Not yet.
CB Richard Ellis’ (CBRE) latest report says prices of luxury homes in Singapore dropped 1.7 percent in the second quarter. Luxury home rentals fell 1.9 percent quarter-on-quarter.

Current number of household living in condos is 128k. Total uncompleted condo stock coming to market in next 4 years are 71k. That more than 50% increase in supply. Who is going to stay there? Not the young generation with <12k/month who booked BTO/ECs, hence they wont be buying them for next 5 years. Not the current home-owners who are serving 1million dollar mortgage where interest rates have moved up. No more large intake of expats as LHL said FT intake will be tightened during National Day speech.

So we are hoping that overseas PRC buyers continue to soak up the excess supply? By then, China property bubble might have burst, and they will think twice putting money in real estate.

So simple economics of supply vs demand indicates residential properties prices are unlikely to go up.