• About Us
    • Fact Checking Policy
    • Ownership & funding information
    • Volunteer
  • Subscribe
  • Letter submission
    • Submissions Policy
  • Contact Us
The Online Citizen Asia
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
The Online Citizen Asia
No Result
View All Result

Property crash unlikely, measures in place: Tharman

by Andrew Loh
05/07/2014
in Current Affairs
Reading Time: 3 mins read
0

ts
Property prices in Singapore may fall further, said Deputy Prime Minister Tharman Shanmugaratnam on Friday.
“I don’t think the (property) cycle is over,” he said to a question at the DBS Asian Insights Conference.
He said it is unlikely that the market will see a crash as the Government has introduced cooling measures early to quell any potential housing bubble.
Mr Tharman’s remarks come on the back of calls by some, including the chairman of property developer City Developments (CDL), for the government to review some of the cooling measures it has put in place.

Kwek
Kwek
On Wednesday, CDL chairman Kwek Leng Beng said, “The overall picture seems to suggest that it may be timely now for the Government to take another look at the cooling measures introduced and make adjustments accordingly.”
A day earlier, the Urban Redevelopment Authority (URA) released flash estimates which saw private residential prices in Singapore fell 1.1 per cent to 209.3 points in the three months ended June 30. This followed a 1.3 per cent decline in the previous three-month period.
Prices have been falling for 3 straight quarters since last year.
Mr Kwek said that because of the cooling measures which the government has introduced since 2009, “foreigners were choosing to plough their investment dollars into countries like Britain, Australia and the US over Singapore, while Singaporeans have been investing abroad.”
“We are losing these investments to other countries even though these foreign properties have a higher risk profile,” Mr Kwek told The Straits Times. “It is unlikely these investment dollars will return to Singapore.”
However, the government seems to hold to its position that the measures are still necessary.
“The market determines the cycle and the Government has put in place rules and stamp duties,” Mr Tharman said on Friday. “We’ve also pumped in a fair bit of supply into the market. But market players will determine where the cycle goes.”
Dismissing fears that the market will crash, Mr Tharman, who is also the Finance Minister and chairman of the Monetary Authority of Singapore, said, “[I] don’t think we’ll see a crash, because we moved early enough. And we moved each step of the game, knowing full well that what we do may not be enough, but if too much we might engineer a crash.”
“So, we started early, moved step by step and avoided a huge bubble in the market. That’s why we won’t see a crash. But I think further correction will not be unexpected,” he added.
Mr Tharman’s remarks echo that of the Ministry of National Development on Monday.
“It is still too early to relax the property market cooling measures,” said a ministry spokesman. “If the measures are removed prematurely, we could see a sharp increase in demand and housing prices.”
Read also: “CDL chairman again calls on gov’t to ease property curbs“.

For just US$7.50 a month, sign up as a subscriber on The Online Citizen Asia (and enjoy ads-free experience on our site) to support our mission to transform TOC into an alternative mainstream press.
Tags: kwekPropertytharman

Related Posts

Uncategorized

Repossessed properties in Singapore rise 18%

12/04/2009
Subscribe
Connect withD
Login
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of
Connect withD
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
0 Comments
Inline Feedbacks
View all comments

Latest posts

Singapore warns slower economic growth in 2023

Less than 1 in 10 jobs created in first three quarters of 2022 went to Singaporeans?

28/01/2023
Peru Congress rejects president’s plan for early elections

Peru Congress rejects president’s plan for early elections

28/01/2023
UMNO purging members as it sacks former health minister Khairy and suspended ex-defence minister Hishammuddin

UMNO purging members as it sacks former health minister Khairy and suspended ex-defence minister Hishammuddin

28/01/2023
WHO panel in talks on COVID emergency status

WHO panel in talks on COVID emergency status

27/01/2023

Two years after Myanmar coup, UN says situation ‘catastrophic’

27/01/2023
Grab driver supposedly earned $5,227.82 in a week prior CNY, netizens voice worries over his health

Grab driver supposedly earned $5,227.82 in a week prior CNY, netizens voice worries over his health

27/01/2023
Philippines to appeal ICC resumption of drug war probe

ICC grants new inquiry into Manila’s deadly ‘war on drugs’

27/01/2023
Minister refutes claims of Malaysia consulting Singapore on housing policy due to its inefficient civil service

Minister refutes claims of Malaysia consulting Singapore on housing policy due to its inefficient civil service

27/01/2023

Trending posts

Two Indian nationals paid about S$330 and S$730 respectively for forged certificates submitted in their S-Pass application

MOM found issuing EPs meant for foreign PMETs to PRC waitress and general worker

by Correspondent
26/01/2023
36

...

Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

by Yee Loon
26/01/2023
23

...

Ho Ching breaks silence over Temasek’s write down of its US$275 million investment in FTX, says it “can afford to be contrarian”

US regulator questions VCs’ due diligence work prior to investing in FTX; Ho Ching says Temasek can afford to be contrarian

by The Online Citizen
24/01/2023
28

...

Indian rupee falls 60% since signing of CECA while Singapore becomes top investor in India

by Correspondent
25/01/2023
55

...

Temasek and GIC reportedly in talks with Adani Group accused of “brazen” market manipulation and accounting fraud

Temasek and GIC reportedly in talks with Adani Group accused of “brazen” market manipulation and accounting fraud

by The Online Citizen
26/01/2023
46

...

Property crash unlikely, measures in place: Tharman

by Andrew Loh
05/07/2014
0

...

July 2014
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031  
« Jun   Aug »
  • About Us
  • Subscribe
  • Letter submission
  • Contact Us

© 2006 - 2021 The Online Citizen

No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Comments
  • Current Affairs
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Civil Society
    • Arts & Culture
    • Consumer Watch
    • NGO
  • Politics
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
  • Lifestyle
    • Travel
  • Subscribers login

© 2006 - 2021 The Online Citizen

wpDiscuz