30 May '14, 11pm

Singapore home prices may drop further, says StanChart

Singapore home prices may drop further, says StanChart

SINGAPORE — Home prices here will probably fall further before the housing curbs introduced in the past five years are scaled back, Standard Chartered’s South-east Asia head said. “You would start to take away some of these measures if price growth reaches a certain level of equilibrium,” Mr Lim Cheng Teck, chief executive officer for the Association of Southeast Asian Nations region, said in an interview. “I don’t think we are at equilibrium yet.” The city-state’s private home prices dropped by the most in almost five years following a campaign that started in 2009 to curb property market speculation. Government measures included taxes on property sales, additional levies on foreign buyers and mortgage limits. Mr Lim declined to predict how much of a downside he expects for home prices before housing measures would be lifted. Under Singapore’s loan framework, lenders must...

Full article: http://www.todayonline.com/business/singapore-home-prices...

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