Why do some posters forget that there is a genuine demand in this market?
Not all is speculation.
Genuine demand will turn into buying actions once the price seems right to these potential buyers (maybe then, only a 10% price drop is necessary?)
Speculators obviously only need some place to park their money, regardless where.
No one is saying that there is no genuine demand, but what we are saying is that demand has contacted to now be significantly lower than supply. "Genuine buyers" are mostly likely only willing to pay "genuine prices". Unfortunately, the asking prices today from speculators and developers are completely distorted by the Bubble of 2007 and thus not genuine based on Singapore's current and long-term economic fundamentals, nor the declared SG Govt directive that prices will decline.
Hence the current stand-off while "genuine buyers" wait for the sellers' stress-levels to increase sufficiently and they drop their price expectations down to "genuine valuations".
As called out many times here, when property sales transaction volumes collapse that is the first signal of a pending price collapse - just takes a few months to flow through.
