On October 17, National Development Minister Lawrence Wong told the press that it is still not time yet to unwind the cooling measures. Price adjustments so far have been moderate compared to the increase in prices in the past few years. Price corrections are moderate So how “moderate” is price adjustments? Have price corrections been “meaningful” so far? According to URA, the Property Price Index of private residential properties have fallen almost 8 percent from their peak of 154 (based on rebased PPI) in 3rd quarter of 2013 to 142.3 in 3rd quarter of 2015. However, based on the last bottom of 95.3 (based on rebased PPI) in 2nd quarter of 2009, prices of private residential properties have jumped 62 percent. As of 3rd quarter of 2015, prices are still 49 percent above 2nd quarter of 2009. The conclusion is: price adjustments for the past two years are ......