CITY DEVELOPMENT LTD ... RNAV : $12.60 .. TARGET PRICE $10.50

SPOT_ON
2024-12-23

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.


$CityDev(C09.SI)$  

$BIDU-SW(09888)$  

$BYD COMPANY(01211)$  

$DBS GROUP HOLDINGS LTD(D05.SI)$  

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Comments

  • SPOT_ON
    2024-12-23
    SPOT_ON
    //@SPOT_ON: Property buyers lapped up recent new launches - Emerald of Katong (99% sold at SGD2,621psf), Nava Grove (65% sold at SGD2,448psf) and Novo Place EC (57% sold at SGD1,654psf)
    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

  • SPOT_ON
    2024-12-23
    SPOT_ON
  • SPOT_ON
    2024-12-23
    SPOT_ON
    Property buyers lapped up recent new launches - Emerald of Katong (99% sold at SGD2,621psf), Nava Grove (65% sold at SGD2,448psf) and Novo Place EC (57% sold at SGD1,654psf)
    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

  • SPOT_ON
    01-03
    SPOT_ON
    City Developments Limited (CDL), Frasers Property and Sekisui House will preview the 777-unit The Orie on Friday, Jan 3, with its official launch scheduled for Jan 18.
    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.
  • SPOT_ON
    01-06
    SPOT_ON
    The 777-unit The Orie at Toa Payoh Lorong 1 is among the first residential launches in 2025. drew 8,000 visitors over the first three days of preview from Jan 3 to Jan 5.

    The Orie is also the first private residential launch in Toa Payoh since 2016. The project is in District 12 of the Rest of Central Region (RCR) and is within a five-minute walk of Braddell MRT Station

  • SPOT_ON
    2024-12-26
    SPOT_ON

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