Rise in Property Prices Over Past 12 Months

Mr Lim Biow Chuan asked the Minister for National Development (a) whether the increase in property prices over the past 12 months is within the expectation of the Government; and (b) whether any measures are being considered to ensure that there will not be a property price bubble.

Mr Desmond Lee: The pace of increase in private and public housing prices has gathered momentum since the second quarter of 2020, reflecting broad-based demand for housing, supported by the current low interest rate environment.

As has been publicly communicated, the Government’s intent is to ensure a stable and sustainable property market, where prices move broadly in line with economic fundamentals. The Government will continue to monitor economic and property market conditions closely, and adjust the supply of future Government Land Sales (GLS) Programmes and Built-To-Order (BTO) flats to meet occupation demand.