14 Jan '11, 10pm

SGP cools the Property market further.Realty Stocks take a hit!

SINGAPORE - Singapore property stocks took a beating on Friday, one day after the Government unveiled new property cooling measures. Blue chip developers City Development and CapitaLand saw their shares fell by 4.55 per cent and 3.39 per cent respectively. These losses in turn weighed on the benchmark Straits Times Index, which dropped 0.3 per cent to 3,245.96. Shares of DBS, UOB and OCBC banks also fell following the announcement of the new measures, which lowered the loan to value limit to 50 per cent for housing loans to purchasers who are not individuals and 60 per cent to individuals with one or more housing loans. Adding that the measures caught the market off-guard, NRA Capital executive chairman Kevin Scully described the sell-off as "a knee jerk reaction". The Straits Times Real Estate index fell by more than 1 per cent. Shares of property counters with high expos...

Full article: http://www.todayonline.com/Business/EDC110115-0000230/Kne...

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