Tycoon Cheng Wai Keung’s plan to sell Singapore’s most expensive private property faces the dual challenge of additional government taxes designed to cool the market and restrictions limiting the sale to locals.
Singapore’s March home sales rose to a record as more developers started marketing new residential projects, raising concerns the government will introduce more cooling measures to tame property prices.
Singapore’s private home sales fell 25 percent in June, the most in six months, following the government’s efforts this year to curb gains in housing prices. The property index dropped to a three-week low.
Currency strategists are abandoning their forecasts for a record-setting rally in the Singapore dollar as government measures to rein in property prices reduce pressure on the central bank to cool inflation.