National Development Minister Khaw Boon Wan has been conducting one-on-one meetings with developers and shareholders to get their take on the real estate market since he took over the housing portfolio in May, according to sources.
The meetings aim to give Mr. Khaw a clear understanding of the different aspects of Singapore’s property industry before he formulates any new policies, added the sources.
According to a Business Times’ report, the minister had in-depth, one-on-one conversations with key developers such as City Developments (CDL), Far East Organization (FEO), Wing Tai Holdings and SC Global Developments.
Mr. Khaw also plans to speak to other industry bodies, such as the Real Estate Developers’ Association of Singapore (Redas).
“It is Mr. Khaw’s style to consult widely and frequently,” said a spokesperson from the Ministry of National Development (MND).
“The meetings with the developers, contractors, architects, academics and property analysts are to help familiarise himself with the issues, and gain further insights into the property market. He intends this to be a continuous process of engagement.”
A source who attended one of the minister’s meetings noted that Mr. Khaw acknowledged he is not an expert in the field.
“He also assured that he is not a person who will change things just for the sake of changing things,” the source noted.
He took over the housing portfolio last month. Since then, the minister has requested the opinions of industry players, experts, customers and Singaporeans through his “Housing Matters” blog.
“We believe his constant updates via the blog will help to alleviate some fear among potential buyers to prevent panic buying,” read a Citibank report, in a section entitled “The New Minister and His Blog”.
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