what's happening now is oppotunistic buying to alleviate pent-up demand. once this is satisfied:

1. excess supply when more units get TOP in 2010
2. rental continue falling as more expats are sent home or have allowances slashed
3. developers lower prices to get sales

it's unheard of for prices to rise in a recession

i'm keeping all my cash and cpf now, and will continue to pay low rent until prices are less outrageous