PROPERTY developers here are likely to be among the first to feel the chill winds sweeping into Singapore from the big freeze-up in global credit markets.

For years, being among the largest borrowers in town, they have lapped up cheap credit to finance major projects. But now, they are set to feel the squeeze from the markedly higher interest costs arising from the global credit crunch.

They may also face a large backlog of vacant units, if buyers who signed up to buy properties through deferred payment schemes fail to secure financing to complete purchases. These schemes were stopped last October.

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