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Have property cooling measures lost their punch?

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"The real estate market is often driven by greed and fear as the stakes are high, given the large capital outlay... It becomes a self-fulfilling prophecy." - Edmund Tie & Co chief executive Ong Choon Fah.

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"A major factor causing cooling measures to lose their effect is the continued income and wealth growth of buyers." - JLL Singapore's senior director of research and consultancy Ong Teck Hui.

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"Buyers tend to adapt to each measure. So the more measures there are, the more the market learns and then expects measures to be part of the property landscape." - Savills Singapore executive director Alan Cheong.

OVER the past 25 years, Singapore has had at least 10 sets of property cooling measures. These interventions were rolled out not only to curb speculation and rein in runaway home prices, but also to foster financial prudence among buyers and discourage over- investment in the private housing...

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