Your analysis is interesting. However given the strong economic growth in Singapore over the last few years, investors have holding power and will refuse to sell unless asking prices are met; the 'flippers' with no holding power will all have been weeded out before completion assuming they bought in August. If you need the property you will still need to buy anyway since prices are moving up. Also, the commodities boom is pushing up materials costs, so replacement cost for anything is still going up. Maybe not so good as investment since there are alternatives, but at least to stay buying is a good idea