Property cooling measures to stay: MAS

PROPERTY cooling measures remain "necessary" as the Singapore residential property market continues to moderate and recent project launches have seen relatively good take-up, the Monetary Authority of Singapore (MAS) said in its annual report released on Thursday.

This also comes as the regional property markets have been buoyant and their respective authorities have, in the past six months, introduced further cooling measures. There is risk that tightening property regulations elsewhere could cause property demand from yield-hungry investors to spill over into Singapore if cooling measures here are eased.

"It is not time yet to ease the cooling measures. They remain necessary," said MAS managing director Ravi Menon on Thursday as the central bank released its annual report. "Easing the measures now would send a wrong signal."

Private residential property prices in Singapore have declined by nearly 12 per cent over the last 14 quarters.