Surprise property cooling measures: Weekly recap and what to watch in the week ahead

By Beansprout • 29 Apr 2023 • 0 min read

T-bill and SSB demand falls, Meta's positive surprise & KIT preferential offering

Stock Market Recap 29th April 2023

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The cut-off yield on the 6-month Singapore T-bill rose to 3.83% p.a. in the latest auction this week, as applications fell compared to the previous auction. 

Investors in the latest Singapore Savings Bonds (SSBs) were able to get full allotment, as total applications also fell. 

With interest in government bonds waning, where are investors putting their money? 

Singapore’s property market has been red hot, defying the global property slowdown and recession concerns. 

However, some buyers may now take a wait-and-see approach after the latest property cooling measures announced this week

If you’re looking at more options to park your spare cash, do check out our guide to the best cash management accounts. 


Weekly stock market recap 29 April
Source: Bloomberg. Price as of market close on 28 April


❄️ Surprise cooling measures

What happened? 

The Singapore government has announced a latest set of property cooling measures to ‘promote a sustainable property market’.

With effect from 27th April 2023, Singapore Citizens (SCs) purchasing their 2nd residential property will pay a higher additional buyer stamp duty (ABSD) rate of 20% from 17% previously.

Foreigners purchasing any residential property will pay a higher ABSD rate of 60% from 30% previously.

What does this mean?

The increase in ABSD is most significant for foreigners, who will likely re-evaluate their options on whether to make a residential property purchase in Singapore.

Foreign buying represented about 7% of overall volumes in the first quarter of 2023

As foreigner demand makes up a relatively small proportion of buyers in the entire Singapore property market, there may not be a sharp drop in property prices as a result of the measures.

Why should I care? 

The share prices of Singapore-listed property developers and agents fell following the ABSD hike, as investors expect a slowdown in property transaction in the coming months. 

However, the share prices of Singapore banks were more resilient compared to previous rounds of property cooling measures. 

Read our full analysis on what it means for your stocks



  • Meta (META) reported its first sales increase in about a year and earnings that exceeded analyst expectations. The company also issued an optimistic guidance.
  • Microsoft (MSFT) reported better than expected earnings, and issued a quarterly profit guidance that exceeded expectations. Separately, the UK regulator blocked Microsoft’s acquisition of video firm Activision Blizzard on competition concerns.
  • Amazon (AMZN) noted concerns about the outlook of its cloud business, even as revenue for the first quarter was above expectations.
  • UOB reported a record net profit of S$1.58 billion in the first quarter of 2023, 74% higher than the previous year. The higher profit was driven by an increase in its net interest income, as well as lower provisions compared to the previous year.
  • Mapletree Pan Asia Commercial Trust (MPACT) has a reported a distribution per unit of 2.25 cents for the quarter ended March. Tenant sales for the full year in VivoCity set a “new record at over S$1 billion, well surpassing pre-Covid levels”.

Source: Bloomberg, CNBC, Financial Times, Business Times, Edge Singapore



Keppel Infrastructure Trust (KIT) Preferential Offering - What should unitholders do?

The Keppel Infrastructure Trust (KIT) preferential offering will offer entitled unitholders the right to buy 5 new units at S$0.467 each for every 100 units held.

Keppel Infrastructure Trust Preferential Offering 2023


  • Monday, 1 May: Singapore public holiday (Labour Day)
  • Tuesday, 2 May: DBS, Capitaland Ascendas REIT earnings, Starbucks earnings
  • Wednesday, 3 May: US FOMC meeting 
  • Thursday, 4 May: Apple earnings
  • Friday, 5 May: US nonfarm payrolls data
  • Saturday, 6 May: FSM ETFestival 2023: In the Mood for ETFs

Source: Bloomberg, SGX 



Property analysts had mixed views about Singapore’s latest property cooling measures. Christine Sun, the senior vice president of research & analytics at OrangeTee & Tie, called the latest move a “freezing measure” for foreign buyers. Nicholas Mak, chief research officer at proptech company, said that there  were limitations to the measures if just 10% of purchases were impacted. “If that’s the case, how do you cool the market?” he questioned. 

Source: Reuters

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