I REFER to your article "CDL warns of fire sales in high-end market" (BT, Nov 13). We note the article was based on CDL's third-quarter results announcement on Wednesday and not from any interviews. The headline was taken out of context. It gives readers the impression that "fire sales" apply to the overall high-end market, whereas in CDL's results statement we explained this could possibly apply to some mortgage borrowers across all market segments.

Our statement elaborated on the reasons. Firstly, residential prices in Singapore have yet to stabilise and are expected to remain subdued across all market segments. Secondly, the government's cooling measures will continue to impact sales volumes and residential property prices. Thirdly, average residential rents across all market segments, particularly the high-end segment, are on the decline. Fourthly, there is a weak secondary market. If this trend continues, with prices dipping more, some borrowers may face difficulties in servicing their loans.

While some of the above factors were captured in the article, it is unfortunate that those who read only your headline could have missed the context.