Here's proof that Singapore property demand is hardly affected by cooling measures

Despite almost 36,000 unsold units.

According to Knight Frank, despite the existing property cooling measures and threat of oversupply with rising unsold inventory of close to 36,000 uncompleted non-landed residential units, the continued rise in prices is a reflection of robust underlying demand. 

The market is essentially supported by genuine demand from both homebuyers and investors.

Here's more from Knight Frank:

Newly launched projects in the OCR and RCR are generally well received, particularly for projects with good locations attributes, i.e. near MRT stations and renowned educational institutions or within growth areas, and with reasonably competitive pricing to attract buyers.

Home purchasers still hold confidence in the Singapore property market and continue to show interest in private residential market, given the current low interest rates and ample liquidity, coupled with stable employment conditions.

The Population White Paper’s projection of a higher population for Singapore further reinforces the optimistic outlook of future housing demand as population growth will continue to support the economy and the real estate market.

In anticipation of property price appreciation and future home demand, market response to new launches, particularly in the suburban areas, remained buoyant and this has fuelled an overall price increase in the OCR Residential Price Index as developers factored higher development costs in their selling prices.