One impact of HDB cooling measures is cut in consumer spending

RECENT changes to the rules on mortgage refinancing by the Monetary Authority of Singapore (MAS) do not mean a relaxation of property cooling efforts, officials have said.

Cooling measures were first introduced six years ago to rein in soaring residential property prices to a more sustainable level. Among the aims was curbing the appeal of speculative resale of HDB (Housing & Development Board) properties.

With a home ownership rate of over 90 per cent, and more than 80 per cent of Singaporeans living in public housing, home ownership is a central means for Singaporeans to amass wealth. A significant advantage of being a homeowner is having access to home equity to release wealth that can be used for consumption of goods and services.