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Singapore property shares down sharply on cooling measures (ChannelNewsAsia)
SINGAPORE – Shares of major property developers in Singapore were battered Monday after the government introduced new measures at the weekend to cool the real estate market.
By the closing bell, shares of top developers listed on the Singapore Exchange had sunk more than four percent as investors spooked by the measures dumped the stocks.
CapitaLand closed 4.11 percent lower at S$3.73, City Developments fell 7.54 percent to S$11.65 and Keppel Land slumped 7.24 percent to S$3.97.
“We’re seeing a knee-jerk reaction to the cooling measures,” said Jason Hughes, head of premium client management for IG Markets Singapore.
The new measures, which came into force Saturday, included sharply higher duties on property purchases by foreigners.