HongkongLand USD (H78.SI) saw its stock plummet by 3.58% during intraday trading on Friday, as Singapore introduced unexpected property cooling measures. The new regulations, aimed at taming housing prices, have sent shockwaves through the real estate sector, with several major developers, including HongkongLand, experiencing significant stock declines.

The Singaporean government announced late Thursday that it would extend the holding period for homes that will incur a seller's stamp duty to four years from three. Additionally, the stamp duty rates for those who sell their private homes within this period will increase, with the maximum rate rising to 16% from 12% for properties sold within the first year. These changes, effective immediately for all private residential properties purchased from Friday, came as a surprise to many market observers.

The unexpected measures have raised concerns about the future profitability of property developers in Singapore. Analysts suggest that these new regulations could potentially slow down the property market, affecting sales volumes and prices. As a result, investors are reassessing their positions in real estate companies, leading to the observed stock price declines. The move by the Singaporean government underscores its commitment to maintaining a stable and sustainable property market, even as it navigates economic uncertainties and addresses concerns about housing affordability among voters.