SG Property: When announcing the new property measures, MND Minister Mah Bow Tan highlighted that the Spore property market was forming a bubble if the current momentum continued & warned that there are plenty of other measures that the govt can implement including capital gains tax. This heightened policy risks would place an upside cap on property stocks.
The measures are targeted at the speculative & marginal investors & would affect the mass market segment, which could see spillover demand to the HDB DBSS public housing. The luxury segment will be least affected where the demand dynamics are different & where buyers are not as price sensitive. The high end developers that are less susceptible to the policy measure & that remain relatively attractive include Wing Tai, Capitaland, Keppel Land.
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