Finance Minister Heng Swee Kiat has urged the real estate developers of Singapore to stay resolute in the face of tightening policies restricting the developers’ ability and timeframe to hold on to their land, size of the development and also the timeframe to sell out their development. He mentions that creativity driven by necessity must be applied. For example, due to limited space, the developer must make every space count to achieve the maximum impact. He challenges Singapore real estate developers to focus on the long term horizon and continue to push the frontiers of real estate by thinking about how they can best maximize value in a space that they are developing.
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