City Developments: Singapore Smorgasbord

Tuesday, July 14, 2009

A Stamp of Confidence. Attracting one of the strongest client interests at our 'Pulse of Asia' conference, City Dev stamped its confidence in the demand fundamentals underlying the mass and mid-tier residential market, even if the high-end segment may take a couple more quarters before seeing a re-ignition of interest. It continues to be business as usual for City Dev, as it readies new launches with an array of projects catering to every market segment.

Something For Every Appetite. Having already sold 500 units in 1H09, it is poised to sell another 500 units in 2H09. On the menu are high-end Volari in Jul/Aug (former Garden Hotel at Balmoral Road), a mass-mid market project at the former Hong Leong Garden in Sep, and two mass-market sites ? The Gale in July (33% stake, at Upper Changi) and another Pasir Ris project at year-end. And if buying appetites aren't sufficiently sated, high-end Quayside at Sentosa is launch-ready.

BUY, 27% Upside to TP of S$10.67. After adjusting ASPs for Hong Leong Garden and marking-to-market its listed entities, our RNAV is revised up to S$8.90 (from S$8.79). We keep a 20% premium on the stock, which is close to historical +1SD levels, for a TP of S$10.67 (prev S$10.55) giving a 27% upside. Reiterate BUY on our top big-cap pick for the property developers.

Sponsored Links

Related Posts by Categories



Labels:

Comments

No response to “City Developments: Singapore Smorgasbord”
Post a Comment | Post Comments (Atom)

Post a Comment

Disclaimers

These articles are neither an offer nor the solicitation of an offer to sell or purchase any investment. Its contents are based on information obtained from sources believed to be reliable and we make no representation and accepts no responsibility or liability as to its completeness or accuracy. We share them here as they are very informative, we claim no rights to these articles. If you own these articles, and do not wish to share it here, please do inform us by putting a comment and we will remove them immediately. We do not have any intentions to infringe any copyrights of yours. This is a place to keep record on the analyst recommendation for our own future references. We hope this serves as a record in the future, also make them searchable. We bear no responsibility for any profit, loss generated from these reports.
 
Citrus Pink Blogger Theme Design By LawnyDesignz Powered by Blogger