10 Jan 24 Government’s Direction for New Homes
The latest news on Monday talks about the government’s direction for new homes. Minister Desmond Lee shared updates on both public and private housing supplies.
In simple words, the government wants to make sure that property prices grow steadily with the market.
They are keeping an eye on the balance between how many houses are available and how many people want to buy them.
To maintain a sustainable housing market, the government will build more houses, both public and private, through new projects.
This will give more power to buyers and tenants. There are also have policies, like a 15 month ban, to prevent cash rich private property owners from competing with those who are buying their first home.
If too many people start buying houses quickly, the government might introduce more rules to cool things down.
On the other hand, if prices aren’t going up, they may relax some rules to encourage more buying.
The real estate industry is huge, and the government wants to ensure it stays stable.
They will keep watching and making adjustments as needed.
From my recent experience, buyers are taking more time to decide and looking for reasonably priced properties with good features.
Sellers who want higher prices will need to find unique ways to stand out from other options.
In the next couple of months, we’ll see how the market responds to new projects like Hillhaven, Lumina Grand EC, and Arcady at Boon Keng.
The first day sales will show us if people are accepting the new benchmark prices.