The Government cannot "eliminate" the property cycle, but it "can try to keep bubbles less bubbly", National Development Minister Khaw Boon Wan wrote in a Facebook post on Monday.

He made the comment when referring to an International New York Times article on the housing crash in Ireland, where prices have dropped by 50 per cent since the peak in 2007.

Mr Khaw noted that a housing bubble and "its inevitable bust" would bring "huge misery to many". While the Government cannot get rid of this cycle, it can try to contain the "bubbles". "This means taking away the punch bowl when the party is getting hot, much to the unhappiness of sellers and developers. But this is the right thing to do," he concluded.