05 Jul '18, 11pm

Singapore developer stocks may fall on surprise property curbs

Singapore developer stocks may fall on surprise property curbs

SINGAPORE (BLOOMBERG) - Singapore property stocks are set for knee-jerk declines on Friday (July 6) after the government unexpectedly tightened property curbs to cool a market the central bank described as euphoric. The announcement late Thursday of higher stamp duty rates and tougher loan-to-value limits for buyers ran counter to the market sentiment earlier in the day. Investors had pushed shares of property developers' higher, with the index tracking these stocks rising the most in two weeks despite a warning from the central bank chief on Wednesday that there was "a euphoria" in the housing market. "Singapore property stocks may be negatively impacted" on Friday by the sudden move, said Joel Ng, an analyst at KGI Securities (Singapore) Pte. "It's definitely a signal by the government that they are serious about managing the property market." Property developers that ha...

Full article: https://www.straitstimes.com/business/companies-markets/s...

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