Followers of the Total Debt Service Ratio framework are congratulating themselves as sales JCube Condo Capitaland volume is decreasing and cooling down the exuberant buying spree in property.

The head of CBRE research citing the latest URA figures, showing Singapore’s property price levels for Bellewaters EC are now similar to levels that are almost identical to Q2 2011, just before the first set of Additional Buyers Stamp Duty (ABSD) was enacted.

Bellewaters EC Debt to Service Ratio

In fact, a 1% quarterly, fall fits in precisely with the economic models and it follows along with what previous quarterly numbers have shown a 50% drop off from the 14,948 units sold in 2013 at 7,500, which is where the TDSR was supposed to accomplish in Bellewaters EC.

Most analysts and market watchers believe that the TDSR framework is a success and has done precisely what it was supposed to do bring …