City Developments - CGS-CIMB Research 2023-09-28: Diversifying Into Tokyo Private Rental Sector Sector

City Developments - Diversifying Into Tokyo Private Rental Sector Sector

City Developments (SGX:C09) | SGinvestors.ioCity Developments (SGX:C09)
  • City Developments announced today that it is acquiring a portfolio of 25 residential assets across the 23 wards in Tokyo for ¥35bn (S$321.9m). The portfolio has 832 residential apartments and 4 retail units. The assets have an average age of less than 2 years and are all located within a 10-min walk from a train station.

First private rental sector investment in Tokyo

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  • This acquisition is City Developments’ largest private rental sector (PRS) transaction in Japan and marks its first foray into the Tokyo rental housing sector. This is City Developments’ second PRS transaction in Japan, after its PRS acquisition in Osaka earlier this year.

The acquisition will likely boost CityDev’s Japan AUM to S$644m

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  • According to property consultant Savills’ Sep Japan residential market updates, average residential occupancy rates in the Tokyo 23W is at 96.6% as at 2Q23, the highest level since the pandemic started and almost at the highs seen in pre-pandemic times.

We expect the transaction to be earnings accretive

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Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

LOCK Mun Yee CGS-CIMB Research | 2023-09-28

Read also CGS-CIMB's most recent report:
2023-11-23 City Developments - A Resilient 3Q23.

Price targets by other brokers at City Developments Target Prices.

Listing of research reports at City Developments Analyst Reports.

Relevant links:
City Developments Share Price History,
City Developments Announcements,
City Developments Dividends & Corporate Actions,
City Developments News Articles


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