SINGAPORE: The Government and real estate industry share a common interest in ensuring a stable and sustainable property market, said Finance Minister Heng Swee Keat on Thursday (Nov 5).
Speaking at an anniversary dinner of the Real Estate Developers' Association of Singapore (REDAS), Mr Heng said: "The Government has always taken a medium-term approach towards managing land supply, based on fundamental demographic and economic factors.
“(The Government) has (also) encouraged a competitive and transparent environment to ensure a well-functioning property market. When necessary, we have judiciously used targeted prudential and fiscal measures to smooth out the cycles and promote market sustainability over the medium term."
Mr Heng also highlighted the importance of having environmentally sustainable designs, and called on developers to continue coming up with more innovative eco-designs.
REDAS reiterated its commitment to creating "vibrant and sustainable" spaces, but it also repeated concerns about the growing stock of unsold housing units and rising costs.
The association cited its recent survey showing prices of private residential projects launched in the past two years have fallen by as much as 11 per cent, with some projects having had to cut prices twice.
President of REDAS Augustine Tan said: "Prices cannot drop too deeply without affecting the quality of our products and operational obligations. Having made significant progress in the standard of our built environment, it is no longer possible to look back."