Property market must remain stable so young S’poreans can own homes: DPM

One approach for innovation involves adopting a “start-up mindset”.ST PHOTO: KUA CHEE SIONG

Asset prices in the world have been going up despite the Covid-19 pandemic, with Singapore’s property market seeing renewed positive sentiments and some gathering of momentum.

The Government is, therefore, paying close attention to these developments, to ensure that the market remains stable, said Deputy Prime Minister and Finance Minister Heng Swee Keat yesterday.

“We will remain vigilant as the economic outlook remains very uncertain,” he added. “We do not want to see the property market run ahead of the underlying economic fundamentals.”

Mr Heng was speaking at the anniversary celebration of the Real Estate Developers’ Association of Singapore (Redas), held at The Ritz-Carlton hotel.

In his speech, streamed online, he called on property developers to innovate while keeping sight of the ultimate goal – to improve Singaporeans’ lives.

This means continuing to enable young Singaporeans to own their own homes and fulfil their aspirations, he said.

It also means making sure the built environment caters to the country’s ageing population – for example, by designing amenities for seniors and making sure developments are accessible.

“We will also need new housing typologies, such as assisted living – which integrates senior-friendly homes with care services,” Mr Heng said.

His words on the property market echoed remarks made by National Development Minister Desmond Lee at a BCA-Redas seminar yesterday.

Mr Lee had urged developers to remain prudent in their land bidding, and households to exercise caution when purchasing property, given the uncertain economic outlook.