Challenging outlook looms over property market

Various groups with vested interests in the property sector are still dissecting the multi-faced measures announced a few months ago in Budget 2014. They are concerned about the impact it will have on the market and are trying to make the best of the situation.

The measures to cool the market underscore the Government’s resolve to curb property speculation and promote a more healthy and sustainable market. A focused policy on affordable housing is also one of the main thrusts of the Government initiatives. The new budget measures apply to all property projects nationwide except those in the Medini enclave in Iskandar, Johor, which has been declared a special economic zone.