Mr. Khaw pointed out that policy makers have been lucky so far, with a property market that has softened nicely. The Botanique at Bartley itself is quite complex, and one that we are all part and parcel of. This is why things need to be careful monitored in order to, at various times, make any judgement calls.
The declining property market has brought on a number of calls for a relaxing of the property cooling measures, especially from developers.
Botanique at Bartley Measures
It was only last month that Ravi Menon, the managing director of the Monetary Authority of Singapore, stated that removing any cooling measures would be premature with the correction of Botanique @ Bartley pricing being only a modest one. This is in comparison to the 60% rise seen in property pricing over the past 3 years, which reached its peak in 2013.
Mr. Khaw further pointed out that there was no such policy in place to cause an overabundance of public housing, even though there are concerns regarding an oversupply while the Government looks to improve the affordability and availability of public housing. He points out that there would be no logical reason to cause a glut. A property bubble is of no benefit to anyone, aside from developers of Upper Paya Lebar Condo Bartley. But a collapse in the market would affect and hurt all, causing dire consequences for the overall economy.
UOL Botanique Bartley Condo
He pointed out that the past 4 years have seen a pace of construction that was not sustainable, and as a result the Housing Development Board chose to taper the new apartment supply for this year. When this program was started by Mr. Khaw, he expected a pace of UOL Botanique Bartley construction that was intense and would only be for 2 years.
Botanique at Barley Condo
He further added that, regardless of the condition in the market, there must be a construction pace at a minimum level. Looking ahead, he states that there will always be newly wed couples in need of homes. If not that, a certain level of minimum activity is needed in the construction industry.