CITY Developments (CDL) chief Kwek Leng Beng is not convinced that the property market slowdown is as widespread as it seems, despite the recent easing in home sales and prices.

The executive chairman of Singapore's second-largest developer said the lower prices may just be the result of 'panic-selling' by a few owners who had bought their high-end homes cheap.

'There is a bit of panic in the market, and what has gone up very high in a straight line will also come down,' Mr Kwek said, referring to how property prices have soared in the last few years. But he added that a few lower-priced sales may not be representative of the overall high-end market.

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