The cooling measures that hit the market last July have hammered share prices of the country's big developers to the point where some are at "close-to-crisis valuations".
The change in fortunes since the July 6 measures has been stark with property shares under the FTSE ST Real Estate Holding & Development Index down between 20 and 25 per cent with little prospect of improvement given a projected slowdown in sale volumes and continued declines in home prices.
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