Speaking at the SMU homecoming celebrations for its Master of Science in Applied Finance programme, Alan Cheong, head of research and consultancy at Savills Singapore, backed the resilience of the residential property market, barring unforeseen systemic shocks. There has been a housing shortage since 2006, he said, presenting calculations done by him and several SMU professors and researchers. Even when the full expected supply pipeline comes on board in 2015, Mr Cheong still forecasts a deficit of around 3,765 units, which will support prices.