Here is a gloomy forecast for the property market in Singapore. I agree with this view, and has been stating a similar view for several years.
Fortunately, the government has the means to reduce the impact of a bursting of the bubble. Their measures so far, have stopping the bubble from getting bigger, but have not brought down the prices yet.
The government thinks that they can hold the market until the global market recovers. But this will take several years. My guess is that they cannot hold the market for that long.
So, the government will have to look for new ways to handle the looming crisis. Good luck to them.