Property curbs could hurt economy: Redas

The Straits Times, Published on Dec 28, 2011
Property curbs could hurt economy: Redas
Volumes, prices will be hit, but economists say dose of medicine needed
By Esther Teo, PROPERTY REPORTER & Cheryl Lim

The key organisation representing property developers warned on Tuesday night that the new cooling measures that sharply raised stamp duties could hurt the real estate market and the wider economy.
The president of the Real Estate Developers' Association of Singapore (Redas) said developers may face increased land costs. The curbs could also lead to a fall in home values, while possibly damaging the already fragile economy and dampening foreign investment.
Mr Wong Heang Fine highlighted the concerns during his opening address at Redas' 52nd anniversary dinner at the Ritz-Carlton, Millenia Singapore.
The Dec 8 measures - dubbed by some experts as the harshest out of the five policy moves since September 2009 - include an additional buyer's stamp duty of 10 per cent on foreigner home purchases.
Copyright © 2011 Singapore Press Holdings. All rights reserved.
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_749439.html
==========
This post is reflected at:
ST 05Jan2012: Multi-property owner speaks up