A prominent real estate industry veteran called on the Government on Friday to review some of its property market cooling measures as home sales and prices fall.

"As the property market starts to cool ... this may be the right time to tweak the control measures in the light of concern over the global economy," said City Developments (CDL) executive chairman Kwek Leng Beng.

"It does take time for the medicine to work. Both the private and public sectors want a soft landing."

He also said developers should "continue to work closely and collectively with the Government to ensure a sustainable property market, which is a difficult balancing task".

Mr Kwek was speaking at a lunch organised by the Real Estate Developers Association (Redas) at the W Singapore hotel in Sentosa Cove, where he was awarded the inaugural Redas Lifetime Achievement Award.

The award was established to honour a "pioneering group of industry leaders", Redas said in a statement.

The association noted that Mr Kwek was "known for his foresight and astute acquisitions" and had transformed CDL from a loss-making company into a profitable one.

He has also helped to reform the property sector with actions such as the introduction of the Developers' Fund to protect buyers, which enforced the rule that money collected for a specific project could not be used for any other purposes, Redas added.