By Shabnam Muzammil:
The government is “engineering a soft-landing” for the housing market, according to National Development Minister Khaw Boon Wan.
In his latest blog post, Mr Khaw said this would require a bit of luck with factors beyond the government’s control, such as the global economic conditions. One key strategy being taken is the ramped up supply of public flats and private residential units.
“I watch the progress of the construction programme closely as it is an important element in our soft-landing mission,” he added.
Despite a tighter foreign labour policy, Singapore is still on track to meet its target of 13,600 flats and 18,400 private homes this year.
As of 31 May, the HDB has built 6,000 flats and is confident of delivering the remaining 7,600 units by end-2013. 3,500 private housing units have also been completed as of April, with the remaining 14,900 expected to be completed by this year.
“I am seeing more light coming from the end of the tunnel. However, we must not be complacent and to press on with the efforts to restore the balance in supply and demand,” said Mr Khaw.
Shabnam Muzammil, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email shabnam@propertyguru.com.sg
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