URA’s request for en bloc tender details intrigues market – The Business Times
Well, it is anyone’s guess on what is URA’s real intention to request for more details. URA’s fundamental objective is to ensure a stable and sustainable property market, planning for long-term sustainability and facilitating development and business needs. All these requires carefully planning and manoeuvring around the policies to ensure fairness to all stakeholders and stability to the property sector, banking sector and economy of Singapore.
An ill-planned policy move driven by the recent enbloc craze could lead to a pro-long downturn in the property market with multiple knock-on effects, such as, affecting Singapore’s reputation as an open and fair economy and foreign developers losing confidence in Singapore as a fair and open market, developers and construction firms going into a downturn and affecting employment, rising property bad debts within the banks and affecting financial stability, and decline in consumer sentiments and ‘wealth destruction’ from declining property prices that might ultimately affect consumer spending, with knock-on effect to retail sectors etc.
The above points are just to illustrate how bad things can get if the government decides to implement an ill-planned measure just to counter a temporary trend in the market. But let’s not overthink on this issue. It could well be the case of URA doing more due diligence to prevent against instances of money laundering, or like what some analysts say, using the data to plan for the coming GLS.
Keep calm and carry on!