Look at the mortgage NPL trends at DBS, OCBC, and UOB

Do the cooling measures translate to burgeoning NPLs?

According to CIMB, further property cooling measures run the risk of accelerating property price falls. We have already seen some signs of property price softness in recent months. As property prices head down, an increase in mortgage NPLs will surface.

"Our channel checks with the three banks suggest very comfortable mortgage service ratio levels of around 30%. Lastly, a look back at history shows that Singapore mortgages were never a large source of NPLs."