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Hot stocks: Property plays slip into negative territory upon ABSD hike

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Michelle Zhu

Michelle Zhu

Published Thu, Apr 27, 2023 · 10:22 AM
    • Singapore's government estimates the new round of cooling measures to impact about 10 per cent of all residential property transactions. 
    • Singapore's government estimates the new round of cooling measures to impact about 10 per cent of all residential property transactions.  PHOTO: YEN MENG JIIN, BT

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    PROPERTY counters in Singapore started Thursday (Apr 27) largely in the red after the government stepped up Additional Buyer Stamp Duty (ABSD) rates for residential properties.

    After falling S$0.29 or 4 per cent to S$7.03 at the opening bell, City Developments continued its downward trajectory to trade at S$6.88 as at 2.51 pm, down S$0.44 or 6 per cent.

    UOL Group lost S$0.38 or 5.3 per cent to hit a low of S$6.81 as at 11.50 am, recovering slightly after the midday break to S$6.89 – down S$0.32 or 5.3 per cent as at 2.51 pm.

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    Hot StockABSDSingapore propertyCooling measuresSingapore residential propertySpotlightResidential

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