New property launches in Singapore are expected to come to a standstill in the lead-up to the much-anticipated General Election next month, reported Singapore Business Review.
In fact, developers are expected to delay new launches, in the hope that the newly-elected government will relax the cooling measures, analysts noted.
“With the General Election expected to be held before the year ends, developers will also be trying to delay launches, hoping that the authorities will loosen some measures that have gripped the property market,” stated a Savills report.
However, property players are likely to face disappointment as the government recently signalled that the curbs will not be relaxed any time soon.
For instance, National Development Minister Khaw Boon Wan said the market is yet to reach a more sustainable equilibrium, while Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam shared that the government is taking a wait-and-see approach on the potential easing of the measures.
“Ministers have (extinguished) hopes (of) relaxing property cooling measures in the near term with the General Election expected in September. While we expect further price falls in mass market housing, we believe we are closer to the end of the tunnel than a year ago. We remain constructive on developers,” added a report from Barclays.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
