparking concerns of a property bubble. Private home prices were up 38 per cent year on year as of end Q2, while HDB resale prices climbed 15 per cent over the same period.
‘If the current momentum in the market continues, what will likely happen is that a property bubble will form,’ said Mr Mah. ‘And when the bubble bursts – not if, but when it bursts – there will be severe implications for individuals as well as for the economy as a whole. Furthermore, the very low interest rates we are seeing today are not sustainable in the long run.’
Analysts said that the new measures will hit private home prices and sales volumes.
Colliers International’s director for research and advisory Tay Huey Ying said that developers’ sale volume for September to December 2010 is now predicted to come in at the lower range of her earlier forecast of between 800-1,000 units a month.
She also revised her earlier forecast of up to 5 per cent growth in the official residential property price index for Q4 2010 downwards to ‘at most 2 per cent’.
HDB prices are also expected to moderate as the government plans to release up to 22,000 new build-to-order flats in 2011, up from the more than 16,000 in 2010. It will also release more land for executive condominium projects and design, build and sell scheme (DBSS) flats next year.
Yesterday’s measures follow earlier demand-side measures introduced in February.
Then, the government first implemented a seller’s stamp duty for all residential properties sold within one year from the date of purchase. It also lowered the loan-to-value limit to 80 per cent from 90 per cent for all housing loans provided by MAS-regulated financial institutions.
But Prime Minister Lee Hsien Loong said on Sunday that previous measures had failed to keep prices from rising.
Looking ahead, collective sales and bidding for government land sales are expected to slow down for the rest of the year as developers monitor the market and the strength of recovery in the US and European economies, said DTZ’s head of South-east Asia research Chua Chor Hoon.
Issued by: Ministry of National Development, Ministry of Finance and Monetary Authority of SingaporeDate: 30 August 2010
MEASURES TO MAINTAIN A STABLE AND SUSTAINABLE PROPERTY MARKET
1 The Government announced today the following measures to maintain a stable and sustainable property market:
Increase the holding period for imposition of Seller’s Stamp Duty (SSD) from the current one year to three years.
For property buyers who already have one or more outstanding housing loans1 at the time of the new housing purchase:
Increase the minimum cash payment from 5% to 10% of the valuation limit2; and
Decrease the Loan-to-Value (LTV) limit for housing loans granted by financial institutions regulated by MAS to these buyers from the current 80% to 70%.
The measures will take immediate effect on 30 August 2010.
2 The Government’s objective is to ensure a stable and sustainable property market where prices move in line with economic fundamentals. The property market is currently very buoyant. While the rate of price increase of private residential properties has moderated in the last 3 quarters, prices have still increased significantly by 11% in the first half of 2010, and price levels have now exceeded the historical peak in the second quarter of 1996.
3 While Singapore has enjoyed strong economic growth in the first half of 2010, our economic growth is expected to moderate in the second half of the year. There are also still uncertainties in the global economy. Should economic growth falter and the market corrects, property buyers could face capital losses, with implications on their own finances and the economy as a whole. Moreover, the current low global interest rate environment will not continue indefinitely, and higher interest rates could have severe implications for buyers who have overextended themselves. Therefore, the Government has decided to introduce additional measures now to temper sentiments and encourage greater financial prudence among property purchasers.
Extending the Holding Period for Imposition of Seller’s Stamp Duty (SSD) on Residential Properties Sold from 1 Year to 3 Years
4 The Government imposed in February 2010 a seller’s stamp duty (SSD) for sellers who buy residential properties3 on or after 20 February 2010 and sell them within a year of purchase.
5 For residential properties bought4 on or after 30 August 2010, SSD will be imposed if these properties are sold within three years of purchase. Specifically, the SSD levied on residential properties will be revised to as follows:
Sold within the first year of purchase, i.e. the property is held for 1 year or less from its purchase date – The full SSD rate (1% for the first $180,000 of the consideration, 2% for the next $180,000, and 3% for the balance) will be imposed.
Sold within the second year of purchase, i.e. the property is held for more than 1 year and up to 2 years – 2/3 of the full SSD rate.
Sold within the third year of purchase, i.e. the property is held for more than 2 years and up to 3 years – 1/3 of the full SSD rate.
No SSD will be payable by the vendor if the property is sold more than 3 years after it was bought. Please see Annex for examples of how the SSD will be computed.
6 The extended SSD will not affect HDB lessees as the required Minimum Occupation Period for HDB flats is at least 3 years.
7 IRAS will be releasing an updated e-tax guide on the circumstances under which SSD will apply and the procedures for paying SSD. The e-tax guide will be available at www.iras.gov.sg. Taxpayers with enquiries may call IRAS at 6351 3697 or 6351 3698.
Increase the Minimum Cash Payment from 5% to 10% of the Valuation Limit for Property Purchasers with one or more outstanding Housing Loans
8 Previously, property buyers have to make cash payment of at least 5% of the valuation limit5. With effect from 30 Aug 20106, the cash payment is increased from 5% to 10% of the valuation limit7. This measure is applied only to buyers of private residential properties, Executive Condominiums, HUDC flats and HDB flats (including those under the Design, Build and Sell Scheme, or DBSS flats) who are taking housing loans from financial institutions regulated by MAS and who already have one or more outstanding housing loans at the time of applying for a housing loan for the new property purchase.
Decrease the LTV limit for housing loans granted by financial institutions regulated by MAS from the current 80% to 70% for Property Purchasers with one or more outstanding Housing Loans
9 The LTV limit is lowered from 80% to 70% with effect from 30 Aug 20108 for borrowers who have one or more outstanding housing loans (whether from HDB or a financial institution regulated by MAS) at the time of applying for a housing loan for the new property purchase. Borrowers who do not have any outstanding housing loans continue to have an LTV cap of 80%. These rules apply to housing loans granted by financial institutions for private residential properties, Executive Condominiums, HUDC flats and HDB flats (including DBSS flats).
10 Loans granted by HDB for HDB flats (including DBSS flats) will still have an LTV cap of 90%. HDB loans are offered to eligible first-time flat buyers and second-timers who are right-sizing their flats to meet their housing needs. They are required to utilise all of their CPF Ordinary Account balance before HDB loans will be granted. Furthermore, those taking a second concessionary HDB loan must use the CPF refund and 50% of the cash proceeds from the sale of their previous flat before they are granted an HDB loan. This is in line with HDB’s home ownership policy of helping eligible buyers, especially first-time buyers, purchase public housing in a financially prudent manner.
11 Financial institutions’ lending standards have remained prudent and the asset quality of housing loans has stayed robust, with the non-performing loans ratio at less than 1% as at Q2 2010. Nonetheless, there are signs that more housing loans are originating at higher LTV bands of above 70%. In line with the objective of ensuring a stable and sustainable property market, lowering the LTV limit sends a clear signal to financial institutions to maintain credit standards, and encourages greater financial prudence among property purchasers already servicing one or more outstanding housing loans.
Adequate Supply in the Pipeline
12 The Government will also continue to ensure that there is adequate supply of housing to meet demand. In the second half 2010 GLS Programme, we have made available sites that can yield about 13,900 private housing units, of which about 8,100 units will be from sites on the Confirmed List. This is the highest potential supply quantum in the history of the GLS Programme. We will inject an even larger supply of private housing in the first half 2011 GLS Programme, if demand continues to be strong.
13 Apart from the supply from the GLS Programme, there are also 61,800 uncompleted units of private housing from projects in the pipeline as at 2Q20109. Of these, 32,600 units were available or could be made available for sale. These comprised units that had been launched for sale by developers, units that had pre-requisite conditions for sale10 and which could be launched for sale immediately, as well as units with planning approvals for which pre-requisite conditions for sale could be obtained quickly from the Government and made available for sale11.
14 The Government will continue to monitor the property market closely and will introduce additional measures if required later, to promote a stable and sustainable property market.
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1 Financial institutions are required to conduct checks with HDB and with one or more credit bureaus on whether the buyer has an outstanding housing loan at the time of applying for a housing loan for the new property purchase. For joint buyers, if either buyer has an outstanding housing loan, the joint buyers will be considered as having an outstanding housing loan.
2 This is in addition to the cash over valuation amount that has to be paid in cash.
3 The SSD will apply to the transfer or disposal of interest (including sale and gifts) of residential lands and residential units (whether completed or uncompleted).
4 The date of purchase for computation of the holding period for SSD shall be the date when a buyer (i.e. Buyer A) exercises the option to purchase the property, or signs the sale and purchase agreement, whichever is earlier. The date of resale of the property shall be the date when the subsequent buyer (i.e. Buyer B) exercises the option to purchase the property from Buyer A, or signs the sale and purchase agreement, whichever is earlier.
5 The amount of CPF monies plus housing loan taken for the purchase of the property cannot exceed 95% of the valuation limit (defined as the lower of property value or property price).
6 The 10% minimum cash payment will apply to transactions where the date on which the option to purchase (OTP) was granted falls on or after 30 August 2010; or if there is no OTP, where the date of the sale and purchase agreement falls on or after 30 August 2010.
7 Therefore, the amount of CPF monies plus housing loan that can be used for the purchase of the property will be reduced from 95% to 90%.
8 The 70% LTV limit will apply to transactions where the date on which the option to purchase (OTP) was granted falls on or after 30 August 2010; or if there is no OTP, where the date of the sale and purchase agreement falls on or after 30 August 2010.
9 These refer to new development and redevelopment projects with planning approvals, i.e. either a Provisional Permission (PP) or Written Permission (WP).
10 These refer to private residential developments with Housing Developer Licence and Building Plan Approval. Under the Housing Developer (Control and Licensing) Act, a sale licence must be obtained for a project with more than 4 units, if the developer intends to sell uncompleted residential units in the development. However, the sale of the residential units can only commence with the approval of the building plans of the development.
11 These refer to uncompleted private residential developments without pre-requisites for sale but with WP or PP granted. The sale licences could be obtained within 5 working days and building plan approvals could be obtained within 7 working days from the date of application for cases where clearances from various technical agencies are obtained and relevant documents are in order during formal submissions.
