The May 14, 1996, antispeculation measures introduced by the govern­ ment were meant to curb the adverse effect o f excessive speculation in the private home market. As the Minister for National Development, Lim Hng Kiang, had put it succinctly:

Excessive speculation can create a false mood of euphoria and push prices up higher than long-term fundamentals can justify. Eventually, this will result in a property market collapse which can seriously damage the rest of the economy. (Government Keeps Close Eye on Private Property, The Straits Times [Singapore], May 3, 1996)

Thus, in the interest of the common good and to facilitate the efficient use of Singapore’s scarce land resources, the government’s antispeculation mea­ sures to stabilize house prices was most welcomed and justified.