The Singapore government stands ready to step in to prevent a property bubble after signs of speculation in the real estate market, state media quoted a cabinet minister as saying today.
National Development Minister Mah Bow Tan told reporters it was not clear if the buying momentum of new private homes in the past few months could be sustained and the government was keeping a negative growth projection for such demand this year.
“I wouldn’t say there’s excessive speculation at the moment, but there is some element of speculation involved. I think some of the practices that you saw in the last property boom are starting to come back. So I think we’ll have to be careful,” Mah was quoted as saying by state radio 938LIVE‘s website.
Property and stock prices in Singapore and elsewhere in Asia have jumped in recent months after central banks and governments pumped cash into the ailing global economy, but Asia’s monetary authorities may be set to ignore frothy markets. Continue reading
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