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Singapore has no immediate plans to ease property curbs, Deputy Prime Minister and Finance Minister Heng Swee Keat said on Wednesday, amid renewed calls by developers to loosen a measure that penalises them if they fail to complete and sell new projects within five years.
"It is not on our radar at this point because we need to make sure that we stabilise the economy and we address long-term structural issues," Mr Heng said in a Bloomberg TV interview.
Singapore imposed curbs in July 2018 to arrest house-price growth. To stop land hoarding, developers have five years from the time of purchase of a site to build and sell all units or risk being hit with a 25 per cent levy, a measure which developers have labelled as punitive.
Daily Property News from Singapore
- Perennial Real Estate Q4 earnings more than double to S$38.5m
- Sasseur Reit's Q4 DPU drops 18.5% to 1.629 S cents
- CBD Grade A office transactions down 15.4% in Q4
- Chart of the Day: 13-year owned shophouses doubled gains when sold in 2019
- Bigger BTO flats in Toa Payoh, Sembawang draw most interest
Interesting Stories related Singapore
- Singapore Budget 2020: Measures welcomed by Iata, airport shops await more details
- Car COE premiums rebound, while those for other vehicles continue to slide
- COE premiums for cars rebound as latest bidding exercise ends mixed
- When It Rains, It Pours: How Businesses Can Avoid the Storm
- The best things to do with kids in Singapore this month
The Best Multipurpose Spaces
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- 25 Ideas for Creating Smart Multifunctional Rooms
- Multiple Personalities: 10 Fantastically Flexible Spaces in Today's Home
- Multipurpose Office Space Design Ideas
- All in One: Three Ways to Create a Multi-use Space
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- 47 Extraordinary Basement Home Gym Design Ideas
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Previous news selection
New completions to ramp up residential vacancy rates in Q1
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