Singapore shares fell to a 2-week low on uncertainty over an unusual European bailout proposal for Cyprus that raised concerns about the euro zone debt crisis.

The Straits Times Index was down 0.8 percent at 3,259.20, while the MSCI index of Asia-Pacific shares outside Japan shed 1.9 percent.

Property counters such as CapitaLand and Hongkong Land were among the most actively traded stocks by value in the Singapore market on Monday.

Hongkong Land fell as much as 2.3 percent to a two-month low of $6.85 with about 6.2 million shares changing hands, 2.3 times the average full-day volume over the past 30 days.

However, Singapore Airlines (SIA) outperformed the market, gaining as much as 2.7 percent to a one-week high of S$10.94. The rebound came after the Singapore flag carrier announced an increase of 2.6 percentage points in the overall load factor for February compared with a year earlier.

To read SIA statement, click

1350 (0550 GMT)