The number of foreigners owning private property in Singapore has grown to 16 per cent in the first half of this year, compared to 12 per cent for the whole of last year.
Despite the growing demand from foreigners, Mr Khaw said locals still account for more than four-fifths of all private home purchases this year.
While the private housing market is still rising, the rates of price increase have been trending down since the third quarter of 2009.
So far this year, the price increase was 6 per cent, compared to the 18 per cent rise for the whole of 2010.
For successful Singaporeans who aspire to own private properties, Mr Khaw said the government will ensure an adequate supply of land for such developments.
Mr Khaw said: "In response to strong demand, we have ramped up supply of land through the Government Land Sales programme. This year, we are releasing land for over 14,500 units to the market, compared to 10,000 units last year.
Today
, there are still 34,000 unsold private housing units, equivalent to more than two years of demand. We will keep up the land sales programme until the market stabilises fully. The new supply will take time to come on stream, but over time it will help stabilise our private property market."
Mr Khaw stressed that rising property prices cannot be attributed solely to foreign purchases.
He pointed to other factors such as low interest rates and Singapore's strong economic fundamentals.
Source: Channel NewsAsia – 20 October 2011
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