Singapore could supply more land for property market
Wednesday, 1 August 2007
SINGAPORE, July 31 (AFP): Singapore has no immediate plans to cool the city-state's booming property sector but is ready to supply more land should the need arise, a minister said in remarks published today.
"We prefer to let market forces work," Mah Bow Tan, the minister for national development, was quoted as saying in the Business Times.
"We will try to avoid interfering in the market if we can," he added.
Mah said the government was watching the property market closely and stood ready to increase supply of land for development if the need arose.
"We will push out supply (of land) if there is a need," said Mah. "The government will keep a close eye."
Mah's remarks came as figures showed residential property prices jumped 8.3 per cent in the second quarter compared with a 4.8 per cent rise in the three months to March.
Real estate consultancy Jones Lang LaSalle said earlier this month that Singapore has emerged as the world's "hottest" property market where prime property soared 50 per cent in the first six months of 2007.
"We prefer to let market forces work," Mah Bow Tan, the minister for national development, was quoted as saying in the Business Times.
"We will try to avoid interfering in the market if we can," he added.
Mah said the government was watching the property market closely and stood ready to increase supply of land for development if the need arose.
"We will push out supply (of land) if there is a need," said Mah. "The government will keep a close eye."
Mah's remarks came as figures showed residential property prices jumped 8.3 per cent in the second quarter compared with a 4.8 per cent rise in the three months to March.
Real estate consultancy Jones Lang LaSalle said earlier this month that Singapore has emerged as the world's "hottest" property market where prime property soared 50 per cent in the first six months of 2007.