Homes sales (excl ECs) rose 16% m-o-m to 1058 units in Oct 2010, in tandem with increased new launch activities. 10M sales have risen to 13109 units (excl ECs) or 89% of 2009’s total. There were significant buying interests in the high-end segment, both for new and existing projects. Transactions of projects priced  >$2000 psf accounted for c21% vs c6% in previous two months, while about 42% of sales were from new projects. Looking ahead, we expect pricing growth to be modest and reiterate our medium term view that high-end residential prices will remain resilient. Mass market property prices will be affected by large incoming supply of low-end private and public housing from the roll out of the GLS and resumption of more active primary sales in HDB housing market. Stock selection is key. We prefer UOL, Singland, Ho Bee and Capitaland.