Monetary Auth of Singapore Additional property cooling measures

I hold the view that there is no need for the additional property cooling measure that was introduced yesterday.

I suspect that most of the buyers for the private properties come from the 8,000 owners who pocked their huge profits from the recent collective sales and have to replace their property. I do not think that there are many new buyers who have the money to afford the ridiculous high prices.

The additional cooling measure will dampen the property market considerably. There will be a big oversupply of new appartments, from the government land sales, collective sales and the unsold units from past projects.

I expect a big over-supply of properties.

If I am correct, it is another sign of an incompetent government which is not in touch with the market.

If I am wrong, okay. I have the right to be worng.

Tan Kin Lian

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