Singapore steps up property curbs to bring down prices 14 January 2013 Last updated at 03:33 Singapore has moved to curb its red-hot property market, hitting the share prices of its major property firms. Shares of CapitaLand fell almost 6%, Keppel Land fell 7.5% and City Developments fell 7.3% in early trading. Foreigners and firms buying residential property will now pay an increased stamp duty of 15%, up from 10%. Prices have continued to rise despite a weak economy and previous government efforts to bring them down. "We think the reaction to this set of comprehensive measures will be the most significant thus far, relative to the earlier six rounds," Barclays said in a report. Coupled with the large supply pipeline of public and private housing over the next few years, we think property prices will very likely stabilise, if not fall, this year. Authorities have also introduced, for the first time, a sellers' stamp duty of between 5% and 15% for those selling warehouses and factories within three years of purchase. Singapore, as well as many other Asian nations, has seen property prices rise because of moves by Western countries to make cheap credit available. That has resulted in large amount of capital flowing into countries such as China, Hong Kong, Taiwan and Singapore, driving up prices and making housing unaffordable for many residents.