Anti-speculation property measures have their side effects

QUALIFYING certificate (QC) rules have generally been effective in curtailing property speculation, but pressured developers, using innovative ways to escape the harsh penalties, raise the question of whether the policy's efficacy outweighs some of its unintended consequences.

QC rules were enacted to prevent foreign developers from hoarding or speculating on residential land in Singapore. After the global financial crisis, developers tended to delay their project launches and hold out for a good launch window.

But they can no longer do so, with the rules now requiring all foreign and liste…