The Singapore government is monitoring the developments in the property market "very closely", and will adjust policies if necessary, to maintain a stable and sustainable property market for Singaporeans, said National Development Minister Desmond Lee.
Speaking at the Building and Construction Authority-Real Estate Developers' Association of Singapore Built Environment and Property Prospects Seminar 2021 on Monday, Mr Lee said that the government has, over the years, put in place several measures to ensure that prices in the private sector housing market move in line with economic fundamentals.
"This is to ensure that the property market remains resilient to economic downturns, property bubbles and external shocks like the pandemic," he said. This comes as the pace of increase in private housing prices has gathered momentum since the second quarter of 2020, with developers' sales at recent project launches being robust.
For instance, on Sunday afternoon, developer Kingsford Huray Development said that a third of the residential units offered at Normanton Park were sold at an average price of S$1,750 per square foot on the first day of sales.