Higher property taxes to have negative impact on developers and property agencies: CGS-CIMB

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Rental rates may go higher to make up for the higher taxes 💸

Nevertheless, given how the property stocks under the brokerage’s coverage are already trading at a hefty discount of 47% off their revalued net asset value, CGS-CIMB is keeping its “overweight” call on this sector.

The government estimates that these moves will impact the top 7% of owner-occupied residential properties.

 

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