City Developments - RHB Invest 2023-12-01: Making Slow But Steady Progress

• City Developments (SGX:C09) has been steadily growing its presence in the UK and Japan’s private rented sector (PRS) and we see potential for value-unlocking via spin-offs to a private fund or REIT.
• - Read this at SGinvestors.io -

Building on its expertise in Singapore’s residential property market.

• In September, City Developments won the Champions Way residential site with a top bid of S$294.9m (S$904psf ppr). The site is near the Woodlands South MRT station and, considering the lack of new launches and limited new supply in the area, we expect to see healthy demand for this project’s residential units. Margins should be in the mid-teens, based on an estimated ASP of ~S$1,900psf.
• - Read this at SGinvestors.io -
• Its new launches continue to see healthy take-up rates, with most already >90% sold. In 3Q23, City Developments sold a total of 183 residential units with a sales value of S$325m (+16% y-o-y).

Hospitality unit’s growth momentum to continue.

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Read also RHB's most recent report:
2026-01-05 City Developments - Winds Of Change; BUY.

Previous report by RHB:
2025-11-19 City Developments - Riding On Singapore Market Recovery; Upgrade To BUY.

Price targets by 2 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 Dividend Payout Dates & Corporate Actions,
City Developments News