Singapore property plays tumble on cooling measures

Property counters here slumped over 2 percent, after a slew of property measures to cool the residential and industrial market was introduced. 

The FTSE ST Real Estate Index dropped 13 points to 796. 

Last week, the government introduced higher buyer stamp duty, tighter loan-to-valuations and size restrictions on executive condominiums or ECs. 

Singapore has also introduced, for the first time, a seller's stamp duty of 5 to 15 percent on those who buy and then sell industrial properties within three years. 

The property market has seen continued strong demand in the face of a weak economy and previous efforts to curb prices. 

Leading the losers' list were City Developments and Keppel Land. 

CDL plunged 77 cents 11-83, and Keppel Land slumped 27 cents to 4-01.