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Announcements
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Singapore Property
Starting today, foreigners and corporate entities buying private homes in Singapore will have to pay an extra 10% by way of an additional buyer's stamp duty. This duty will also apply to permanent residents (PRs) buying their second or subsequent homes and Singaporeans buying their third residential property or more - though only to the tune of 3%. Overseas properties are excluded from the count of properties owned. Comment: Policy likely to affect banks and developers. Of the banks, DBS has abt S$52b in loans to housing and construction sector, UOB $53b, abt 40% of their loan book. OCBC has less exposure abt S$41b (34%) (data frm June 2011)Of the Developers, Citydev has the most unsold units at 5381, Cland at 3135 and Frasers (F&N) at 2258.
Prices have gapped down at opening today and probably set to move lower over the next few days
Sources: Bloomberg, Reuters, WSJ, The Business Times, Analyst Reports, Company Announcements
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