Developer stocks in knee-jerk reaction to change in buyer's stamp duty

Singapore

DEVELOPER stocks took a hit on Tuesday in knee-jerk reaction to news that the government is raising stamp duties on home purchases costing more than S$1 million.

But most analysts see any correction as a buying opportunity as they do not expect residential transactions and prices to take a significant hit. Their selective "buy" calls on developer stocks following the Budget announcement, however, failed to stem their fall.