No wonder MM Lee don't think a property bubble is forming

Recent Singapore economic data like manufacturing jumping 58.6% yoy and Q1 GDP of 15.5% and a projection of 16 to 20% for Q2. And a revision of GDP for this year to between 7 and 9% points to a robust growth.

In addition, consumer confidence is the highest in two years and incomes stronger than expected in recent surveys in the US all points to a relatively robust recovery.

But wait, all those are past data, all in the rear view mirror. Looking forward, the winding down of economic stimulus, attacks on governments with weakened debt situation, asset bubbles fueled by cheap money and black swan events are putting the lid on investor's enthusiasm.

All in all, the recent pause in the rise of equity and property prices is a good thing as it can't rise indefinitely. Building a base now for a continued rise later seems like a more probable scenario.