The Singapore property market, which has been struggling for a few years, doesn’t seem to be out of the woods yet.

According to Kwek Leng Beng, chairman of City Developments, the worst isn’t over:

“I do not believe the worst is over – although I do think the worst has slowed down.”

He continued on to say that residential prices might take up to nine months before they show any signs of recovery. However, he does believe that luxury homes are still offering good value for money because prices have fallen by about 35% since 2013.

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“A lot depends on the oversupply and the penalties we have to pay if we don’t sell in a certain time,” Kwek Leng Beng said. “In light of the lower interest environment the developer will try to hold on for as long as possible, after a certain point when he has no choice he will have to cut the price.”

Property prices in Singapore fell by 3% in 2016, as the government continued its cooling measures. Prices dipped for a 13th straight quarter in the three months that ended in December 2016, the longest streak since data was first published in 1975.

Despite this, the Singapore government has indicated that it is reluctant to ease property controls, including capping debt repayments at 60% of a borrower’s income and higher stamp duties, as it wants to avoid the market overheating again.