The anti-speculative measures implemented by the government in September to cool the property market have worked, said National Development Minister Mah Bow Tan in Parliament on Monday.
‘These measures appear to have had some effect in tempering the exuberance in the private housing market,’ he noted.
The government on September 14 announced a package of measures to prevent a property bubble from forming. One of these measures was the removal of the Interest Absorption Scheme and the Interest-Only Loans (IOL).
Another was the resumption of land sales on the Confirmed List for the first half of 2010.
Source: Business Times, 23 Nov 2009