Morgan Stanley published a research report stating that the rise in property prices in Singapore may continue into this year, as investors hope to purchase and cash out before properties are completed. It is expected that these speculative buying activities will trigger a rise in property prices or may prompt the government to implement more measures to cool the property market. According to preliminary estimates released last week, Singapore's private residential prices rose by 2.3% quarter-on-quarter, the largest increase in the past year. Morgan Stanley believes that if the Singaporean government introduces measures to cool the market, it could involve raising the seller's stamp duty to more effectively curb speculative purchases, as buyers of resale units have averaged a profit of 21% in the past two years, higher than the historical levels of previous years.