Singapore Extends Housing Measures; Developers Drop
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Singapore raised down payment requirements for second mortgages and boosted sales taxes to curb property speculation, sending shares of the city’s biggest developers down the most in 11 months.
Individuals with more than one mortgage can borrow up to 60 percent of a property’s value, down from 70 percent, while the stamp duty on homes and land sold within one year will rise more than fivefold, the government said in a statement yesterday.