Lawrence Wong

He said the root of the problem is a supply issue, which the Government is addressing. Read more at straitstimes.com.

He added: “We have been through these cycles before in the property market. Mr Wong, who is also Finance Minister, said: “In the past, when we had a crisis, supply gets impacted, demand also comes down. The Government will have to address it by increasing supply in the housing market, which is already happening, he added. In particular, for some of the more essential workers, the agencies are looking at how to help ramp up the supply of housing as soon as possible to mitigate some of the cost pressures that employers face, he added. I better apply earlier’. He noted that before the Covid-19 pandemic hit, the housing market – both public and private – was relatively stable, and resale prices on the public market had been decreasing for six consecutive years, from 2013 to 2019.