Time to review and modify property cooling measures
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WHILE Singapore's property cooling measures will continue ("Central bank backs keeping property cooling measures in place", BT, Nov 30), a review of some of its features is in order, with appropriate adjustments made.
Cooling measures were introduced progressively to prevent a speculative residential property bubble, whose bursting could cause problems for both Singaporeans and the banking system. Another reason was to ensure property affordability for Singaporeans.
The speculative aspect of it was all but addressed by graduated seller stamp duties as well as the TDSR (total debt servicing ratio). As for the risk to banks, TDSR addresses the issue of Singaporeans and permanent residents (PRs) overleveraging themselves.
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