Singapore property developer stocks with a residential focus could fall about 10% near-term if past reactions to property curbs are anything to go by, says Morgan Stanley. 

“What is different, however, is that we think a recovery is less likely this time round-as we think physical prices will also come under pressure.” 

It adds, government measures are “draconian” and mean physical property prices are probably near their peak. But the house says there may be some medium-term resilience among property stocks with strong commercial exposure such as Keppel Land (K17.SG), Overseas Union Enterprise (LJ3.SG) and well as commercial S-REITS.