SINGAPORE (BLOOMBERG) – After a year of intervening to cool down the hot property market, government has done well and we start to see the property cycle is started to stabilised now, said National Development Minister Lawrence Wong.
“Last year, before the property cooling measures were in place, we saw prices rise sharply every month,” Mr Lawrence said during a Bloomberg Television’s Haslinda Amin interview in Singapore.
“it is very risk full if the prices continue to outperform the market fundamentals, and we think if this will happen then it will lead to a sharp correction, and we think everyone will be affected.”
The property cooling measures introduced by the government is to slow down the increasing prices from July 2018, including increasing the ABSD for entities and second homes, and tightening LTV limits for housing loans granted by private banks.
“Previously, I said many times, we are not to push down the price but to moderate and stabilise the cycle, and we think we achieved.” said Mr Wong.
He said we found effective tools to stabilise the market and we will continue to monitor the property market.
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