With the end of general elections, developers’ body REDAS has called to re-examine property cooling measures to reduce risks from uncertain global economic conditions.
The Real Estate Developers’ Association of Singapore (REDAS) has warned of a potential collapse in the housing market and called for the government to re-examine property cooling measures for developers.
Property cooling measures put in place since 2009 has resulted in private home prices to decline consecutively for seven quarters, whereas annual home sales dropped half to 7,600 units last year – the lowest since the 2008 financial crisis.
“The property cooling measures, in the current tone and intensity, could actually increase the risk to the real estate market and economy,” Augustine Tan, president of REDAS, says.
He adds that the deterioration in economic sentiment, dwindling sales and worsening supply-demand imbalance are factors that risk a downward spiral of property prices.
Knight Frank’s executive director of residential services Tay Kah Poh also agrees that cooling measures need to be tweaked as the HDB sector has stabilised and buyers of the private housing market need not be overprotected.
In the upcoming weeks, REDAS will work with government agencies to offer their input.
If you enjoyed this article, you might be interested in Property cooling measures: The ongoing debate on when they’ll be relaxed and Singapore developers renew calls for lifting the property curbs.
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