Singapore has announced new measures to rein in local property prices that have been growing at rates higher than those in Europe and the U.S. The measures include extending the imposition of sellers’ stamp duty from one year to three, and curbing population growth by reducing the number of foreign workers allowed into the country. Prime Minister Lee Hsien Loong said that only 80,000 foreign workers will be admitted to the country in 2010, down from an earlier estimate of 100,000.

    About the author

    • Ivy Mungcal

      As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.