Monitoring of Bulk Purchases of Private Property by Non-Singaporeans

Debated in Parliament on 4 Jul 2022.

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Yip Hon Weng asked whether the Ministry monitors bulk purchases of private property by non-Singaporeans and if measures will be introduced to assure Singaporeans they can afford private property.
Desmond Lee stated that the Government closely monitors the property market to ensure stability and sustainability.
He noted that foreigners account for about 3% of private housing transactions this year, with only 0.4% involving purchases of more than one unit in a development.
In response to rising prices and transaction volumes, the Government introduced cooling measures in December 2021, including higher Additional Buyers’ Stamp Duty, tightened Total Debt Servicing Ratio, and increased housing supply.
The Government is monitoring the impact of these measures and will adjust policies as needed to maintain a stable property market.

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Yip Hon Weng

Mr Yip Hon Weng asked the Minister for National Development (a) whether the Ministry monitors bulk purchases of non-restricted private property by non-Singaporeans; and (b) whether the Ministry will introduce measures to assure Singaporeans who aspire to purchase private property that they will be able to do so without worrying about being priced out by the property market.

Desmond Lee

The Government monitors the property market closely, as part of our efforts to promote a stable and sustainable property market.

In general, foreigners account for a small proportion of private housing transactions. Foreigners accounted for around 3% of transactions so far this year, and only 0.4% of transactions involve foreigners purchasing more than one unit within a development.

Given the upward market momentum in prices and transaction volumes in the property market last year, we had introduced a suite of demand and supply measures to cool the property market in December 2021. These included raising the Additional Buyers’ Stamp Duty, tightening the Total Debt Servicing Ratio and increasing the supply of private housing through the Government Land Sales programme. We are monitoring the impact of these cooling measures and will make further adjustments to our property market policies as necessary, to promote a stable and sustainable property market.

Summary written by AI (learn more)

Yip Hon Weng asked whether the Ministry monitors bulk purchases of private property by non-Singaporeans and if measures will be introduced to assure Singaporeans they can afford private property.
Desmond Lee stated that the Government closely monitors the property market to ensure stability and sustainability.
He noted that foreigners account for about 3% of private housing transactions this year, with only 0.4% involving purchases of more than one unit in a development.
In response to rising prices and transaction volumes, the Government introduced cooling measures in December 2021, including higher Additional Buyers’ Stamp Duty, tightened Total Debt Servicing Ratio, and increased housing supply.
The Government is monitoring the impact of these measures and will adjust policies as needed to maintain a stable property market.

Questions identified by AI (learn more)

Monitoring of Bulk Purchases of Private Property by Non-Singaporeans

Debated in Parliament on 4 Jul 2022.

Summary written by AI (learn more)

Yip Hon Weng asked whether the Ministry monitors bulk purchases of private property by non-Singaporeans and if measures will be introduced to assure Singaporeans they can afford private property.
Desmond Lee stated that the Government closely monitors the property market to ensure stability and sustainability.
He noted that foreigners account for about 3% of private housing transactions this year, with only 0.4% involving purchases of more than one unit in a development.
In response to rising prices and transaction volumes, the Government introduced cooling measures in December 2021, including higher Additional Buyers’ Stamp Duty, tightened Total Debt Servicing Ratio, and increased housing supply.
The Government is monitoring the impact of these measures and will adjust policies as needed to maintain a stable property market.

Questions identified by AI (learn more)

Full Transcript

Yip Hon Weng

Desmond Lee

The Government monitors the property market closely, as part of our efforts to promote a stable and sustainable property market.

Summary written by AI (learn more)

Yip Hon Weng asked whether the Ministry monitors bulk purchases of private property by non-Singaporeans and if measures will be introduced to assure Singaporeans they can afford private property.
Desmond Lee stated that the Government closely monitors the property market to ensure stability and sustainability.
He noted that foreigners account for about 3% of private housing transactions this year, with only 0.4% involving purchases of more than one unit in a development.
In response to rising prices and transaction volumes, the Government introduced cooling measures in December 2021, including higher Additional Buyers’ Stamp Duty, tightened Total Debt Servicing Ratio, and increased housing supply.
The Government is monitoring the impact of these measures and will adjust policies as needed to maintain a stable property market.

Questions identified by AI (learn more)

Monitoring of Bulk Purchases of Private Property by Non-Singaporeans | PAPERCUTS

Monitoring of Bulk Purchases of Private Property by Non-Singaporeans

Summary

Questions Identified

Full Transcript

Yip Hon Weng

Desmond Lee

Summary

Questions Identified

Monitoring of Bulk Purchases of Private Property by Non-Singaporeans

Summary

Questions Identified

Full Transcript

Yip Hon Weng

Desmond Lee

Summary

Questions Identified