Look at how much completed private homes will balloon by 2014

Homes in OCR will totally outstrip other regions.

According to Nomura, sooner or later, the fundamentals of increasing supply, a sluggish economy and prices at an all-time high will inevitably put pressure on prices, with a concomitant impact on sentiment. But private residential properties completion will continue to thrive.

Here's more from Nomura:

On 5 October, the MAS announced the latest round of cooling measures for the housing market, imposing a cap on mortgage loan tenures at 35 years as well as a lower LTV for mortgage tenures exceeding 30 years or extending beyond the age of 65 years.

Nomura property analyst Sai Min Chow has noted that the measures are imposed on first-time home-buyers for the first time and he detects a slightly more hawkish tone from the MAS statement: “we will do what it takes to cool the market”.