SINGAPORE (July 9): OCBC Investment Research is downgrading City Developments to “hold”, from “buy” previously, and slashing its fair value estimate by nearly 40% to $9.59.
This comes hot on the heels of surprise property cooling measures which were slapped on the Singapore residential market last week.
The government pushed through a 5 percentage point increase in stamp duty for some home buyers and tightened housing loans. The changes kicked into effect from July 6 – just hours after the announcement, which sent the market into a tizzy.
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