Reuters: Hot Stocks: Singapore property shares fall after cooling measures

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Singapore property shares fall after cooling measures Jul 1st 2013, 01:14 SINGAPORE, July 1 | Sun Jun 30, 2013 9:14pm EDT SINGAPORE, July 1 (Reuters) - Shares of Singapore's blue-chip property firms fell as much as 2.3 percent on Monday as investors reacted to new measures aimed at cooling the city-state's housing market. Shares in Southeast Asia's biggest real estate company Capitaland Ltd fell 2.3 percent while City Developments Ltd dropped 1.2 percent, figuring among the biggest losers in the market in early trade. The benchmark index market was down 0.2 percent. Singapore on Friday introduced rules to ensure that a property buyer's monthly payments do not exceed 60 percent of his income, reining in highly leveraged investors who might be caught out by an expected rise in interest rates over the coming months. Private home prices in Singapore rose 0.8 percent in the second quarter from the first three months of the year, accelerating from the 0.6 percent increase in the first quarter, according to flash estimates from the Urban Redevelopment Authority. The rise in the index hid a divergence in the housing market as prices of non-landed properties in the core central region fell, while home prices in the outside central region rose 3 percent quarter-on-quarter. (Reporting by Kevin Lim and Anshuman Daga; Editing by Jacqueline Wong)

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