‘Too early’ to unwind property cooling measures: Lawrence Wong

It is “too early to declare victory” and unwind the property cooling measures currently in place, said Minister for National Development Lawrence Wong in the Committtee of Supply debate in Parliament on Monday (Apr 11).

Responding to MPs who had called for the cooling measures to be lifted, Mr Wong explained that while the measures “have been effective in stabilising the property market”, relaxing them too early may risk a premature market rebound.

“Nevertheless, we recognise that the property market is affected by the broader economy and global events,” he said, adding that the Government is monitoring the property market closely, and will be prepared to respond where needed.

Mr Wong reiterated that the Government will be building 18,000 new flats this year, “to accommodate the increased demand from recent policy changes”. This is more than the 15,000 new Build-To-Order (BTO) units launched in 2015.

But he acknowledged that this rate of BTO construction cannot continue “perpetually”. The Government intends to “gradually taper down our building programme to achieve a more sustainable level over the medium-term”, he said.

Source : Channel NewsAsia – 11 Apr 2016

COMMENTS