Singapore shares were little changed, as investors were concerned about a possible debt default by Cyprus and deteriorating economic activity in the euro zone.
Both the Straits Times Index and the MSCI index of Asia-Pacific shares outside Japan were flat.
Property developer CapitaLand Ltd outperformed the market and is the most actively traded stock by value on Friday. Shares jumped as much as 2 percent to a one-week high of S$3.57.
"Based on buyers' response to the new launches in March so far, it appears the latest measures have yet to dampen buyers' interest in the pre-sale market," Nomura said in a report.
However, Nomura warned investors that it is not a time to be complacent.
"There is scope for more policy changes, given the pre-sale market is still relatively robust," Nomura said. "We expect secondary transaction volume to remain relatively low."
Its top pick among the developers is CapitaMalls Asia Ltd , while it remain cautious on City Developments Ltd .
1245 (0445 GMT)
(Reporting by Teo Jion Chun; Editing by Sunil Nair)(firstname.lastname@example.org)(+6564035659)(Reuters Messaging: email@example.com)