SINGAPORE, March 10 (Xinhua) -- Singapore's government revised conditions in the residential property market to adjust seller's stamp duties (SSD), local authorities said Friday.
With effect from Saturday, the holding periods for residential properties will reduce from four years to three years, said Ministry of Finance and Ministry of National Development and Monetary Authority in a joint press release.
The authorities also lower the SSD rate by 4 percent for each tier. The new SSD rates will range from 4 percent for those who sell their properties in the third year, to 12 percent for those sell within the first year, according to the statement.
According to the agencies, the Total Debt Servicing Ratio (TDSR), which was implemented to encourage prudent borrowing by households, will also be relaxed. Currently, property loans extended by financial institution should not exceed a TDSR threshold of 60 percent.
There is however no change in the current Additional Buyer's Stamp Duties (ABSD) rates and Loan to Value (LTV) limits.