- 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.
- - Read this at SGinvestors.io -
- 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.
- - Read this at SGinvestors.io -
- 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.
- Read more at SGinvestors.io.
