Hi realtors some comments by the law minister Spore News Update Property values unlikely to slide in longer term By Cheryl Ong PROPERTY values are unlikely to slide in the longer term, if the Government continues with stable, clear-sighted policies, Law Minister K. Shanmugam has said. (As) we move into a high-tech economy... we remain a safe centre for banking and financial services... where the Government does not move arbitrarily and acquire for no compensation. The Government doesnt chase people away, he said on Thursday. If we can keep our policies right, in the longer term, if Singapore was a stock, buy it. And that means property prices will go up, Mr Shanmugam said in response to questions that cooling measures such as the Additional Buyers Stamp Duty would weigh down property values. He was addressing about 1,700 property agents attending a ministerial dialogue organised by real estate firm PropNex at Kallang Theatre. He also noted in a Facebook post yesterday that he was optimistic about Singapores future, as the thriving Asean economic community will offer exciting economic and trade opportunities for us as a regional service hub. Headwinds in the property market, though, in part due to the cooling measures and Total Debt Servicing Ratio, do not mean buyers are unable to afford property, he added at the convention. Instead, some buyers may be wary and are holding back because of fears of a correction in prices. The Governments redevelopment plans for the Greater Southern Waterfront and Paya Lebar Airbase will also free up prime superb-value land and play a part in propping up property values, he said. That means that the role of property agents will grow in importance, as property prices rise. You are talking about people having to commit millions of dollars, and I think a highly-trained professional who can help people get value for that... can have a tremendous amount of value, Mr Shanmugam said. I think a lot more advisory work, a lot more analytical-type work and services will have to be started and provided. [email protected]
Posted on: Sat, 08 Mar 2014 05:57:55 +0000
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