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Developers Unlikely To Get Reprieve

Posted by Property Launch Invest on Wednesday, 06 April 2016 in Property News

It is unlikely that property developers will get a reprieve from the government.

The Ministry of National Development (MND) clearly stated in its Feb 29 response to an MP about dropping ABSD for Singaporeans, but retaining it for foreigners; "It is too early to relax the measures now. Doing so could result in a market rebound,"

Redas, the Real Estate Developers' Association of Singapore has been lobbying for a review of the measures, voicing its concerns through discussion with authorities such as MND and the Urban Redevelopment Authority (URA) from time to time. But it has lately ceased its lobbying, a decided change in its position. Of late, it has in fact repositioned itself on the same side as the government in desiring stability in the property market.

Redas central message when addressing the looming consequences of qualifying certificate rules and ABSD on the property sector was: "There is therefore an urgent need for action to bring stability and ensure a soft landing to prevent further damage to the fragile economy,"

On Singapore Economy
The economy grew 2 per cent last year, moderating from 3.3 per cent in 2014.

A MAS poll of private-sector economists expect gross domestic product (GDP) to expand 1.9 per cent this year.

The property and construction sectors account for 10% of Singapore's GDP (4.8 per cent and 5.2 per cent respectively), based on 2015 data.

Manpower including foreigners in the property (2.5%) and construction (13.7%) sector take up more than 15 per cent.

Last year, growth in the construction sector moderated to 2.5 per cent, from 3.5 per cent in 2014 owing to a slow down in building activities.

Poor private-sector construction demand, among other factors, would probably retard the economy in 2016.

However, MAS is quite sure that any impact of a property slowdown on the economy will be contained.

Property Launch Invest

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PROPERTY LAUNCHES & INVESTMENTS

Property Launches & Investments

Developers Unlikely To Get Reprieve

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