No 'sharp discounts' coming
To be sure, those hoping for sharp property discounts may easily be disappointed.
Developers in the city-state aren't facing the same level of distress as during the financial crisis, Gibson noted.
"People might be disappointed if prices don't fall as much as they thought," he said. "It's still an attractive market for people to want to own property for the long term. There's money sitting on the sidelines waiting for a better moment to come in."
He noted that developers may simply try to ride out any downturn as margins remain fairly healthy, as many bought their land three to seven years ago.
So far, price declines haven't been overly marked. In the April-to-June quarter, private residential property prices declined 1.1 percent on-quarter, following a 1.3 percent drop in the first quarter, according to government data.
But that follows an over 60 percent surge since 2009, propelled by rock-bottom global interest rates and quantitative easing in developed economies, even as Singapore's government has enacted a series of cooling measures to prevent a bubble from forming.
Read MoreCan Singapore safely deflate its property market?
Another factor that may help the city-state's developers avoid major price cuts: they're also looking outside their home market.
"They're looking at other countries where cooling measures are not put in place," such as in the U.K. and Australia, Motley Fool's Kuo said. "they have the resources so they're going to deploy the resources somewhere else."
Others also think the price declines may be relatively limited.
Chestertons' Han expects prices may fall another three to four percent in the second half of the year. But he sees sales getting some support as the main activity has been in the "outside central region" segment, suggesting mainly buyers who are upgrading from public housing.
"It's more of an end-user market," he said.
—By CNBC.Com's Leslie Shaffer; Follow her on Twitter