Singapore minister warns of potential downside risks for real property investors

08:11, June 10, 2011      

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Singapore National Development Minister Khaw Boon Wan on Thursday sounded alert on surging home prices, while the ministry announced its land sales program for the second half of the year to increase the housing supply.

Blogging about the real estate market, Khaw said that there are concerns of oversupply.

He also cautioned about the growing property prices, saying that things can suddenly go very wrong.

"With so much uncertainty, I must advise investors and upgraders to bear these considerations in mind when they go to show rooms and contemplate if they should sign up," he said, citing three reasons for his concerns.

The first reason is that 35,000 private homes have already been sold, with another 45,000 units in the pipeline.

The second reason is that the government land sales program for the second half of the year will add another 8,000 private residential units into the market. Together with committed investments, some 53,000 units will be looking for buyers over the next few years.
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Source: Xinhua
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