April Consumer Lending Drop

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Monetary Authority of Singapore (MAS) had revealed that housing loans in Singapore fell for a third month in April resulting in a continued drop in consumer loans.

In April, there is an amount of $202.76 billion booked for bridging loans and mortgages which is much lower than the $203.38 billion posted in March.
75% of consumer landing is accounted for from housing loans accounting with overall consumer loans fell to $264.57 billion in April from $264.67 billion in March.
Bloomberg interview with Minister for National Development Lawrence Wong said the property cycle in Singapore has stabilised almost a year after the government implemented cooling measures to intervene soaring property prices.

With all the new launch condo and with more to come in the new condo or residential projects coming in the pipeline, Minister for National Development Lawrence Wong said,“The property market last year, before the cooling measures were put in place, we saw prices rising very sharply…
There was a very real risk that prices would outpace fundamentals, and I think if that had happened, then eventually it would lead to a destabilising correction, and I think everybody would be worse off,”.
“It was, as we had stressed then, not to bring down prices but to stabilise and moderate the cycle, and I think we have achieved that effect.”

Overall bank lending held flat in April from the previous month, on the back of moderated growth in business lending and decline in consumer loans.
In April, the total lending climbed to 1.4 percent from a year ago which is much slower than the 2.2 percent year-on-year growth registered in March.

New launches coming are : Avenue South Residence