Singapore property OCBC Investment Research, March 13

THE Singaporean authorities announced last Friday that they have relaxed some property cooling measures. On balance, we believe these set of changes will be marginally supportive of still-declining home prices. In our view, the timing of these reversals was not a complete surprise. As we have been highlighting to our clients over the last few months, the Singapore government has over the last three cycles a near unbroken record of actively reviewing property legislations against its goals of price stability, and historically began reversing curbs after homes prices had dipped between 8 per cent and 17 per cent from the peak.

Singapore banks RHB Securities Research, March 13