Warning of 'euphoria' puts Singapore property market on notice

Singapore's hot property market has been put on notice. For the second time in eight months, the central bank is warning of a bubble building up and cautioning developers, banks and home buyers to proceed with care. Property observers say the warnings are a reality check that the government will step in if the market overheats. The latest reminder came from Ravi Menon, Monetary Authority of Singapore (MAS) managing director, who noted the "euphoria" in the Singapore property market. In December, Mr Menon's deputy, Ong Chong Tee, had warned of "excessive exuberance" in the property market as well as risks from rising land prices and a possible oversupply of housing stock.