'Lots of teeth' in new curbs: DBS chief

'Lots of teeth' in new curbs: DBS chief

SINGAPORE - DBS Group Holdings chief executive Piyush Gupta expects Singapore's economic growth rate to come in on "the low side" of the Government's official 1 per cent to 3 per cent forecast.

This is partly because he believes that the latest property cooling measures, announced last Friday, have "a lot of teeth" and affect everyone.

Still, Mr Gupta is generally optimistic about 2013 and believes that there are opportunities for investors to make decent returns.

"There will be some choppiness, which means it won't be a one-way street, but if you are willing to put money to work, and hold money to work, there will be some upside," he said.

Mr Gupta was speaking at a client event by DBS Private Bank at the Ritz-Carlton, Millenia.

The latest round of property cooling measures includes the introduction of higher additional buyer's stamp duty and stricter borrowing limits.

Mr Gupta said that the measures also reflect the Government's dilemma in navigating a path between "growth versus inflation, and growth versus social stability".

He said: "You don't have to be terribly prescient because they have been making it very clear now for some time that they are willing to trade off growth, for what they (the Government) call sustainable growth."

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