Wrong. While stock market volatility and fears of a United States recession have sent many property buyers to the sidelines, developers have not lost their nerve yet.

Prices for post-Chinese New Year launches are unlikely to head south over the next three months, consultants said.

'Major developers are financially strong, so buyers can't expect price cuts at launches,' said Knight Frank director of research and consultancy Nicholas Mak.

Even if the stock market suffers, the property market tends to lag behind by two to three quarters.

Usually, property prices fall only when there's a recession or general weakness in the labour market, said Mr Mak. Singapore is not facing either of those scenarios and they are not expected to arise, he added.

But individual sellers and some smaller developers could find themselves over a barrel in the months to come if buyers stay home.

Read the full story in tomorrow's edition of The Sunday Times.