2013's new home sales to hit 14,000-16,000 units

But still too early to gauge cooling measures' effects.

According to Maybank Kim Eng, the recent sales data is probably just a blip. Considering that January’s figures are likely to include forward demand from investors looking to beat the cooling measures’ deadline, they reiterate that the feat is unlikely to be replicated in February and March, although it is still too early to determine if the cooling measures have indeed worked.

Here's more from Maybank Kim Eng:

Nonetheless, we expect the marginal investors to be priced out of the market already, given the onerous cash requirements and higher Additional Buyer’s Stamp Duty.

We estimate full-year new home sales to be between 14,000 and 16,000 units.