CITY DEVELOPMENT LTD ... RNAV : $12.60 .. TARGET PRICE $10.50
Maintain BUY; TP of S$10.50. Our TP of S$10.50 is based on a 35% discount-to-RNAV which implies a 1x P/NAV, slightly above -0.5SD of its historical range. Our TP upsides are mainly from a potential re-rating from the realization of its RNAV with the completion of development assets and potential asset recycling.
$DBS GROUP HOLDINGS LTD(D05.SI)$
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Sales transactions in Nov’24-MTD of almost 2,000 units has exceeded that of 1H24, with sales driven by local home buyers as HDB resale prices remain firm, supporting homeowners in their upgrading journey
Market share for Propnex (46% of transactions) has outpaced ERA (or APAC Realty) (28% of transactions); agency revenues for both likely to turn higher in 2025
Prefer property developers (CityDev) which have substantial sell-through sales, with minimal downside risk to earnings / RNAVs
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24年11月的销售交易量接近2,000套，超过了24年上半年，由于组屋转售价格保持坚挺，当地购房者推动了销售，支持了房主的升级之旅
Propnex的市场份额（占交易量的46%）已超过ERA（或APAC Realty）（占交易量的28%）；2025年两者的代理收入可能会更高
更喜欢销售额可观、盈利/RNAV下行风险最小的房地产开发商(CityDev)
The private condo is located at Lorong 1 Toa Payoh, at the intersection with Lorong 4 Toa Payoh. The 777 units are spread across twin 40-storey towers. Units are a mix of one-bedroom plus study from 517 sq ft to five-bedroom apartments of 1,453 sq ft.
Orie也是自2016年以来大巴窑的第一个私人住宅项目。该项目位于中部地区（RCR）的第12区，距离Braddell地铁站步行五分钟
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BUY CHEAP NOW !!!
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Great article, would you like to share it?
Great article, would you like to share it?