The New Budget 2020 that was just released was aimed at helping Singaporeans to acquire more skills to stay employed in the midst of this crisis. This is because many companies are trying to stay afloat in this crisis due to lesser business and lesser human traffic which means less sales. As medical frontline is the key to defend against this crisis, the budget 2020 is dedicated to help in servicing the requirements needed to help companies stay afloat in these difficult times. This was the priority of the country and hence resources were dedicated to it. Please see Midtown Garden project details by Guocoland located at Bugis MRT.
With regards to properties cooling measures that were introduced previously in an effort to cool the property market, the government felt that there is no need to roll back any of the measures as the property is resilient to any shocks from external factors. Government’s main concern is housing for the majority of Singaporeans which refers toHDB flats and that has not been affected. HDB flats are not affected by property cooling measures as a person cannot own multiple HDB units. What will be most affected maybe residential property that is considered a discretionary purchase such as core city centre developments in Orchard with alot of vested interest from overseas clients such as China and Hongkong. These residents are affected as they are unable to return back to Singapore nor bring in cash flow to service their mortgage and therefore might put in the market to sell the property.
It is noted that the government will continue to monitor the situation and see if there is any measures or resources that are needed to pump into the property market to keep it going. So far, reviews note that Singapore properties remain robust and therefore there is no need for any intervention but more should be done to monitor closely. Desmond Sim, CBRE head of research for Singapore was not surprised that there were no goodies or incentives for developers as the budgetary measures are usually targeted at the masses who are looking for a play to stay and not playing with the property market.