Property curbs: Govt should not consider individual interests

I was concerned to read about the call by the Real Estate Developers' Association of Singapore (Redas) to ease some of the property cooling measures ("Time to ease property curbs, say developers"; Feb 19).

The curbs have, so far, served the public well.

I wonder if Redas is looking at its own interests - to ensure the profitability and viability of its developers - or at the interests of home owners, who are facing the crunch in this period of a slow market, job losses and rising interest rates.

The Government should not consider either of these perspectives.

The intent of the curbs is to ensure an orderly correction of property prices, which rose by 60 per cent at their peak.

Some overstretched home owners are facing financial strain during this difficult period. But, instead of looking at ways to ease their financial burden, we should allow the curbs to play out and reduce the excesses of buyers.

Likewise, the Government should not remove the curbs and "subsidise" the developers who were making good profits during the good times.

The property curbs should remain to ensure a more equitable society in the long run.

Harry Yap Hong Hock