Reuters: Singapore ramps up measures to cool property market

Singapore on Monday announced restrictions on people buying second homes as part of new measures to cool the residential property market. Other measures include decreasing the amount of loans a person can take to buy a second property to 70 percent of the property value, down from 80 percent currently. The government will also impose a stamp duty on homes that are bought and sold within three years, increasing the holding period from the current one year. The government will build 22,000 new public homes next year, up from 16,000 this year, in a bid to ensure housing remains affordable. "We've acted twice to cool the market -- once last year and once in February this year -- but prices are still rising, Prime Minister Lee Hsien Loong said. "We need to do more."