DESIRE TO LISTEN TO INDUSTRY
However, he said that the changes show the government’s desire to listen to developers.
He noted that most of the policies over the past few years have always been targeted at tightening supply and imposing more on the developers while “rightfully” being biased towards the market.
“This really is quite a nice gesture to let the developers know that they’re listening,” said Mr Quek.
“It is a significant signal this time round that the government’s putting in some effort to look at things from the supply side of the situation.”
Both analysts said the change in tack could be due to the government recognising that the property market may face some headwinds going forward.
Mr Quek noted that the development industry in Singapore is large and that it employs several people.
“It contributes a lot to our employment sector, our GDP (gross domestic product) … So by giving them this bit of flexibility, I think the government definitely has interest in wanting to keep this a sustainable business for them,” he said.