Singapore's Property Sector Faces Freezing Measures and Pushback with Latest Cooling Measures.

Singapore has raised levies on private property purchases, including a doubling of stamp duties for foreigners to 60%, in a surprise move to cool the market. The government said the new rates would impact about 10% of private property transactions. Analysts expect the largest impact to be felt by foreign buyers of luxury properties. Policymakers are growing concerned that foreign investors increasingly see Singapore property as a hot asset class, squeezing out locals. While prices may slow for a while, the super-rich may continue to buy, keeping prices elevated.