New rules ‘unlikely to hit luxury homes’

Prices of high-end projects have not peaked and are still reasonable

THE new measures aimed at cooling the market are not likely to affect high-end homes, according to Wing Tai Holdings deputy chairman Edmund Cheng.

He said yesterday: ‘Looking at today’s prices, the high-end market and prices of very luxurious projects have not reached the last peak yet.’

He also believes there will be both locally and especially from overseas buyers for pricey properties.

‘I think that we are still very reasonable,’ he said, when comparing local prices with those in Hong Kong or Beijing, especially considering the economic and living standards in Singapore.

Mr Cheng said the new measures were ‘timely’, as the price rises of mass-market homes were not sustainable.

However significant price falls may not occur as low interest rates pose less difficulties for financing, he added.

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