Page 292 - 2019 6th AFIS & ASMMA
P. 292
the financial crisis of 2008, the government has instituted 16 macro fell. So, the result of the macro prudential measures from a private
prudential measures to control the price of residential developments and property standpoint is a fall quarter on quarter for the last three quarters.
residential ownership. If you look at the graph that's on the screens, you From a public housing standpoint, we have just seen a 0.1 to 0.2 percent
will see the sixteen measures have only contained the price appreciation fall, and this is how the government has tried to measure, and how to
of residential mortgages. On the global level, the global economies have manage affordability in Singapore.
continued to try to rein in price appreciation, including the developed
economies of the US and Europe and much parts of Asia; I think we Okay, one of the other things which is possibly less known outside Session I
all struggle to keep of the price affordability within the realm of the Singapore is that the government manages supply of housing, as well
economy. as controlling implicitly the demand of housing. It controls demand of
housing by, I would say, controlling the population of Singapore in a
In the first half of 2018, the government stepped in with yet another large way. It has the ability to ensure, you know the Singapore natural
measure, that was measure number 17, and that was additional buyer birth rate, the population does not reproduce itself quickly enough to
stamp duty. Combined with the previous 16 other measures, it helped support the economy. And as a result, the Singapore economy is as open
ensure that affordability was managed; we also managed to ensure that as yesterday, and is ever more reliant on the rest of the world. In that
public housing, as you can notice on the red line, manages to stay on sense, we are also reliant on foreign labor in terms of contributions to
a slight downward trend. Now this is important from an economic the economy. In terms of supply, the government controls land sales
standpoint, and I'll just leave that there for any Q&A. and regulates it in a projected manner, meaning that it projects large
communities and development of Singapore.
Many of us Singaporeans do not realize we actually have a large pile of
Singapore that's actually still green. Green in the sense of trees, forests.
And this is kept as power planning, urban renewal and urban planning.
As a result, we keep a land stock, and I think if you look at the graph
at the bottom on the left, your left, we have a land stock that has about
50,000 residential apartments, which are either planned or under current
development. And this is something that the government does to control,
or uses to control, fortified appreciation.
If you look at price trends, the concentric region, which is, as I think
most of you might know, Orchard Road and the surrounds, they actually
294 2019 6th AFIS & ASMMA Annual Meeting 295
