City Developments Likely to Participate in Singapore's Coming Land Tenders
Dow Jones
Oct 05
0313 GMT - City Developments is likely to actively participate in Singapore's four land tenders in 4Q, says Citi analyst Brandon Lee in a note. The Singapore property developer's inventory cycle stands at around 1.6 years with about 2,500 unsold units, while its 2027 launch pipeline has been largely filled with roughly 1,600 units likely to come online, he says. The company's latest residential property launch was well-received with the strongest initial take-up of 2H so far. While CDL's shares have underperformed the benchmark FTSE Straits Times Index since its strategic review, Lee reckons this presents an attractive buying opportunity for investors. Citi maintains its buy rating and target price of 11.53 Singapore dollars. Shares are 0.3% lower at S$7.02.
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