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26 February 2010

Singapore developers to bring forward launches

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The Real Estate Developers' Association of Singapore (REDAS) on Thursday announced that its members will be bringing forward property launches, the Channel News Asia reported.

REDAS added that its efforts are only limited by the land available and hence the long-term solution to a stable market is still adequate supply.

The association celebrated the Lunar New Year, riding on an upbeat mood.

Joining in its Spring Festival was Finance Minister Tharman Shanmugaratnam, and the association shared with him its views on his recent Budget Statement.

Simon Cheong, president, Real Estate Developers' Association of Singapore, said: "REDAS was hoping for more cash in our ang pows (red packets) from you, Minister. But when we opened the ang pow, we were disappointed there was not much inside for developers.

"Nonetheless, we are happy with your long-term productivity ang pow, as what is good for Singapore's economy in the long run must also be good for the Singapore property market. It is what REDAS calls a deferred payment ang pow."

REDAS said that its members are surprised with the speed with which Singapore's property market has recovered. But they added that they are prepared to live with the current problems rather than the problems faced by the property market last year.

However, in the interest of a stable property market, REDAS said its members are committed to a fast-track supply to satisfy demand. This would also minimise excessive speculation in the property market.

Mr Cheong said: "Given the unexpected return of an active property market, developers over the next few months would also be actively bidding for more land to position for the future supply.

"As such, REDAS, unlike the situation in the preceding 12 months, is now looking forward to more sites in the confirmed list for developers to replenish their land bank."

Just last week, the government introduced two more measures to cool the property market and pre-empt a bubble from forming in the private homes sector.


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