Chart of the Day: Check out how much private homes will be completed by 2015

Analysts fear it's too much.

According to Nomura, sentiments have turned more cautious and the market is rightly concerned about the projected surge in completions.

"About 9,000 units of non-landed private homes [excluding executive condos (EC)] were completed in 9M13 and we are projecting another 28,570 units to be completed by end-2014F, about 51% of which are located in the outside central region (OCR, a proxy for the mass-market segment)."

Nomura said that while a lot has already been said about the potential impact on the rental market, they believe the impact on the secondary market could also be significant, notwithstanding the introduction of sellers’ stamp duty (SSD) in February 2010.