Thursday, August 4, 2011

Leave private homes prices to market forces: REDAS

SINGAPORE: The Real Estate Developers' Association of Singapore (REDAS) said that prices of private homes should be left to market forces without any intervention from the government.

This is according to recently appointed REDAS president Wong Heang Fine.

Mr Wong, the CEO of CapitaLand Residential, replaced outgoing president Simon Cheong this February. Mr Cheong is the chairman of SC Global Developments.

This is not the first time REDAS has taken issue with government intervention in the residential sector.

Mr Wong said the private market accounts for only 15 per cent of the market and it should be given the opportunity to independently adjust to demand and supply conditions. He said that this was to avoid negative spillover effects on other sectors of the economy.

But he added developers welcome a more transparent property market.
 

Source : MediaCorp Pte Ltd by Linette Lim

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