The new cooling measures aimed at taking the heat out of Hong Kong’s sizzling property market are unlikely to be inflicted on Singapore any time soon, according to industry experts. They believe Singapore’s market is not at the same frenzied level as in Hong Kong while recent steps brought in by the Government here need time to take effect.
The Hong Kong measures have targeted speculators with a sliding scale of new stamp duties. Restraints on lending, mostly directed at the luxury end of the market, have also been put in place.
If these steps do not help deflate the asset bubble that is clearly building, harsher measures are almost certain to be put in place, as hinted in Hong Kong Financial Secretary John Tsang’s official blog.
While both Singapore and Hong Kong have similar characteristics — they are dynamic avenues for foreign investment, have scarce land and compete to attract rich investors — analysts say such steps are not likely to be on the cards here.