City Developments - Phillip Securities 2024-05-23: Buying Back Shares

City Developments - Buying Back Shares

City Developments (SGX:C09) | SGinvestors.ioCity Developments (SGX:C09)
  • City Developments (SGX:C09) bought back 13mil shares (1.4% of issued shares) since 8 March 2024 for a total consideration of S$76.4mil. In April 2024, City Developments announced an off-market equal access scheme to buy back up to 30mil preference shares (10% of total) at an offer price of $0.78.
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  • Maintain BUY with an unchanged City Developments target price of S$6.87, a 45% discount to RNAV of S$12.50. We view City Developments as a proxy for the Singapore residential market and hospitality recovery.

The Positives

Strong sales under the property development segment.

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  • City Developments plans to launch two projects in 2H24 - Union Square Residences (366 units) and a project at Champions Way (348 units).
  • To replenish its development landbank, City Developments secured a 164,451 sq ft GLS site with JV partner Mitsui Fudosan (Asia) Pte. Ltd. in April 24, for S$1.1bn or S$1,202 psf ppr. Located along Zion Road, this site is directly connected to Havelock MRT station. The plan is to develop the site into an integrated mixed-use project comprising two blocks (69 and 64 stories) with 740 residential units and a retail podium.

Initiated share buyback programme.

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Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @

Darren Chan Phillip Securities Research | 2024-05-23

Previous report by Phillip:
2024-03-05 City Developments - Record Revenue Driven By Property Development.

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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