http://www.bloomberg.com/news/2014-05-29/singapore-home-prices-may-drop-further-standard-chartered-says.html
Singapore’s home prices will probably fall further before the housing curbs introduced in the past five years are scaled back, Standard Chartered Plc (STAN)’s Southeast Asia head said.
“You would start to take away some of these measures if price growth reaches a certain level of equilibrium,” Lim Cheng Teck, chief executive officer for Asean or the Association of Southeast Asian Nations, said in an interview in Singapore yesterday. “I don’t think we are at an equilibrium yet.”
The city’s private home prices dropped by the most in almost five years following a campaign that started in 2009 to curb property market speculation, with government curbs ranging from taxes on property sales, additional levies on foreign buyers and mortgage limits.
Some developers that have cut prices by 10 percent to 15 percent are drawing buyers, he said.
The curbs “really prevented the bubble from forming,”Standard Chartered’s Lim said. “This downward adjustment in prices is not a very drastic and sharp drop. That would add to the stability of the market.”
Private yachts are berthed outside luxury homes and condominium apartments at Sentosa Cove in Singapore.
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