Singapore property stocks plunge on new cooling measures

Singapore property stocks plunge on new cooling measures: SINGAPORE,...

SINGAPORE, Jan 14 (Reuters) - Shares of Singapore property developers dropped on Monday after the city-state's government introduced sweeping measures to cool the housing market, which has seen strong demand despite a weak economy and previous efforts to curb prices. Shares of CapitaLand Ltd fell 5.9 percent, City Developments Ltd sank 7.3 percent and Keppel Land Ltd dropped 7.5 percent. The Straits Times Index was 0.8 percent lower. Foreigners and companies buying residential property will now be subject to a stamp duty of 15 percent of the purchase price, up from the previous 10 percent. Singapore also introduced, for the first time, a seller's stamp duty of 5 to 15 percent on those who buy and then sell industrial properties such as warehouses and factories within three years. "We think the reaction to this set of comprehensive measures will be the most significant thus...

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