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Property price curbs have achieved stabilisation goals: Lawrence Wong

Property price curbs have achieved stabilisation goals: Lawrence Wong.

SINGAPORE (BLOOMBERG) - Almost a year after intervening to stem soaring property prices, Singapore has done what it set out to do and stabilised the property cycle, Minister for National Development Lawrence Wong said.

"The property market last year, before the cooling measures were put in place, we saw prices rising very sharply," Mr Wong said in an interview with Bloomberg Television's Haslinda Amin in Singapore.

"There was a very real risk that prices would outpace fundamentals, and I think if that had happened then eventually it would lead to a destabilising correction, and I think everybody would be worse off."

Source: https://www.straitstimes.com/business/property/property-price-curbs-have-achieved-stabilization-goals-lawrence-wong

Adapted from The Straits Times 30 May 2019