Singapore’s latest property-market curbs most severe to date, likely to slow housing demand in near term just as supply starting to pick up, says Deutsche Bank, according to Dow Jones.

“These measures are more severe than the past two packages (in September, February) and could have greater impact as affordability has weakened on higher prices (with) supply tightness reversing,” says Deutsche.

The research house expects prices for low-, mid-tier properties to flatten as demand moderates. Says certain planned property launches by developers may be deferred until market stabilises, but doesn’t expect sharp fall in prices as affordability, while weaker, still comfortable as mortgage rates remain low.

Downgrades CityDev (C09.SG) to Sell from Hold, cuts target price to $10.20 from $11.59, based on 20% discount to RNAV vs 10% previously; cuts Allgreen Properties (A16.SG) to Hold from Buy, lowers target to $1.08 from $1.40 on 45% discount to RNAV vs 30%. CityDev off 3.0% at $11.12, Allgreen flat at $1.06.