REDAS urges govt to review property market tightening measures

SINGAPORE: The Real Estate Developers' Association of Singapore (REDAS) has raised concerns over a potential oversupply of private homes in the near term, especially with the uncertain global outlook.

It is urging the government to review its land sales programme to ensure that new supply is introduced only when the market is confident of absorbing it.

With the possibility of demand for private homes dropping due to an economic downturn, developers are pointing to the need to rein in supply.

In the second half of this year, the government will put up for sale 17 private residential sites under the Confirmed List of the Land Sales Programme.

Including recent sites sold, an estimated 53,000 private homes will hit the market over the next few years. 

Source : MediaCorp Pte Ltd by Linette Lim


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