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The measures may also risk hurting the already frail economy and dampening foreign investments and business prospects in Singapore.
'One analyst is even of the view that these harsh measures could tip the economy - already on the edge - into recession,' said Mr Wong, in a publication issued by Redas to celebrate its 52nd anniversary, Building an Outstanding Global City.
'With real estate activities accounting for some 5.2 per cent of GDP, a 25 per cent fall in property transactions in 2012 could shave GDP growth by about 1.3 per cent,' he warned.
Another point of contention was the government's lack of consultation with Redas and other industry players, before implementing the cooling measures.
'It is Redas's wish to continue to engage the government in close dialogues even on sensitive matters such as cooling measures before they are implemented,' said Mr Wong.
However, Mr Tan countered that while there are many areas of mutual interest in which the government would be 'happy to engage in closer dialogue', the government 'may not be able to consult Redas on every issue, especially those that are market-sensitive'.
'Importantly, it is not about common consensus, but about doing the right thing and implementing the right policy,' he said.
Further, Mr Tan said that the Ministry of National Development was prepared to release more land for the development of 5,000 executive condominiums (ECs) next year to help more higher-income Singaporeans own private housing.
'One analyst is even of the view that these harsh measures could tip the economy - already on the edge - into recession,' said Mr Wong, in a publication issued by Redas to celebrate its 52nd anniversary, Building an Outstanding Global City.
'With real estate activities accounting for some 5.2 per cent of GDP, a 25 per cent fall in property transactions in 2012 could shave GDP growth by about 1.3 per cent,' he warned.
Another point of contention was the government's lack of consultation with Redas and other industry players, before implementing the cooling measures.
'It is Redas's wish to continue to engage the government in close dialogues even on sensitive matters such as cooling measures before they are implemented,' said Mr Wong.
However, Mr Tan countered that while there are many areas of mutual interest in which the government would be 'happy to engage in closer dialogue', the government 'may not be able to consult Redas on every issue, especially those that are market-sensitive'.
'Importantly, it is not about common consensus, but about doing the right thing and implementing the right policy,' he said.
Further, Mr Tan said that the Ministry of National Development was prepared to release more land for the development of 5,000 executive condominiums (ECs) next year to help more higher-income Singaporeans own private housing.
