Market Chatter: Singapore to Clamp Down on Home Flipping

MT Newswires05-08

Singapore's Minister for National Development, Chee Hong Tat, outlined plans to discourage flipping of some homes, Bloomberg News reported Friday.

The regulator is looking to introduce measures aimed at executive condominiums, the minimum occupation period of which will be doubled to 10 years, the report said.

Under the new rules, buyers of executive condos will be required to go through the minimum occupation period before renting out the unit, selling it, or purchasing another home, the report noted.

The new rules will be implemented to ease speculation in the city-state's real estate market and to improve profitability, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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