UPDATE 1-Singapore c.bank wary of property mkt speculation

* More measures may be needed to curb property speculation

* Asian markets may be sensitive to monetary tightening

* Financial market rally has outpaced economic fundamentals

(adds detail on risks, background)

SINGAPORE, Nov 9 (Reuters) - Singapore's central bank warned that more measures may be needed to curb the risk of renewed speculation in the country's property market, buoyant by low borrowing costs.

The comments underscored the growing concern among policymakers in Asia, who are worried that the froth in residential markets in financial centres such as Hong Kong, Singapore and Seoul could turn into a bubble.

"As Singapore emerges from recession and with the market expecting low interest rates to persist for some time, the risk of a renewed escalation of speculative momentum cannot be discounted," the Monetary Authority of Singapore (MAS) said in an annual Financial Stability Review. "More measures might then be necessary.

The Singapore government in September acted to cool the property market by releasing more land and making it harder for home buyers to defer payments.[ID:nSIN486658].

Last month Hong Kong's central bank said it would cap the mortgage limit for luxury property at 60 percent, down from 70 percent currently, and limit loan values. [ID:nHKG305705]