09 Jul '18, 3pm

Curb on enthusiasm: Singapore property measures hit developers, investors

* Measures to dampen demand from home buyers * Developers’ land acquisition push likely to be hit * Developers’ stocks bear the brunt, drag down overall market By Aradhana Aravindan SINGAPORE, July 6 (Reuters) - Singapore’s surprise move to intensify property curbs marks the strongest cooling measures in the island nation in five years, putting a damper on a nascent resurgence in the housing market and posing risks to developers’ margins. After nearly four years of price declines, home prices in Singapore rose by 9.1 percent over the past year, while developers have been paying record amounts to buy land. Warnings from the authorities against what one official called “excessive exuberance” in the market have mostly fallen on deaf ears, prompting government action on Thursday night. The government slapped an additional five percentage points stamp duty on property purchases...

Full article: https://www.reuters.com/article/singapore-property/curb-o...

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