Singapore home prices heading south by mid-2013

All because of next year's supply overload.

Here's more from DBS:

We expect prices to come under slight pressure when the large incoming supply of private and public homes starts to kick in from 2H13.

More new launches to come. 10M primary homes sales have reached just under 20,000 units. With developers still planning to launch projects for the remainder of 4Q such as City Dev’s Echelon development, we believe monthly home sale volumes are likely to remain above average, particularly under a low interest rate environment. However, price momentum is expected to moderate. We expect prices to come under slight pressure when the large incoming supply of private and public homes starts to kick in from 2H13. 

We continue to like CMA in anticipation of their acceleration in earnings growth as their portfolio matures and Capitaland which would benefit from their capital recycling activities in the coming years.