Singapore Shows Asia How To Crack Down on Housing Bubble
Our government / Reserve Bank could take a leaf out of Singapore's book
Singapore, the city-state that banned chewing gum to curb litter, is showing the rest of Asia how to cool a housing bubble.
The government this year ramped up efforts to bring down property prices that surged to a record, adopting some of its strictest measures, including a cap on debt at 60 percent of a borrower’s income, higher stamp duties on home purchases and an increase in real-estate taxes. The combination and timing of the curbs is the most comprehensive among governments battling housing bubbles, according to Vishnu Varathan, an economist at Mizuho Bank Ltd
Shudda bought an apartment near Orchard Road when I had the chance.