More buyers in these areas taking multiple loans: CBS
AS the property market fever spread throughout the island, it seemed people living in the northern and eastern parts of Singapore were largely responsible for fuelling the boom.
Ang Mo Kio, Bishan, Tampines, Katong and even Punggol were among the districts with the most number of residents who took out two or more property loans, according to Credit Bureau Singapore (CBS).
Taking pole position were Serangoon Gardens, Hougang and Punggol, with 3,263 consumers in the entire district juggling multiple loans as of June — a repeat of the situation last year. In second spot was the district of Hillview, Dairy Farm, Bukit Panjang and Choa Chu Kang.
What is notable is that numbers in all top five districts grew by more than 50 per cent from last year, with the Hillview cluster experiencing the biggest spike (78.8 per cent).
The number of borrowers islandwide with multiple property loans climbed 64 per cent — from 23,541 consumers last June to 38,520 this year.
The Serangoon Gardens cluster and the Katong-Joo Chiat-Amber Road district, which came in third, were also home to about 1,800 consumers who owed more than $1 million in property loans.
The district with the most number of such credit borrowers — 2,033 of them — was the upmarket Ardmore, Bukit Timah, Holland Road and Tanglin.
Growing in tandem were new property loans approved, which went up by 12 per cent to 50,514 approvals.
These statistics on the latest property market credit trends — derived from data uploaded by 10 banks and financing firms, such as Hong Leong and Citibank — were released yesterday by the CBS, which also unveiled its new property loan index.
The index, which is slated to be published on the CBS’ website every month, tracks three indicators: Credit hunger in the form of new loan applications; the number of new loans granted; and delinquency, or loans that are overdue for more than 30 days.
These indicators are measured against the market’s average for the entire period between January 2005 and June this year.
As of June, the credit hunger reading stood at 59 per cent higher than the average for the past 30 months.
Credit approval, too, was some 22 per cent above the baseline. What went south and registered a negative figure was the delinquency reading, which — at 13 per cent — indicated that homebuyers in Singapore are “managing their property loans well”, CBS said.
Its general manager Mark Rowley said that given the current property boom that fuelled a hunger for credit to finance their properties, such an index would “provide homebuyers, regulators and industry players with an early insight into the developing trends in the property loan sector”.
Plans are in the pipeline to roll out more indices on the consumer credit market, such as motoring, credit card and personal loans, over the next few months. An overall Singapore Credit Index will also be developed, Mr Rowley added.
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