SINGAPORE - In December 2021, the government introduced ato cool the buoyant residential property market. Although the measures are expected to inject more caution and act as a dampener to the fast-rising prices, a sharp price correction is unlikely, given that market fundamentals such as tight supply and low interest rates remain unchanged. Moreover, the market reacted similarly in the previous rounds of cooling measures.
In addition, the government reduced the total debt servicing ratio for new housing loans from 60% to 55%. The loan-to-value limit for new housing loans granted by HDB was also decreased from 90% to 85%. However, LTV remains at 75% for housing loans granted by financial institutions. Although the tightened TDSR will ensure that home buyers do not borrow beyond their means, it would also mean smaller loans available to them to finance their purchases.
As with any property, location is vital. For new sites, developers should consider sites with unique locational attributes and superior transport connectivity. They may also want to consider a joint venture with another developer to share development risk. Most importantly, developers must do their sums carefully to avoid submitting an overly high bid-price for the land.
For projects under construction, there is little that developers can change in terms of layout or design. However, they can do some benchmarking and make some minor price adjustments to match competing nearby projects. With their budget slashed by the new measures, potential buyers or investors will definitely do more comparison shopping to get the best value for their money.
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