To Tan and Tsang, the cooling measures came as a “surprise… especially given [the] already weaker sales volumes and higher mortgage rates”.
Goldman Sachs analysts Xuan Tan and John Tsang have issued a downgrade on property developers City Developments Limited (CDL) (SGX:C09
) and UOL (SGX:U14) after a further round of cooling measures announced at the Budget 2023.
During his speech on Feb 14, finance minister Lawrence Wong announced a round of demand-side cooling measures, which includes additional tiers of buyer’s stamp duty (BSD) rates for properties valued at $1.5 million at increments of 1%.
