PropNex calls for revisions in cooling measures | Singapore Property News

PropNex calls for revisions in cooling measures

15 Mar 2019
Property News

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Property brokerage PropNex said the increased spate of reissued Options to Purchase (OTPs) are the result of requests by "genuine HDB upgraders" for more time, given additional buyer's stamp duty (ABSD) burdens. 



PROPERTY brokerage PropNex said the increased spate of reissued Options to Purchase (OTPs) are the result of requests by "genuine HDB upgraders" for more time, given additional buyer's stamp duty (ABSD) burdens.

Chief executive Ismail Gafoor said in a briefing for the media on Thursday that this is why it has submitted recommendations to the authorities for a remission of the ABSD for HDB upgraders, among other proposals aimed at calibrating the existing measures to cool the property market.

The Ministry of National Development, responding, said in a statement: "The government monitors the property market closely, and intervenes where necessary to maintain a stable and sustainable property market. We received PropNex's proposals on 13 March, and are studying the recommendations."

PropNex said it began looking into the reasons behind the spate of reissued OTPs at new launches by talking to its leaders and agents, after a Credit Suisse report put the issue in the spotlight.

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