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Singapore Developer Stocks Decline on Property-Cooling Measures

Dow Jones2022-09-30

By Justina Lee

Shares of Singapore developers fell Friday morning, after Singapore authorities issued new measures aimed at moderating housing demand.

City Developments Ltd. shares slid by as much as 2.5% at 7.42 Singapore dollars (US$5.18) and was last at S$7.44. Hongkong Land Holdings Ltd. dropped 2.0% and UOL Group Ltd. declined 0.3%.

The new measures announced Thursday include lowering the maximum amount home buyers can borrow, as part of efforts to cool the real-estate market amid rising interest rates.

The property-cooling measures by the Singapore government are "not surprising," given that interest rates and property prices have been rising, Citi analysts said in a note.

While Singapore developers may be pressured by a partial negative knee-jerk reaction for now, Citi thinks there may be buying opportunities for City Developments and UOL Group due to share-price weakness.

Write to Justina Lee at justina.lee@wsj.com

(END) Dow Jones Newswires

September 29, 2022 22:51 ET (02:51 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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Amytok
·2022-09-30
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