Written answer by Ministry of National Development on cooling measures for the private condominium market

Sep 9, 2024

Question No: 6056

Question by: Mr Yip Hon Weng

To ask the Minister for National Development (a) whether the Ministry will consider implementing additional cooling measures for the private condominium market, such as raising the Additional Buyer’s Stamp Duty or having stricter loan-to-value limits, to moderate demand and potentially relieve upward pressure on HDB flat prices; and (b) whether the Ministry will further curb investment demand and prioritise HDB flats for owner occupation by restricting HDB flat owners from owning private properties.  

Answer:

MND has been closely monitoring both the private residential property (PRP) and HDB resale markets. Following a ramp up in the supply of Build-To-Order flats and private housing in the Government Land Sales (GLS) programme, as well as three earlier rounds of cooling measures in Dec 2021, Sep 2022, and Apr 2023, the PRP and HDB resale markets showed signs of moderation in 2023. In the first half of 2024, the PRP market continued to remain stable. However, the Resale Price Index (RPI) for the HDB resale market rose by more than 4%, which is why we introduced further cooling measures on 20 August 2024 targeted at the HDB resale market.

The Government remains committed to provide a diverse range of affordable housing options for Singaporeans. We will continue to watch both the PRP and HDB resale markets closely and will not hesitate to act decisively to ensure prices remain in line with economic fundamentals.