City Developments executive flags potential cooling measures amidst rising residential prices

Billionaire Kwek Leng Beng mentioned cooling measures is perhaps launched if residential property costs proceed to rise.

The federal government might introduce cooling measures if residential property costs proceed to rise, in accordance with Metropolis Developments Restricted (CDL) Government Chairman Kwek Leng Beng.

“The Chairman noted that the residential market has been performing well though he cautioned that if property prices continue to rise, there may be a time that further cooling measures could be introduced to control the prices,” the minutes of CDL’s 58th Annual Common Assembly, posted on the Singapore Trade.

However CDL is optimistic concerning the prospects of the corporate’s residential initiatives and workplace properties in Singapore, as complete gross sales quantity of residential models had recovered to a wholesome degree from final 12 months’s pandemic.

“While there is uncertainty surrounding whether the Government would implement new cooling measures, the overall residential market remains very stable,” the minutes learn, attributing the assertion to CEO Sherman Kwek.