The Real Estate Developers’ Association of Singapore (Redas) has urged the government to ensure that the property market remains healthy, media reports said.
Speaking at the association’s 54th anniversary dinner last Friday, Redas President Chia Boon Kuah stated: “It is our hope that the government will calibrate its land sales programme to ensure land supply at a pace that will contribute to the overall health of the market.”
He noted that “as long as homes are purchased with sound reasoning, we believe in riding out each cycle that comes our way”.
“We have faith that the government will continue to monitor the movements in Singapore’s property cycle, and ensure a balance between development viability and housing affordability.”
He also revealed that while the industry has achieved success, it has had its share of challenges, which include dealing with the effects of the government’s seventh and most comprehensive round of cooling measures and the introduction of the total debt servicing ratio (TDSR).
Furthermore, the expiry of the lock-in period of the Seller Stamp Duty from now till 2017 and the large supply of homes coming on-stream continue to weigh on the industry’s mind, said Chia.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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