MND stresses need for healthy property market

Responding to REDAS President Simon Cheong's comments on Government intervention to stop private residential prices from rising, the Ministry of National Development says the aim is to maintain a steady and healthy property market.

MND, in a statement, said, "A property market bubble, if allowed to form, may not only impact housing affordability but also severely impact the economy when it bursts. In carrying out its role, the Government has to take into account the interests of all stakeholders, especially home seekers and owners and the economy at large."

The Ministry explained this is done by ensuring an adequate supply of land to meet demand and by providing timely and comprehensive real estate information to the public. "When necessary, the Government will also introduce measures to dampen market exuberance and prevent prices from running ahead of economic fundamentals," said MND.

The statement was issued in response to REDAS President Simon Cheong's keynote speech at the launch of the Singapore Residential Price Index.

View the full response here.