SINGAPORE – The Government has a rough idea of when to lift the property cooling measures, Home Affairs and Law Minister K Shanmugam said today (Feb 3), noting that a property market crash will not help the economy.
“We plan ahead, we think, we assess, so when we set on a course, we calculated the cost-benefits to the population, the different segments and then we keep to the course. And, we have a rough idea of when to change but that doesn’t mean that we announce it,” Mr Shanmugam said in response to question of when the Additional Buyer’s Stamp Duty (ABSD) will be removed. MSR also caps executive applicant’s borrowings. Upcoming executive condo include The Visionaire EC , Wandervale EC and Parc Life EC while existing ones include The Terrace EC, Brownstone EC, Waterwoods EC, Signature at Yishun, Skypark Residences, The Criterion EC, Bellewaters EC, Bellewoods EC.
“We managed to avert a disaster (of an overheated market), other are worried now it could go the other way. We want to see a healthy economy, we cannot have a healthy economy if the property market has crashed… So it’s not in the Government’s interest, it’s not in the people’s interest, it’s not in anybody’s interest to see it crash,” he added.
The minister was participating in a dialogue during property agency ERA Realty Network’s 2016 Asia Pacific Business Conference, which gathered more than 2,000 real estate agents and brokers from the region.
Property industry players here have, on various occasion, called on the Government to relook property curbs that it put in place to cool the market. They singled out the ABSD as a measure that should be re-considered as the Total Debt Servicing Ratio (TDSR) framework helps keep excessive buying in check.
In response, the Government has also repeatedly said that the time is not yet right to do so.
“When the Finance Minister and the National Development Minister together see that those systemic risks are less or manageable, then they will re-look at the policies, whether it will change, whether it won’t change is not for me to say,” Mr Shanmugam said.