Singapore will raise down payments for second mortgages and extend holding periods for properties starting tomorrow after home prices rose to a record last quarter, intensifying the nation’s efforts to curb speculation.

Individuals who hold more than one mortgage can only borrow up to 60% of a property’s value, versus 70% previously, the government said in a statement today, while loans to entities other individuals will be cut to 50% from 60%. A seller’s stamp duty will apply to all residential units and land sold within four years of purchase, from three years now.

Singapore’s private home prices climbed to a record as the nation’s fastest economic growth since independence in 1965 countered government measures to cool the market. The city-state has been attempting to rein in home prices since 2009 when the government barred interest-only loans for some housing projects and stopped allowing developers to absorb interest payments for apartments still being built.

“Previous government measures have to some extent moderated the market, but sentiments remain buoyant,” according to the statement today. “The government has decided to introduce additional targeted measures to cool the property market and encourage greater financial prudence.”