Singapore's property market has been achieving record prices recently but it could soon come to a turning point, the president of the property industry body said on Tuesday.

"We are approaching an important inflexion point in the real estate cycle," said Mr Chia Boon Kuah, president of the Real Estate Developers' Association of Singapore (Redas).

Mr Chia, who is also chief operating officer at property developer Far East Organization, said that property has "become a strong magnet as a store of wealth to investors and end-users alike" due to high liquidity and effectively negative real interest rates.

But risks remain in the Singapore property market, he told a Redas Property Prospects Update seminar held at Grand Copthorne Waterfront Hotel on Tuesday.