The Singapore residential market has taken “a mild breather” following government’s announcement last month to sell record number of sites for housing development, says BNP Paribas, according to Dow Jones.

BNP notes while turnout at property launches still encouraging, sales have slowed as “buyers are spoilt for choice when it comes to mass-market developments.” Expects slowdown to continue; “this is evident from the decreasing number of sub-sale advertisements while the projects are still under construction. From a selected number of developments, we see fewer advertisements especially in the mass-market segment.”

Says with record number of sites to be released for sale by tender in 2H10, bidding prices from developers expected to fall by 10%: “We believe the property stocks will be rangebound this year due to the risk of government measures to cool the property market and due to limited catalysts.”

Of slew of property stocks in Singapore, picks CityDev (C09.SG), SC Global (D2S.SG) as favourites with Buy call, respective targets of $12.06, $2.22.