President of the Real Estate Developers' Association of Singapore (Redas) Wong Heang Fine (far left) with Minister of State for Manpower and National Development Tan Chuan-Jin, guest of honour at Redas' 52nd anniversary dinner last night. Mr Wong says one analyst is of the view that the harsh cooling measures could tip the economy into a recession. -- ST PHOTO: DESMOND WEE
Singapore : The key organisation representing property developers warned on Tuesday night that the new cooling measures that sharply raised stamp duties could hurt the real estate market and the wider economy.
The president of the Real Estate Developers' Association of Singapore (Redas) said developers may face increased land costs. The curbs could also lead to a fall in home values, while possibly damaging the already fragile economy and dampening foreign investment.
Mr Wong Heang Fine highlighted the concerns during his opening address at Redas' 52nd anniversary dinner at the Ritz-Carlton, Millenia Singapore.
The Dec 8 measures - dubbed by some experts as the harshest out of the five policy moves since September 2009 - include an additional buyer's stamp duty of 10 per cent on foreigner home purchases.
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