Singapore’s central bank said it may be 'necessary' to implement more measures to counter real- estate market speculation, joining China and Hong Kong in signalling a need to rein in soaring property prices.

Demand for private homes has experienced 'strong growth' and unchecked price gains may expose the property market to risks in the global economy, the Monetary Authority of Singapore said in its Financial Stability Review today. There should be 'close monitoring' of home prices and transactions, it said.