In a recent interview with Minister Khaw Boon Wan from Singapore’s National Development, he said that he felt a big relief that the cooling measures had already paid off. The once scoundrel regulation in the real estate industry has now managed to pacify the overheating market. It was actually a big issue way back in 2011 according to The Strait Times.
Minister Khaw also told his colleagues at the Ministry of National Development that with the success of the property curbs, they should think of the ways on how to achieve that “soft landing” within a couple of years time. When the housing prices started to skyrocket and dwindled eventually, two years ago, he said he was probably the most relieved of all.
Subsequent to the previous election, Minister Khaw was one of the prominent faces who took a stand and created a different portfolio particularly on this issue. Along with the cooling measures, Singapore’s government also thought of several regulations that target the same overheating market such as the loan curbs and the Additional Buyer's Stamp Duty (ABSD) levy. Moreover, there was also more HDB flats supply during these past years.
But despite thus, Minister Khaw is still trying to be cautious and will pay more attention to the real estate market now more than ever. He feared that without considering the external factors and without proper monitoring, they may not achieve that soft landing they were aiming for. Moreover, this may result to a separate housing issue sooner or later.
He also believed that despite the flaws in other flats including the Trivellis in Clementi and Central 8 in Tampines, the Construction Quality Assessment System is actually improving. Although many were skeptical about this statement, Minister Khaw said that the defects are actually inevitable with any developer. He assures that the public will get all the help that they need even if they buy their real estate investment from private developers whether you buy from Sturdee Residence, the Adana @ Thomson or Principal Garden for example.