IT is probably a mistake to bet against the resilience of Singapore’s residential property sector – even in the wake of an unexpected round of cooling measures. But the remarkable buoyancy of PropNex’s share price might prove to be a short-lived anomaly.

On Thursday (Apr 27) – the first trading day after the government announced further hikes in Additional Buyer’s Stamp Duty (ABSD) – PropNex closed at S$2.01, down more than 6.5 per cent versus the previous day’s close of S$2.15.

On Friday, when PropNex began trading ex for its final dividend of S$0.08 per share and a one-for-one bonus issue, the stock closed at S$1.25. This was 29.5 per cent above the previous day’s price, after adjusting for the dividend and bonus issue.