Singapore on Friday imposed fresh measures to curb property speculation after its economy grew the fastest in Asia last year. The government said the city-state's property market remains hot despite previous measures to cool it down, and additional curbs are needed to prevent the formation of risky asset bubbles.
Singapore's economy expanded 14.7 percent in 2010, the fastest in Asia. Properties in land-scarce Singapore are now among the most expensive in Asia, boosted in large part by the building of two huge casino complexes that opened last year. Under the new measures, owners who sell houses and apartments within four years will have to pay extra in stamp duties, more than five times previous rates. And the timeframe for tax liability has changed from three years previously.
Non-individuals such as companies that buy residential properties can now only borrow up to 50 percent from banks, instead of 70 percent previously. Individuals who already own one or more properties and wish to buy a new house can now only borrow 60 percent of its value compared to 70 percent previously.
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