REDAS

Redas president calls for ABSD reprieve for first-time upgraders

Following the government's clampdown on Monday on the re-issuance of options to purchase (OTPs) by private housing developers, the head of the developers' body has urged the government to urgently consider allowing first-time upgraders from a HDB flat to a private property to defer payment of the additional buyer's stamp duty (ABSD) till six months after the completion of the private property. A similar...

Singapore private residential market may be stabilising: Redas president

The private residential market in Singapore appears to be stabilising in line with economic fundamentals, said Chia Ngiang Hong, president of the Real Estate Developers’ Association of Singapore (Redas). "In the beginning of the year, most analysts expect new home sales for the year 2020 to remain resilient and roughly match 2019’s level. Prices of new homes are not expected to change much," Mr Chia...

REDAS’ new chief calls on government to refine property curbs, engage more with stakeholders

The Real Estate Developers' Association of Singapore's (REDAS) new president Chia Ngiang Hong on Tuesday suggested ways property curbs on the private housing market could be more targeted, and called for more dialogue between the government and stakeholders in policymaking. Mr Chia, who is also the group general manager of City Developments Limited, was speaking at the industry association's spring...

Pipeline of private properties will require 5 years to be absorbed: Redas

Barring unforeseen circumstances, it will take around five years for the market to fully absorb almost 46,000 private residential units that could potentially come onstream by 2020. And as a result of the "sedate" property market, developers are adopting a more "prudent approach" when acquiring land and allocating capital, said Real Estate Developers' Association of Singapore (Redas) president Augustine...

Property cooling measures could worsen high supply situation: REDAS

The imposition of new cooling measures introduced earlier this month could worsen the high supply situation of private residential units, the Real Estate Developers’ Association of Singapore (REDAS) president Augustine Tan said on Tuesday (Jul 17). The new measures include raising the Additional Buyer’s Stamp Duty (ABSD) and loan-to-value ratio in an effort to "cool the property market and keep...

No rationale for new housing curbs, additional harsh measures on developers: REDAS

There is no rationale for the new housing curbs given that the Singapore property market "is in the early stages of a recovery and the recovery is in line with economic fundamentals", said the Real Estate Developers' Association of Singapore (REDAS) on Friday (Jul 6). The statement from the industry body came a day after the Government announced new property cooling measures. Among the curbs are a 5...

Prices can’t drop too deeply without affecting quality: Redas president

A host of issues continue to plague developers here - from an oversupply of residential units, a ballooning unsold inventory to rising costs of development and operations. "As such, prices cannot drop too deeply without affecting the quality of our products and operational obligations," said president of the Real Estate Developers' Association of Singapore (Redas), Augustine Tan, at the Redas...

REDAS warns of ‘downward spiral’ if curbs not re-examined

In its latest call for the Government to scale back on property curbs, the Real Estate Developers’ Association of Singapore (REDAS) cautioned about a collapse in the housing market, saying that a deterioration in economic sentiment, dwindling sales and greater upcoming supply would risk precipitating a downward spiral of property prices. “The property market is clearly heading for a different phase,...

REDAS to work with Government to address oversupply of private homes

With an impending oversupply of private residential homes, the Real Estate Developers' Association of Singapore (REDAS) has said it is ready to work with the Government to address the situation. REDAS estimates that there will be 67,000 new units by 2019, excluding executive condominiums. This represents 20 per cent of the total number of private residential units currently. Only 6,500 homes were...

REDAS warns of record-high vacancies in private home market

The Republic's real estate developers association (REDAS) has warned of record-high vacancies in the private residential property market, as supply continues to build while tighter mortgage curbs cools demand. In his welcome speech at a property seminar organised by the association on Tuesday (Jul 14), REDAS' president Augustine Tan cited analysts' estimates that more than 89,000 new private homes will...

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