Singapore will not take a hands-off attitude to property cycle
"Let me be very clear that the Government cannot and will not take a hands-off attitude to the property cycle," National Development Minister Lawrence Wong said in a speech last month.
The government has concluded that it cannot take a "hands-off" approach to managing Singapore’s property market and allow asset bubbles to develop. "This is not what a responsible government would do," says Lawrence Wong, Minister for National Development and Second Minister for Finance.
Current property cycle versus the 1986-1998 cycle. The current property cycle bears the following similarities with the 1986-1998 cycle: 1) At the cycle peak, landed properties outperformed non-landed properties and detached houses are the best performer while condominiums are the worst performer.
The housing market is currently quite depressed so it should not be difficult to find rental properties. I don’t think it is a good idea to pay 6 months in advance at all. You shouldn’t find it a problem to get one. If you face any difficulties, let me know the details and see if I can give you ideas.
· Mr Wong told the event at The Ritz-Carlton Millenia Singapore: "The Government cannot, and will not, take a hands-off attitude to the property cycle.
The Singapore Government will not take a hands-off attitude to the property cycle and allow bubbles to develop. The Minister for National Development, Mr Lawrence Wong, said this at the Institute of Real Estate and Urban Studies (IREUS) Conference on ‘Real Estate and Urban Studies’on May 24.
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SINGAPORE – If the Government had not stepped in with measures in July to cool the property market such that there are now signs of moderation, property prices would have surged ahead, possibly going up by 10 to 15 per cent, National Development Minister Lawrence Wong said.
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