SINGAPORE - The Singapore Government is studying how best to support the hospitality, tourism, retail and food and beverage sectors that have been hit by the Wuhan virus outbreak even as it takes precautions to contain the outbreak, Singapore's National Development Minister Lawrence Wong said.
"It is a coronavirus but it is clearly different from Sars and more transmissable and can spread faster. For now, it looks less lethal than Sars but over time it can change. The entire global community is scrambling to understand this and to update and develop possible vaccines to treat this. We can do genome sequencing and we have diagnostic kits to detect anyone infected. But we are dealing with something different," Mr Wong said.
Speaking at the event, Redas president Chia Ngiang Hong said Singapore's private residential property market remained resilient in 2019, with 52 new projects, excluding executive condominiums, and about 17,000 units launched for sale. More than 9,900 new homes were sold, 12.7 per cent higher than in 2018 despite the cooling measures.
"Some consultants are also of the view that there is a great deal of pent-up household liquidity... In the beginning of the year, most analysts expect new home sales for 2020 to remain resilient and roughly match 2019 levels. Prices of new homes are not expected to change much.
🇸🇬 Is only a little island with no natural resources n require hospitality, tourism etc to boost our economy. But under such challenging circumstances, I think safety of its community n homeland is more impt. We can rebuild our economy together when all is well again. We can💪🙏
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