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Tuesday, August 31, 2010

Singapore Government to Increase Property Development Cost Sharply

The Singapore government is set to increase property development cost sharply in a bid to cool property prices. I remember the Minister for National Development, Mr Mah Bow Tan, recently mentioned Singapore's property prices are still in healthy shape. Now, the same Mr Mah is saying we are heading towards a potential housing bubble and am resorting to several rather drastic measures.

Such measures are going to have a certain impact on local property developers. Policy risk is real.

The Ministry of National Development will sharply revise the development charges (DC) for the next six months from Wednesday to end February.

Developers will have to fork out 13 per cent more for landed and non-landed homes. The biggest hike of 36 per cent will be imposed on landed homes in Sentosa (Group B1, Sector 117).

Steep hike in devt charges [via]

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