Singapore’s measures to curb property speculation have had an effect as the government wants the rise in property prices to be in line with fundamentals, National Development Minister Mah Bow Tan said in parliament today.

But it will monitor the property market carefully and will assess the market before adding more measures. It will also study the longer-term impact of its anti-speculative measures, the minister added.

Mah said the steps taken were not “blunt” instruments and were targeted at speculators to cool the property market, not “crash” it.

The minister assured parliament that the housing market has “a lot of supply” and the government is committed to ensuring sufficient public housing.