(Dec 6): You’ll build and they’ll come? Well, don’t bet on it.

That’s what Singapore’s authorities seem to be telling property developers, who are flooding the market with new homes.

The builders themselves are getting nervous about the glut. But everyone — the prospective homeowner, the seller and the government — is actually lucky. A minor bubble got pricked in time, with exorbitant duties now charged on most purchases to discourage speculation. These hit overseas buyers and foreign-born permanent residents, whom many Singaporeans feel were pricing them out of the market, especially hard. 

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