SINGAPORE (July 5): Singapore tightened curbs on the property market after home prices posted a second straight quarter of strong gains, extending a recovery from a four-year slump.

The government raised stamp duty rates on additional property purchases and toughened loan-to-value limits for buyers to keep price increases in line with economic fundamentals, the Monetary Authority of Singapore, Ministry of National Development, and Ministry of Finance said in a joint statement.

An index tracking private residential prices jumped 3.4% in the three months ended June 30, according to a flash estimate from the Urban Redevelopment Authority this week. That builds on a 3.9% gain in the first quarter, which was the biggest since the second quarter of 2010.

The rebound in home prices has prompted aggressive land bids from developers. The government in February raised taxes on home purchases exceeding $1 million as collective apartment sales reached levels the central bank described as exuberant.