Singapore aims to have a stable and sustainable development of the real estate industry, and interest stretches across the board of stakeholders, Finance Minister Heng Swee Keat said.
The government, home owners and the property industry have a shared interest in maintaining a stable and sustainable property market, Finance Minister Heng Swee Keat said.
According to a report in The Straits Times, he cited the Global Financial Crisis of 2007-08 and the United States subprime fiasco as reminders of the dangers of credit and property bubbles. Decoupling asset markets from the fundamentals of a country’s economy also comes with risks, he said.
He added that the government “has always taken a medium-term approach towards managing land supply, based on fundamental demographic and economic factors, and has encouraged a competitive and transparent environment to ensure a well-functioning property market.”
Mr Heng was speaking at the 56th anniversary dinner of the Real Estate Developers’ Association of Singapore. While there have been swings in the property market, Singapore’s practice of developing it sustainably has prevented it from causing volatility in the broader economy, he explained.
For more information, read The Straits Times.
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