“Still premature” to lift property cooling measures: MAS

SINGAPORE – Homeowners hoping for an end to the Government’s property cooling measures and a rebound in home valuations must keep waiting.

The Monetary Authority of Singapore (MAS) said Tuesday that the measures – including a total debt servicing ratio (TDSR) framework implemented in June 2013 – are unlikely to go any time soon.

“Property prices have softened somewhat, but like I said last year, in the context of the price increase that occurred – 60 per cent over three years – the softening we’ve seen is really not all that much,” MAS managing director Ravi Menon told a press conference on the release of the central bank’s latest annual report.

“So it’s still premature to consider removing any of the cooling measures that are in place,” he added.