Property doubts resurface following The Bay’s suspension

Condo Sales Slide as Government Seeks ‘Soft Landing’

Condominium sales have plummeted by 50 percent, real estate developments are stalled and the central bank is working to rein in debt, the Finance Ministry reported yesterday in its first official biannual review of the economy.

“There is an urgent need to stabilize credit growth at a sustainable pace to facilitate the soft landing of the country’s real estate market,” the report says.

Developer puts condo project The Bay on hold as supply glut looms