City Developments - Phillip Securities 2025-11-20: Divestment Momentum Continues

• Downgrade City Developments from BUY to ACCUMULATE with an unchanged RNAV target price due to the recent performance of City Developments's share price.
• - Read this at SGinvestors.io -
• Under property development, sales were supported by existing projects as there were no new launches in Singapore in 3Q25.
• - Read this at SGinvestors.io -

The Positives

Resilient property development sales in Singapore despite no new launches in 3Q25.

• The Group and its JV associates sold 88 units with a total sales value of S$312mil (3Q24: 321 units, S$611mil). Existing projects drove sales in 3Q25, while 3Q24 benefitted from the launch of Kassia in Jul 24. The 706-unit luxury Zyon Grand was launched to strong demand, with 84% of units sold on its launch weekend in October at an average selling price of S$3,050 psf.
• In addition to acquiring the Lakeside Drive Government Land Sales (GLS) site at Jurong in Jun 25, two Executive Condominium (EC) GLS sites were secured in Aug 25: one at Woodlands Drive 17 (S$260.9mil or S$782 psf per plot ratio) and the other at Senja Close (S$252.9mil or S$771 psf per plot ratio). Together, these three sites will add over 1,250 units to the development pipeline.

Divestment momentum continues.

• Read more at SGinvestors.io.

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

Read also Phillip's most recent report:
2026-03-05 City Developments - Unlocking Value Through Faster Recycling.

Previous report by Phillip:
2026-01-05 City Developments - Picking Up The Pace Of Divestments.

Price targets by 3 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