An impressive S$9 billion closed in 2017 and over S$10 billion in the first half of 2018 took Singapore's en bloc sale market by storm, fuelling runaway property prices. The Residential Price Index is at its highest and developers have seized the opportunity to launch residential properties at never-before-seen prices.
En bloc transactions have peaked, so calling the latest round of curbs a cooling measure may be a misnomer. The joint forces of top authorities will freeze the residential market, just like in 2013.
Last-minute rushed sales, developers' discounts to soften the impact, property stocks hit hard aside, we will see a correction in property prices.
The latest measures may have come too late for our good, but too sudden and harsh for some.