The Singapore government is really worried about the surge in the real estate demand in the country in the last three months. The cumulative number of houses sold in the first eight months of this year is 120% of the sale happened in the entire 2008.
Also the government does not want to see another real estate price collapse, and hence has proposed to pull out some of the special benefits granted to the sector a year ago, at the height of global economic downturn. These moves are expected to help reduce the volatility in the real estate prices in Singapore, and help pull more investors.