With the government keeping a close eye on the property market, developers cannot help but feel “naturally anxious” over the latest cooling measures, according to Chia Boon Kuah, the new head of the Real Estate Developers’ Association of Singapore (REDAS) and reported by The Business Times.
In his maiden speech as REDAS chief, Chia, who is also Chief Operating Officer of Property Sales and Executive Director at Far East Organization said that real estate is a cyclical business affected by geopolitical developments, global economic performance and local market conditions. Amid global uncertainties and a maturing property cycle, developers are concerned about the recent property curbs in addition to other challenges like high development costs and limited land.
Nonetheless, Chia pledged support for the government’s population roadmap which outlines projected growth till 2030.
“As a major stakeholder in the well-being of our ecosystem, REDAS acknowledges the government’s desire to achieve a soft landing of the property market,” he said. Leveraging on its role as the government’s partner, REDAS will likely venture into business interests aligned with national objectives.
Describing the country’s Population White Paper as wide-ranging and bold, he added that REDAS “stands ready to support the execution of this important blueprint”.
He also said that they will set up the non-profit REDAS Foundation to “coalese the efforts and resources” of its members to improve not only their lives but also the living environment and future of communities.
Meanwhile, Lim Ee Seng, second Vice-President of REDAS and Chief Executive of Frasers Centrepoint expects property prices to stabilise this year as buyers become more cautious, noting that transaction volumes remain flat compared to last year.
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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