Posted: 12 January 2013 0049 hrs

SINGAPORE

Snaking queues of buyers and real estate agents formed at the La Fiesta showroom at Seng Kang square on Friday evening.

Potential buyers wanted to snap up units before the new property cooling measures kick in on Saturday. These include raising the Additional Buyer’s Stamp Duty (ABSD) by five to seven percentage points across the board.

The tax will be imposed on PRs buying their first property and Singaporeans buying their second property. Others did not want to be affected by the Loan-To-Value limits granted by the banks.

For example those getting a second loan will have their Loan-To-Value limits lowered to 50 or 30 per cent, depending on the loan tenure or borrower’s age.

Crowds started forming at about 9pm after buyers heard the news on Channel NewsAsia.

Channel NewsAsia also understands that the launch of the condominium was brought forward by two weeks and is now based on a first come, first served basis.

-CNA/ac