The Singapore government should actively participate in regulating the property market, or a potential for oversupply and uncontrolled speculation might occur, said Tim Murphy, Chief Executive Officer and Founder of IP Global.
“If you have no regulation in the property market, you see things happening like what happened in Dubai, where there is very little regulation,” he said in a recent interview with PropertyGuru.
Murphy noted that real estate is a huge part of a country’s GDP, so ignoring “real estate regulation is allowing a whole chunk in your economy to be driven purely by market forces which is very dangerous.”
“What I would like to see with some of these governments is slightly less knee-jerk and more consistent regulations so rather than doing nothing than doing a lot,” he added.
Murphy’s view is in line with the Real Estate Developers Association of Singapore’s (REDAS) latest move, which calls for the government to conduct a “timely review” of the various market cooling measures.
“We are just signalling that in the coming months, it may be a good time to look at what is happening in the world and what is happening in the local market and then review some of these policies,” said Wong Heang Fine, President of REDAS and Chief Executive of CapitaLand Residential Singapore.
Wong noted that an in-depth review of the property cooling measures would also help prevent artificially suppressed demand for private properties.
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