Prudent to maintain property curbs

Singaporeans have always been advised to own their homes, as these are one of the main asset classes that store wealth ("'Too early' to lift property curbs, says minister"; Dec 31, 2015).

Hence, the long-term sustainable growth in property prices is in the interest of all citizens.

Housing prices will reverse to trend upwards eventually, assisted by real housing demand, inflation and healthy economic growth.

The existing government property cooling measures should be kept in place as they are financially prudent and fair, and remove speculative buyers.

Partial or full reversal of the cooling measures would prop up property prices beyond the means of the masses.

It will only increase the wealth of owners of multiple properties, who are already the wealthiest among our population.

The measures should be temporarily and gradually reversed only if economic conditions worsen and create significant risks of steep property price declines and threaten the viability of the overall financial industry.

Lai Teck Khiam