The government has reiterated that it is not time yet to unwind the cooling measures. This comes on the back of recent calls in parliament to tweak the cooling measures as private and public housing prices continue to slide in 1Q2016.

“There will be ups and downs in the property market, and the government is watching the property market closely,” says Lawrence Wong, Minister for National Development. “We will be prepared to respond when needed.” Wong was speaking at ERA’s career advancement day event on April 21.

Wong says he knows that the industry is “fixated” over the measures, but the property market is not dependent on the cooling measures alone. What is more important is to ensure that Singapore continues to grow and for the economy to thrive. However, he warns that “The road ahead will not be smooth sailing.”