Statistics

*2008's GDP growth and GDP are taken from advance estimates.
src: The data for Singapore GDP comes from www.singstat.gov.sg; STI index from finance.yahoo.com; HDB resale price index from www.hdb.gov.sg; private property price index from www.ura.gov.sg

Indicated on the graphs are 4 red lines, each indicating the 4 significant events affecting Singapore's economy, namely Asia Financial Crisis, Dot Com bubble burst, September 11th terrorist attack in the US and SARS crisis.

4 findings:
Property prices (both private & HDB) are much higher now than during each of the 4 crisis.

GDP growth is badly hit during each of the 4 crisis and Singapore entered into recession (-ve growth) during 2 of the them, Asia financial crisis and SARS.

V-shaped GDP growth recovery seems to mark the bottom of the property prices, around beginning of 1999 and during the period from 1Q02 to 1Q05.

No conclusion to be drawn for relationship between property prices peak and GDP growth.