Tuesday, July 31, 2007

S'pore's bubbly property market, part 2

Singapore's Minister of National Development Mah Bow Tan has said that the government will not interfere in the sizzling property market.

According to The Straits Times, Mr Mah said 'there's no reason to be alarmed.' Referring to sub-sale figures which indicate the level of speculation, he said: 'If you look at the numbers, it's quite a distance away from what we have in the mid 90s, particularly in 1996.'

'I think we try to avoid interfering in the market if we can and that's the reason why we continue to depend on broad dissemination of information even sometimes persuading various parties to come up with more accurate information and then collating them and getting URA and HDB to push out this info in a very timely and very comprehensive manner,' he said.

But he declined to say if the government will introduce more measures to cool the property sector.

This is pretty much in line with what Sophie argued yesterday. Sophie had said that the Singapore government will continue to allow the private property market function through market forces. But it may step in should prices hit the roof again.

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