The drop in the real estate sector has caused many developers to prompt the government that prolong downturn in the real estate market is detrimental to the country’s output as the property sector contributes a significant part of GDP to the economy.
It appears to be far-fetched that the administration will offer property engineers any respite in the current month’s Budget, industry watchers accept. The Ministry of National Development (MND) was immediate in its answer on Feb 29: “It is too soon to unwind the measures now. Doing as such could bring about a business sector bounce back.” This was a composed answer to a Member of Parliament who had inquired as to whether MND would consider removing so as to inspect the cooling measures the extra purchaser’s stamp obligation (ABSD) for Singaporeans, however holding it for outsiders.
However, the authorities are less concerned with regards to the change in …
