Chief Executive Officer Sherman Kwek said the timeline should be lengthened to seven or even 10 years “so that it reduces the immense pressure on developers and prevents the current supply glut from worsening.”
SINGAPORE (Dec 11): Singapore’s property glut is an unintended consequence of government measures to force developers to build and sell apartments quickly or face stiff penalties, according to City Developments Ltd.
The city-state’s second-biggest home builder has come out swinging against a rule that imposes a levy on companies if they don’t complete construction and sell all units within a period of five years from acquiring land.
