- 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.
