Housing loan applications in Singapore have fallen by 20-25% since the government introduced measures to cool the city-state’s residential market, DBS <DBSM.SI> CEO Piyush Gupta said on Thursday.

Singapore announced restrictions to cool its property market on Aug 30. The measures included a reduction in the amount those with existing mortgages could borrow to buy second properties and extending a stamp duty on those selling property within three years of purchase.

The government also introduced new requirements on those who wanted to purchase government-built apartments on the resale market.

DBS is the largest of Singapore’s three local banks.