THAT the government is sending a second signal in the space of two months that it is watching developments in the property market underscores its unease over the current real estate boom. And this time, the government has upped the ante a notch, after the earlier caution appeared to have made little impact on the market.
On Wednesday, Minister for National Development Mah Bow Tan said that there is a ‘definite possibility’ that the government will re-introduce land sales through its confirmed list system from next year – thus increasing the potential supply of homes – and that it was ‘a question of how much we put on the confirmed list’. Sale of state land under the confirmed list was suspended for the first half 2009 Government Land Sales Programme to help stave off oversupply risk as the property market here was then on a downtrend. This came after Mr Mah warned earlier in late July that speculation was trickling back into the property market. The government was watching the situation closely, he said then, and will take action should the market overheat. But that seemed to have made little impression on sentiment, and was followed by several ‘hot’ property launches where queues formed and units were snapped up immediately. Continue reading
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