SINGAPORE — DBS Bank’s property loans segment shrunk by 40 to 50 per cent following last July's cooling measures, with the lender's chief executive Piyush Gupta saying on Thursday (Jan 10) that the government intervention had "more bite" than anticipated.
The Government shocked the market last year when it introduced a fresh round of cooling measures. The Additional Buyer’s Stamp Duty (ABSD) was increased by 5 percentage points for individuals and 10 percentage points for entities, while the loan-to-value limits were also tightened.