SINGAPORE (June 3): Almost a year after intervening to stem soaring property prices, Singapore has done what it set out to do and stabilised the property cycle, Minister for National Development Lawrence Wong said.

“The property market last year, before the cooling measures were put in place, we saw prices rising very sharply,” Wong, who is also second finance minister, said in an interview with Bloomberg Television on May 30.

“There was a very real risk that prices would outpace fundamentals, and I think if that had happened then eventually it would lead to a destabilising correction and I think everybody would be worse off.”

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