National Development Minister Khaw Boon Wan said the government is making progress in engineering a soft landing for the housing market.
In his latest blog post, Mr Khaw said one key strategy is to ramp up the supply of flats and private residential units.
On public housing, he said the contractors of the Housing and Development Board have completed 6,000 units as of May 31, and are confident of delivering the remaining 7,600 units by year end.
He said the effect of the ramped up supply is beginning to be felt this year, though the full effect will be felt over the next two years.
Mr Khaw said that for the soft landing to continue, everybody will need to play their part.
A little luck is also needed as there are some factors that are completely beyond Singapore’s control.
These include what the US Federal Reserve and other key central bankers do which can impact the global economy.