The Real Estate Developers’ Association of Singapore (REDAS) said it hopes the Singapore government will moderate and calibrate its land sales programme.
It said this is to ensure that land supply is injected at an appropriate pace that will contribute to the overall health of the market
REDAS President Chia Boon Kuah said: “As long as homes are purchased with sound reasoning, we believe in riding out each cycle that comes our way.
“We have faith that the government will continue to monitor the movements in Singapore’s property cycle, and ensure a balance between development viability and housing affordability.”
Mr Chia was speaking on Friday evening at the association’s 54th anniversary dinner, which was also attended by National Development Minister Khaw Boon Wan.
Taking stock of the year, Mr Chia noted that while the industry has had its successes, there have been challenges too. These include dealing with the impact of the government’s seventh round of cooling measures and the introduction of the Total Debt Servicing Ratio.
This was against a backdrop of market volatility and a maturing real estate cycle, said Mr Chia.
He added that the substantial supply of homes coming on stream — especially with the completion of projects currently under construction — and the expiry of the lock-in period of the Seller Stamp Duty from now to 2017, continues to weigh on the industry’s mind.
Source : Channel NewsAsia – 1 Nov 2013