SINGAPORE Jan 11 Singapore on Friday announced
a series of measures to cool its housing market, which has
continued to see strong demand despite the weak economy and
previous stabilisation measures.
The government also introduced, for the first time, a
seller's stamp duty on industrial properties such as warehouses
and factories to discourage speculation. The seller's stamp duty
of 5 to 15 percent will affect those who buy and then sell their
properties within three years.
"Interest rates are extraordinarily low, globally and in
Singapore, and continue to add fuel to our property market. We
have to take this further round of measures now, to check recent
market trends and avoid a more serious correction in prices
further down the road," said Deputy Prime Minister and Minister
for Finance Tharman Shanmugaratnam.
The new measures affecting the housing market include an
additional stamp duty on citizens buying their second homes and
foreigners with permanent residency status buying their first
(Reporting by Kevin Lim; Editing by Nick Macfie)