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Singapore property curbs set to stay in 2017, CapitaLand CEO says

Bloomberg Published on Wed, Feb 15, 2017 / 3:05 PM GMT+8

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SINGAPORE (Feb 15): Singapore’s residential property curbs are set to stay in place for at least another year amid signs the city’s housing market is stabilising, the chief executive officer of Southeast Asia’s biggest developer said.

“We see volume picking up and the price declines have slowed,” Lim Ming Yan, the president and CEO of CapitaLand, said in a Bloomberg Television interview on Wednesday. “We see this trend continuing for 2017. There is no compelling reason for the government at this point to make major changes,” to property curbs, he said.

Lim was speaking after the Singapore-based developer said net income climbed 74% to $430.5 million in the three months ended Dec. 31. Revenue rose 7% to $1.9 billion. For the year, net profit rose 12% to $1.2 billion.