I read with great dismay the call by Real Estate Developers' Association of Singapore president Augustine Tan to relax cooling measures in the property market ("Time to ease property curbs, say developers"; yesterday).
Mr Tan is absolutely right to point out the supply glut in the current property market.
I would assume that if there is a glut, the price should be going down to reflect the demand and supply situation.
However, the price fall is only a trickle.
When there is a demand surge, property prices skyrocket, and property developers use the demand and supply argument to justify increasing property prices.
So, why can't property developers use the same argument to lower prices in the current market?
The fact that there would be a property supply glut was predicted a few years ago.
Why were property developers so slow to respond to this?
Property developers should not expect the Government to help them when they are not helping themselves.
Tan Boon Huat