Singapore to witness launch of new realty projects soon

If Simon Cheong, President of Real Estate Developers’ Association of Singapore (Redas) can be relied upon, realty developers in the realm of Singapore are all set to advance their property launches over the next few months and all are being done in order to gratify rising demand from homebuyers. Mr. Simon Cheong as speaking at the spring festival lunch of Redas also made it clear that a large number of developers these days are facing exhausting land banks increasingly following vigorous home sales in recent months. Developers, on the word of him, were surprised witnessing the speed of the recovery in the property market.

It is to be noted that an assortment of property groups including Allgreen Properties, CapitaLand, City Developments, Frasers Centrepoint, MCL Land and UOL Group are all seeking introduction of projects over the next few months. ‘Redas’ members are committed to fast track supply to satisfy demand to minimize excessive speculation in the property market,’ said Mr. Cheong. ‘Hopefully when demand is satisfied, there will be less pressure for future anti-speculative measures.’

There has been another development as well. Property groups in the domain of Singapore seem to have brushed aside the measures introduced by the government last Friday to coo down the market. What did the government speak out? As indicated by the government, a seller’s stamp duty will be levied on those who pay money for a residential property and sell it within a year. At the moment, stamp duty is levied only for the acquisition of a property and not its sale. What’s more, the loan-to-value limit on housing loans will be lowered from 90 per cent to 80 per cent.