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Sharp fall in property prices "possible"
Sharp fall in property prices "possible"

SINGAPORE: Minister for National Development Khaw Boon Wan has sounded an alert on a possible sharp fall in property prices.

Writing on his blog, Mr Khaw said things can suddenly go very wrong.

He pointed out a strong supply of housing units is coming up.

About 35,000 private homes have already been sold.

Another 45,000 units are also waiting to be built and sold.

Mr Khaw warned a weak global economy could turn away foreign buyers who make up about 16 per cent of all buyers of private properties.

Rental demand can also fall quickly since many Singaporeans also buy properties to lease to foreigners.

He said the impact of external shocks can be serious if the drop in demand happens when there's a substantial increase in supply.

He also said cost of borrowing and repayment must go up and households must factor this in.

Mr Khaw advised investors to bear these in mind before signing up for new houses.

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