July Rush to Buy Singapore Property May Boost Mortgages, DBS Says
- Cooling measures likely to slow longer-term mortgage business
- DBS Singapore country head Sim Lim speaks in interview
Photographer: Munshi Ahmed/Bloomberg
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DBS Group Holdings Ltd. said the recent race to buy property ahead of the government’s latest price cooling measures may give a temporary boost to its mortgage business, but in the longer term the market is likely to slow down.
The country’s largest bank expects "a slight ramp up in mortgage financing requirements" in the next one or two months as a result of the July 5 rush to purchase apartments before the government measures took effect, according to Sim S. Lim, DBS’s Singapore country head.