City Developments executive flags potential cooling measures amidst rising residential prices

Billionaire Kwek Leng Beng said cooling measures might be introduced if residential property prices continue to rise.

The government could introduce cooling measures if residential property prices continue to rise, according to City Developments Limited (CDL) Executive Chairman Kwek Leng Beng.

“The Chairman noted that the residential market has been performing well though he cautioned that if property prices continue to rise, there may be a time that further cooling measures could be introduced to control the prices,” the minutes of CDL’s 58th Annual General Meeting, posted on the Singapore Exchange.

Nevertheless CDL is optimistic about the prospects of the company’s residential projects and office properties in Singapore, as total sales volume of residential units had recovered to a healthy level from last year’s pandemic.

“While there is uncertainty surrounding whether the Government would implement new cooling measures, the overall residential market remains very stable,” the minutes read, attributing the statement to CEO Sherman Kwek.