Govt keeping close watch on property market

Prime Minister Lee Hsien Loong said yesterday that the city- state’s red-hot property market was a matter of concern and needed careful monitoring to avoid the creation of a bubble.

Recent measures to cool the market have dampened sentiment, but liquidity is awash in the region, he told news agency Reuters in an interview on the risks facing Singapore.

Mr Lee also said the government will continue to take action if necessary.

‘Our property market has been taking off, which is causing some consternation,’ he said.

‘We have had a series of measures to squelch the property market, but liquidity is awash, sloshing around the whole region.

‘We are watching carefully. The last set of measures were announced at the end of August, they seem to have dampened sentiment some, but we will have to watch and see.’

Singapore announced measures to cool its residential market on Aug 30, including a reduction in the amount those with existing mortgages could borrow to buy second properties and extending a stamp duty on those selling property within three years of purchase.

 

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