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Coffeeshop Chit Chat - Mah Bow Tan's U-Turn On Property Mkt</TD><TD id=msgunetc noWrap align=right>
Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR class=msghead><TD class=msgF noWrap align=right width="1%">From: </TD><TD class=msgFname noWrap width="68%">SGNEWSALTE <NOBR></NOBR> </TD><TD class=msgDate noWrap align=right width="30%">Dec-4 6:10 pm </TD></TR><TR class=msghead><TD class=msgT noWrap align=right width="1%" height=20>To: </TD><TD class=msgTname noWrap width="68%">ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 8) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft width="1%" rowSpan=4> </TD><TD class=wintiny noWrap align=right>3391.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Last week, Mah Bow Tan tells the public that the PAP government will not prop up the property market artificially.
"But there are limits to what the Government can and should do, said Mr Mah. For one thing, it cannot work against market forces and try to prop up property prices artificially."
Now this week, we just learned that the govt is stopping all land sales to help prop up the property market. In just one week, Mah Bow Tan has done a complete U-turn to his earlier stance. Doesn't this remind us of Khaw Boon Wan's infamous U-turn on organ trading and mean-testing.
http://www.forbes.com/afxnewslimited/feeds/afx/2008/12/04/afx5778097.html
Thomson Financial News
<!-- SLUG -->Singapore to cut govt land sales to help property mkt
<!-- HEADLINE --><CITE></CITE><!-- BYLINE -->12.04.08, 05:15 AM EST
SINGAPORE, Dec 4 (Reuters) - Singapore said on Thursday it will cut back on government land sales next year to support the property market as the city-state battles recession.
For the first half of 2009, there will be no additions to the list of sites that could potentially be sold under the Government Land Sales (GLS) programme, the Urban Redevelopment Authority (URA) said in a statement.
Other government agencies will not offer land for residential development and reduce the amount of available land for commercial use, URA added.
Singapore currently has 38 sites on the reserve list of land available for sale under the GLS programme, but sites will only be put up for auction if a developer offers an acceptable price.
Singapore private home prices fell 2.4 percent in July-September from the previous quarter according to URA data, the first decline in four years. The drop in home prices coincided with the economy's descent into recession as demand slowed from Asia's export customers in the West and the global financial crisis hammered financial markets.
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"But there are limits to what the Government can and should do, said Mr Mah. For one thing, it cannot work against market forces and try to prop up property prices artificially."
Now this week, we just learned that the govt is stopping all land sales to help prop up the property market. In just one week, Mah Bow Tan has done a complete U-turn to his earlier stance. Doesn't this remind us of Khaw Boon Wan's infamous U-turn on organ trading and mean-testing.
http://www.forbes.com/afxnewslimited/feeds/afx/2008/12/04/afx5778097.html
Thomson Financial News
<!-- SLUG -->Singapore to cut govt land sales to help property mkt
<!-- HEADLINE --><CITE></CITE><!-- BYLINE -->12.04.08, 05:15 AM EST
SINGAPORE, Dec 4 (Reuters) - Singapore said on Thursday it will cut back on government land sales next year to support the property market as the city-state battles recession.
For the first half of 2009, there will be no additions to the list of sites that could potentially be sold under the Government Land Sales (GLS) programme, the Urban Redevelopment Authority (URA) said in a statement.
Other government agencies will not offer land for residential development and reduce the amount of available land for commercial use, URA added.
Singapore currently has 38 sites on the reserve list of land available for sale under the GLS programme, but sites will only be put up for auction if a developer offers an acceptable price.
Singapore private home prices fell 2.4 percent in July-September from the previous quarter according to URA data, the first decline in four years. The drop in home prices coincided with the economy's descent into recession as demand slowed from Asia's export customers in the West and the global financial crisis hammered financial markets.
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