Singapore's property market looks the most promising among a ranking of Asean markets.

Morgan Stanley Research, which compiled the league table, is so bullish that it expects home prices here to rise 8 per cent this year and again in 2019, with demand outweighing a tight supply.

It also expects higher sales of new homes as a buoyant collective sale market drives up demand while reducing the supply of units to buy.

"As a result of a surge in (collective sale) activity, fewer units available for sale in the secondary markets will channel more home buyers to the primary market, driving take-ups for newly launched projects," it said.

Morgan Stanley's top Singapore developer stock pick is City Developments (CDL), which it sees as the best proxy for the sector upturn. CDL also has the largest land bank among the developers that it covers.

Morgan Stanley also believes that CDL has not priced in the property market upcycle, as it still trades at a discount to revalued net asset value. It added that the developer also has the largest earnings exposure.

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