Property consultancy firm DTZ said yesterday that there was little speculative activity taking place in Q3 this year.
In a report, DTZ said that the proportion of sub-sales declined 13 percent in the third quarter from 16 percent in the previous quarter.
Sub-sales, which signify the re-sale transactions before a project is complete, are usually used as a guide for speculative activities.
DTZ also learned that since Q2, price inflations in the private property market have resulted in the decline of the purchasing power of HDB upgraders.
Proportions of private home buyers with HDB addresses dropped to 37 percent in Q3, from 56 percent in Q1 this year during the recent peak.
However, the figure remains higher than the 22 percent result during the last property boom in 2007.
DTZ said that most buyers with HDB addresses purchased mass-market projects such as Trevista and The Gale.
Looking ahead, DTZ expects low sale activity for the rest of 2009 and even up to the early part of 2010 due to the continuous price hikes and the cooling measures implemented by the government.