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Singapore has announced restrictions on purchases of second homes. It's part of the country's new measures to cool the residential property market.
The new measures include decreasing the amount people can borrow to buy second properties, from 80 percent to 70 percent of the total property price. Sellers who buy and sell within three years will also be slapped with stamp duty. The new restrictions will also apply to owners of government-built apartments, who buy an additional private property.
Singapore's Ministry of Finance says the additional measures are aimed at tempering buyer sentiment and encouraging financial prudence among developers. On the news, Singapore-listed property stocks took a beating, and Southeast Asia's biggest developer Capitaland fell by 2 percent.