What a roller-coaster week for Singapore’s real estate market.

It is a surprisingly well-coordinated good show put up by the Singapore government, complemented by the parts played by different stakeholders in the industry, with an unexpected ending of the cooling measures announcement.

The show leading to the announcement

Day 1: URA Q2 Estimate and PropNex IPO

The show kicked off on Monday when URA showed an increase of 3.4 percent in its flash estimate’s of 2nd Quarter 2018 private residential property price index.

The media reported the good news and the analysts cheered for another good year for the property market.

In the meantime, PropNex raised S$40 million in IPO which was 24.6 times oversubscribed by the public, despite controversies over transfer fee and revenue discrepancy.

Day 2: Government Land Sales

The next day saw URA awarding the 99-year Hillview Rise site to Hong Leong Group which paid the top bid of