Thursday, March 1, 2012

CDL has faith in luxury property sector

Straits Times: Thu, Mar 01
THE luxury property market has been sluggish in the past few months but developer City Developments (CDL) believes it will have its day in the sun again.

The new cooling measures have hit foreign buyers, who have been traditionally keen on high-end homes.

The subdued sentiment has forced CDL to halt marketing its premium project The Residences at W Singapore Sentosa Cove.

CDL director and executive chairman Kwek Leng Beng told a results briefing yesterday that the additional buyer's stamp duty measure introduced last December was aimed at preventing a property bubble and was not designed to crash the property market.

He added that the Government will likely review its various property measures if necessary: 'The effect of the medicine cannot result in a cure overnight. It has to take time.'

He also said he is not worried about the health of the high-end sector because most developers have strong balance sheets and can afford to hold on and sell when better times return...

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