Based on the projected losses to the UK real estate sector following Brexit, Singapore's UOB Bank has announced that it has decided to suspend its London property loan program, the latest reaction to the UK's vote to leave the European Union.

This came in a statement released on Thursday by the Singaporean bank explaining that the decision was due to the uncertainty following the outcome of the UK's referendum to leave the European Union.

This came in a statement released on Thursday by the Singaporean bank.

The bank said it would temporarily stop taking applications for loans to buy property in London, seeking to protect customers from the current instability that could affect the country's real estate market, according to the BBC. Singaporean investors were the largest buyers of commercial real estate in the UK at the end of 2015, according to Knight Frank.