Private residential market should be left to market forces: REDAS

The Real Estate Developers’ Association of Singapore (REDAS) said that prices of private homes should be left to market forces without any intervention from the government.

This is according to recently appointed REDAS president Wong Heang Fine.

Mr Wong, the CEO of CapitaLand Residential, replaced outgoing president Simon Cheong this February. Mr Cheong is the chairman of SC Global Developments.

This is not the first time REDAS has taken issue with government intervention in the residential sector.

Mr Wong said the private market accounts for only 15 per cent of the market and it should be given the opportunity to independently adjust to demand and supply conditions.

But he added developers welcome a more transparent property market.

Mr Wong was speaking on the sidelines of the annual REDAS property prospects update seminar.

He also expects developers to be required by the Urban Redevelopment Authority (URA) to file sales and price information more frequently.

Mr Wong said: “I think URA is also going to adopt a more transparent stand. I think in the later half of this year, developers will have to file some of those information quite readily.

More information on the property market is being made available to the public, especially through National Development Minister Khaw Boon Wan’s blog.

Source : Channel NewsAsia – 28 Jul 2011

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