PM Lee promises to maintain affordable housing
The Singapore government promises to do more to stabilize the property market, if necessary, said Prime Minister Lee Hsien Loong in his Chinese New Year message.
“The government has acted to curb speculation and cool the property market. We will do more to stabilise the market if and when this becomes necessary,” said PM Lee. “We will keep housing affordable to Singaporeans, especially public housing. At the same time, in a prospering economy, home owners should see their properties appreciating in value over the long term.”
Recently, the government announced new property measures that would increase the seller’s stamp duty (SSD) on properties to a maximum of 16 percent of the sale price if the property is sold within a year, as well as lower the limit that banks can lend buyers for a second property, down to 60 percent of the property’s value.
In terms of immigration policy, the prime minister acknowledged the “sense of dislocation and unfamiliarity” felt by many Singaporeans but stressed the need to keep up with the world or face decline in population and stagnation.
“We need immigrants to reinforce our ranks but we must maintain a clear majority of local-born Singaporeans who set the tone of our society and uphold our core values and ethos,” he said.
“We are managing the inflow of foreigners who want to live and work here. Many want to become permanent residents and new citizens but we will only select those who can add value to
Info courtesy - Propertyguru