Tharman: Govt working to cool property market

Overwhelming demand in the housing market has exceeded supply in recent years, and as a result, prices have surged faster than peoples’ incomes.

Tharman Shanmugaratnam, Singapore’s Deputy Prime Minister, commented that “we’re not in a very happy part of the cycle,” according to a Straits Times report.

Mr Tharman was responding to a query raised by Yvonne Ho, an engineering doctoral student, during yesterday’s Kent Ridge Ministerial Forum.

She had asked about the effects of high property prices on low- and middle-income Singaporeans.

Although Mr Tharman admitted that the government has been “behind the curve in the supply of housing,” he assured that active measures will be implemented to cool the property market.

He added that through a significant increase of units in both the private and public housing markets, those issues would be addressed accordingly.

Source : PropertyGuru – 5 Apr 2012

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