(July 2): Singapore private home prices posted a second straight quarter of strong gains as the property market extended its recovery from a four-year slump.

An index tracking private residential prices jumped 3.4% in the three months ended June 30, according to a flash estimate from the Urban Redevelopment Authority. That builds on a 3.9% gain in the first quarter, which was the biggest since the second quarter of 2010.

The rebound in home prices has prompted aggressive land bids from developers as buyers shrug off cooling measures ranging from additional taxes to limits on loans. The government in February raised taxes on home purchases exceeding $1 million as collective apartment sales reached levels the central bank described as exuberant.

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