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No crash for Singapore property market: Tharman

Published on Jul 4, 2014 8:50 PM
Deputy Prime Minister Tharman Shanmugaratnam (left), who is also Finance Minister, at the annual DBS Asian Insights conference. -- PHOTO: LIANHE ZAOBAO 

SINGAPORE - The local property market is unlikely to crash, as the Government had stepped in early with cooling measures, said Deputy Prime Minister Tharman Shanmugaratnam on Friday.

Speaking in a dialogue session with DBS chief executive Piyush Gupta at the annual DBS Asian Insights conference, he said the Government had taken each step to temper over-exuberance in the real estate market knowing that what it did might not be enough, but also knowing that if it did too much, it might engineer a crash in the property market.

"But we started early and we avoided a huge bubble in the market. That's why we won't see a crash," said Mr Tharman, who is also Finance Minister.

"But I think a further correction will not be unexpected."

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