SINGAPORE (Feb 23): The worst isn’t over for Singapore’s property market, after government curbs helped push home prices lower for a third year in 2016, said Kwek Leng Beng, the billionaire chairman of City Developments Ltd.“I do not believe the worst is over although I think the worst has slowed down,” Kwek said in a Bloomberg Television interview with Haslinda Amin. Singapore home prices fell 3% in 2016, as the government held steadfast on cooling measures. Singapore property demand remains "very resilient," supported by factors including low interest rates and a stable economy, National Development Minister Lawrence Wong said in an interview Tuesday. The cooling measures “have helped to achieve a soft landing in the property market,” Wong said. There is no compelling reason for the government at this point to make major changes” to property curbs, he said.

Source: The Edge Markets February 23, 2017 06:22 UTC