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SINGAPORE: National Development Minister Khaw Boon Wan has said that while the government cannot eliminate the property cycle, it can try to keep the housing bubbles "less bubbly".
Writing in his Facebook page on Monday, Mr Khaw made reference to an article that talked about a case in Ireland where housing prices have dropped by 50 per cent since its peak in 2007.
He noted that the housing bubble in Ireland and its inevitable bust has brought huge misery to many.
Mr Khaw said the right thing to do in Singapore is for the government to intervene before the property market becomes too “hot”.
He said this is similar to “taking away the punch bowl when the party is getting hot”.
Mr Khaw noted however that this is done much to the unhappiness of sellers and developers.