This appears to be largely driven by locals and investors.

Singapore’s property market sprung back to life as new home sales, excluding executive condominiums (EC), spiked 75.5% MoM to 486 units in May from 277 units in April, according to the Urban Redevelopment Authority (URA). Including EC, sales jumped 73.7% MoM from 293 units to 509 units over the same period.