Singapore said on Wednesday foreigners who buy private homes will have to pay an additional stamp duty equal to 10 per cent of the property value.
Shares of Singapore property developers fell sharply on Thursday after the government announced new measures such as this to cool the city-state's housing market.
CapitaLand Ltd shares fell as much as 6.5 per cent to S$2.44 while smaller rival City Developments Ltd fell 7.6 per cent to S$9.26 and Wing Tai Holdings was down 6.5 per cent at S$1.00.
Shares of Ho Bee Investment Ltd, which develops high-end condominiums in Singapore, tumbled by as much as 12.1 per cent to S$1.09.
Goldman Sachs said in a report that this could lead to a 15 per cent decline in home prices over the next 18 months with the prime segment facing more immediate pressure as foreign buyers pull back.
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