This week in property: Highlights from July 2 to July 6

By EdgeProp Singapore / EdgeProp | July 6, 2018 6:27 PM SGT
Property highlights of the week from July 2 to July 6:
The Government has announced higher Additional Buyer’s Stamp Duty (ABSD) rates for some categories of residential property purchases, and the Loan-to-Value (LTV) limits on residential property purchases have been lowered in a bid to cool the property market.
After four tepid years, house prices began to rise in the third quarter of 2017 and have surged by 9.1% over the past year.
"The sharp increase in prices, if left unchecked, could run ahead of economic fundamentals and raise the risk of a destabilising correction later, especially with rising interest rates and the strong pipeline of housing supply," the Singapore government said in a statement.
Stamp duty for Singaporeans and permanent residents buying their first home will be unchanged, but those buying their second or subsequent properties will see increases of 5 percentage points effective on 6 July 2018, it said.
Developers of two projects that previewed over the weekend of June 30 brought forward their launches by more than a week. They are Park Colonial at Woodleigh Lane and Stirling Residences on Stirling Road, which were launched on the night of July 5 instead of the original date of July 14.
At Park Colonial, more than 300 units were snapped up overnight at an average price of $1,700 psf. Park Colonial is a joint venture between CEL Development, the property development arm of...