SINGAPORE, Sept 14 (Reuters) - Singapore will release more
land for development and make it harder for home buyers to
defer payments, steps aimed at curbing speculation in the
housing market and that drove down property stocks on Monday.
With immediate effect, banks and developers will not be
allowed to offer loans on homes under construction where the
borrower need only put down as little as a 5 percent cash
downpayment and defer repayment of the principal until after
building is completed.
The government also said it will reinstate its 'confirmed
list' of land sales in the first half of 2010 and increase the
supply of land available to developers.
'Given the current market conditions, the government has
decided to adopt several measures to temper the exuberance in
the market and pre-empt any speculative bubble from forming,'
National Development Minister Mah Bow Tan said in Parliament.
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