Lawrence Wong, Minister for Culture, Community and Youth was speaking on behalf of the Deputy Prime Minister and MAS Chairman Tharman Shanmugaratnam during Monday’s Parliamentary Proceedings. He was responding to reports about the aggressive construction in Johor and Iskandar in Malaysia and answering questions from Member of Parliament Lee Bee Wah on the numbers of Singaporeans who have bought property in Iskandar and were they to default on their mortgages in large numbers, how were local banks protected in westwood homepage.
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Mr. Wong said that the future oversupply in the property market in Iskandar and the corresponding potential decline in westwood residences house values was a real concern and thatMPs were right to raise concerns. Data, from NAPIC, the Malaysian National Property Information Centre, which keeps such statistics, reveals that there are about 336,000 new private housing units expected, more than the total numbers of private homes in Singapore.
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Me. Wong added that this figure does not include the westwood residences properties planned for the 1,400 hectares of reclaimed land near Tuas Second Link, which are expected to enter the market before 2020.
Buyers have become more cautious, given the circumstances, numbers of Malaysian Properties bought through local property agencies fell to just 838 in 2014, from a 2013 figure of 2,609.
However, not all Singaporeans are aware of the problems and difficulties and the Council for Estate Agencies and the Central Bank will continue to warn the Public about the risks inherent in foreign property purchases for westwood residences.
Mr. Wong further said that due to the fact that Singapore Banks are very strict as to granting mortgages for overseas property purchases, their exposure to overseas real estate problems was miniscule. He added that overseas property loans form only 2% of the mortgage portfolio of Singapore’s major financial institutions for purchases in westwood residences near ntu.
He further added that The Total Debt Servicing Ratio framework introduced June 2013 requires that lenders assess customers’ ability to service a property loan regardless of whether that property is inside or outside of Singapore westwood residences.
In addition, the Total Debt Servicing Ratio (TDSR) framework introduced by MAS in June 2013 requires lenders to assess the debt servicing ability of their customers for all new property loans, regardless of whether the property is in Singapore or overseas, he added.