That home prices are firmly on the uptrend on the back of improving sentiment and economic growth is no longer in doubt. The more pertinent question is: Are we witnessing a gentle recovery, which is seen as the preferred outcome for policymakers?

The signs are not promising. The recent tender for an executive condominium site in Sumang Walk in Punggol drew 17 bids, with each of them higher than the previous record in 2013 for a site near Jurong Lake.