Prices of Singapore mass-market homes could come down by 5.0%-10% next year in wake of government’s 1H11 land sales program, says DMG property analyst Brandon Lee; “prices don't seem to have come off yet considering the liquidity coming in, which could fuel asset inflation.”

Says expected supply of 8,100 residential units from 17 sites to be sold under 1H11 land sales program “slightly more than what I had expected. I was looking for around 5,000 to 6,000.”

Attributes outcome to pick-up in October’s private home sales; “this is probably because of the October sales, which showed there was still strong demand. There's no let-up in efforts to cool the market.” Developers sold 1,058 new private homes last month vs 911 in September.