Logo of Phnom Penh Post newspaper Phnom Penh Post - Singapore property market not overheated, but prices closely watched: MAS



Singapore property market not overheated, but prices closely watched: MAS

Content image - Phnom Penh Post
The sharp recovery in Singapore's residential property market has sparked speculation that the government may impose cooling measures for the first time since 2018. THE STRAITS TIMES

Singapore property market not overheated, but prices closely watched: MAS

The Monetary Authority of Singapore (MAS) said it would remain vigilant to rising home prices even though the property market was not "overheated".

"No, we do not think the market is overheated right now, because if it is overheated, then we have not done our job well," MAS managing director Ravi Menon said in response to a question at a press conference on the MAS Annual Report on June 30.

Menon said the property market had been remarkably resilient in the face of the pandemic and recession last year as well as continued uncertainty over Covid-19 risks this year.

While gross domestic product (GDP) contracted last year, the residential property price index (PPI) rose by 1.6 per cent. As at the first quarter of this year, the PPI was 5.6 per cent above its pre-pandemic levels, Menon said.

The sharp recovery in Singapore's residential property market has sparked speculation that the government may impose cooling measures for the first time since 2018.

Menon said: "The approach of the government is to prevent the market from overheating. We're watching it very closely.

"The authorities will never tell in advance whether they are going to implement measures, because that defeats the purpose of implementing the measures. So stay tuned and just watch, and we hope the market will continue to remain stable."

The MAS, together with the Ministry of National Development and the Urban Redevelopment Authority, remains highly vigilant to the risk of a sustained increase in prices relative to income trends.

Menon said: "A prolonged divergence between prices and incomes is unsustainable from a market stability perspective and undesirable from a housing affordability perspective."

He added that the MAS had repeatedly said it was determined to make sure the market remains stable and to prevent overheating from happening.

THE STRAITS TIMES (SINGAPORE)/ASIA NEWS NETWORK

MOST VIEWED

  • Massive stingrays may live in Mekong’s deep pools

    US scientists have suggested that unexplored deep pools in the Mekong River in an area of Stung Treng could potentially be home to significant populations of giant freshwater stingrays, one of the world’s largest freshwater fish species. This comes as a fisherman hooked a 180

  • CCC team off on US business trip

    The Kingdom’s leading economists and private sector representatives have called on the US to renew its tax preferential status for Cambodian exports, as a Cambodia Chamber of Commerce (CCC) delegation departed for a weeklong business visit to the US, where they will meet with

  • PM takes time to meet, greet Cambodians living in the US

    After landing in the US ahead of the ASEAN-US Special Summit, Prime Minister Hun Sen was received by over 1,000 Cambodian-Americans including political analysts who welcomed him with greetings, fist bumps and selfies. Hun Sen also met with analyst Mak Hoeun, who had allegedly spoken ill

  • Khmer cinema classics back on big screen for free at WB Arena’s outdoor movies series

    On a recent Saturday evening at WB Arena, Bunsong was enjoying a tasty BBQ meal with his family after work on the long tables that had been arranged out in front of the restaurant as they watched a Khmer action movie on a big outdoor

  • PM heads to Washington for ASEAN-US special summit

    Regional and international issues and how to bring the ASEAN-US partnership to another level will be discussed at length as Prime Minister Hun Sen and his ministers arrive in Washington, DC, for a special summit on May 12-13. During the trip, Hun Sen and ASEAN

  • National Assembly refutes EU resolution

    The National Assembly (NA) has hit back at a European Parliament resolution condemning the political and human rights situation in Cambodia, calling it another display of the Parliament’s “double standards”. Key points of the resolution include a warning that the Parliament could exclude the