A Laughing Matter

Just last week, I spoke about how sky-rocketing property prices was one of the reason why the People’s Action Party (PAP) lost votes in the last General Elections (GE). I also said that the government’s tactic of trying to talk down housing prices just isn’t working. That hasn’t stopped them from trying of course but the latest round of talking down the market has Singaporeans howling in laughter.

I have to say I’ve joined in. You see; the latest person to try to talk down the market is Mr. Wong Heang Fine, President of Real Estate Developers' Association of Singapore (REDAS) and Chief Executive of CapitaLand Residential Singapore, one of the largest property companies in Singapore. Mr. Wong says that the government should review the current cooling measures as there are fears that economic woes in Europe and America would weaken the local real estate market.

Now I understand that a man in his position would want the property market back to the time where prices rise by more than 10% a year, I’m sure several other property developers in Singapore hope for the same thing, but to call for a review of the cooling measures is a joke. The reason is that the “cooling measures” has not cooled anything yet! The “cooling measures” by the Singapore government has not worked! Property prices have not come down, though at a slower rate than before prices are in fact still going up! And they are asking for the cooling measures to be scrapped?

Needless to say Singaporeans have found this hilarious. Prices are still escalating despite the cooling measures and property companies want the government to review these said measures? Like most Singaporeans, I can’t help but laugh.