The Real Estate Developers’ Association of Singapore (REDAS) recently announced that its members will bring forward property launches.
REDAS added that its efforts are only limited by the land available and thus, adequate supply remains the long-term solution to a stable market.
The association celebrated Chinese New Year, maintaining an optimistic mood.
During the celebrations, the association shared with Finance Minister Tharman Shanmugaratnam its views on his recent Budget Statement.
“REDAS was hoping for more cash in our ‘ang pows’ (red packets) from you, Minister. But when we opened the ‘ang pow’, we were disappointed there was not much inside for developers,” said Simon Cheong, president of REDAS.
“Nonetheless, we are happy with your long-term productivity ‘ang pow’, as what is good for Singapore’s economy in the long run must also be good for the Singapore property market. It is what REDAS calls a deferred payment ‘ang pow’.”
According to REDAS, its members are surprised with the speed with which the property market in Singapore has recovered. However, they added that they are ready to live with the current problems rather than the issues faced by the real estate market in 2009.
However, in the interest of a stable property market, REDAS said that its members are committed to a fast-track supply to meet demand. This would also lessen speculations in the property market.
“Given the unexpected return of an active property market, developers over the next few months would also be actively bidding for more land to position for the future supply,” said Mr. Cheong.
“As such, REDAS, unlike the situation in the preceding 12 months, is now looking forward to more sites in the confirmed list for developers to replenish their land bank.”