Property cooling measures benefit many, and should stay

The property cooling measures instituted by the Government should remain in force (“Budget 2016’s longer-term positive impact on property”: April 1).

They are a welcome, wise and benevolent solution to the property tsunami a few years ago and had evolved over two years. Most people here are benefiting and may support my view.

A product for public consumption should be value for money. Until the cooling measures were rightfully introduced, prices had ballooned every time a piece of real estate changed hands.

Such increases, without value added, are a drain on the economy. At best, property price increases should tally with inflation.

An apartment’s value is made up of land cost, material, labour, other incidentals and, finally, profit for the developer. With the cooling measures, people are still buying property they find value in and that suits their needs.

The Government had cautioned the public not to stretch themselves. When that did not tame the market and the reckless price escalations, gradual steps were taken.

Naturally, many property developers are clamouring for the cooling measures to be lifted. The measures are bitter only to them.

Some of the smarter developers are confident of selling their units without having to pay the Additional Buyer’s Stamp Duty.

Over time, all players will see the benefit of such controls and abide by them. Such measures are healthy for citizens; let us accept them gracefully.