Hi Anonymous Coward,

I'm a fellow anonymous coward who also betted against the mini Nostradamuses.

Was your forehead dripping with sweat and your hand trembling while signing the cheque at the showroom in early 2009?

If you did, then you're also a coward like me, unlike the bravos here.

NOMURA SINGAPORE LIMITED

RESIDENTIAL PROPERTY SINGAPORE ANCHOR REPORT
12 December, 2008

ANALYSTS
Tony Darwell
Min Chow Sai
Daniel Raats

Still critical

We retain our Bearish stance on Singapore’s residential market. Deteriorating economic conditions have impacted both end-user demand and rental housing budgets, driving down rents at a time of rising risk premiums. This deterioration in the market’s condition is adding further downward pressure to asset prices at a time when marginal speculators are looking to de-leverage before TOP and/or developers are committed to launching into a market with few, if any, opportunistic buyers. Whereas in our 20 March note we posited an expectation of a cyclical correction in asset prices with supply outstripping demand, it is evident that even our pessimistic prognosis has been further undermined by a weaker economy. We believe lower rents and softening yields will result in home prices falling further and faster than previously expected: luxury values down 43.8% over 2008-10F (from 32.3% previously), and mass values not being immune, falling 32.1% over 2008-10F (from 19.4% previously).