Singapore stated on Wednesday that it is going to provide temporary relief for the property developers hit by the disruptions to construction and the home sales due to the coronavirus or COVID-19 pandemic amidst the disrupted supply and manpower crisis.

The measures that will be taken are going to include allowing the developers to extend the completion time for the projects and relaxation of a rule which penalises a few firms for not building and selling the houses in a timely fashion.

Singapore tackling Coronavirus

Singapore

"The government will continue to ensure that prices for private residential properties remain broadly consistent with economic fundamentals," authorities said. Singapore has implemented a two-month social distancing "circuit breaker" aimed at stemming the spread of the coronavirus that is due to last until June 1.

"The circuit breaker measures put in place from 7 April 2020 also saw the suspension of work at construction sites, operations at housing developers' sales galleries, and home viewings," the government said. Private home prices in Singapore fell 1% in the first quarter ahead of the stricter lockdown measures.

(With agency inputs)