Singapore’s largest listed property firm is broadly welcoming revisions to the city-state’s property cooling measures after more than 3 years of sinking prices.
“Together with the government’s policies to support population and economic growth, such measures will help to ensure a stable property market and healthy demand for new homes in the long term,” said Wen Khai Meng, CEO of CapitaLand Singapore, in a Monday email to CNBC.
The company is South East Asia’s biggest property developer and manages a global asset portfolio worth 78 billion Singapore dollars ($55.1 billion). Its stock has risen more than 22 percent year-to-date.
“We believe that projects with excellent locations and transportation connectivity, good range of facilities, proximity to shopping malls and established amenities, and a reasonable pricing will continue to attract buyers,” he added.
The comments come after policymakers surprised the sector by detailing a series of “calibrated adjustments” to the Seller’s Stamp Duty (SSD) and Total Debt Services Ratio (TDSR) — relaxing regulations in a bid to stabilize a market that has seen house prices decline for 13 consecutive quarters.
The government had indicated a reluctance to curb its cooling measures in th
e past and the rapid roll out of the reforms appeared to catch major firms and investors off guard.
CapitaLand President and CEO Lim Ming Yan said in a February interview that “there is no compelling reason for the government at this point to make major changes” to property curbs, suggesting an expected continuation of the policy.
