On the supply side, the en-bloc market could potentially grind to a halt as developers to recalibrate their strategies to clear unsold stock acquired at high prices.

According to DBS, the revised ABSD rates -- 25% ABSD and an additional 5% non-remittable for en-bloc sales -- greatly increases the capital commitment for developers looking to land-bank further in a period of increased uncertainty in buying volumes and heightened supply entering the market in the coming two years.