Contents
Investment summary .................................................................................................. 3
Developers enjoy the spoils amid rising sentiment ..................................................... 4
Residential demand: more organic, less speculative.................................................. 6
Rents and yields ....................................................................................................... 13
Containment of supply risks...................................................................................... 16
Price expectations .................................................................................................... 19
Office: issues already well-known............................................................................. 21
Offshore “push” and onshore “pull” factors ............................................................... 26
Upgrade from Underweight to Neutral ...................................................................... 27
Company Briefs…..................................................................................................... 29
Allgreen Properties Ltd........................................................................................ 30
Bukit Sembawang Estates .................................................................................. 32
Capitaland Ltd..................................................................................................... 34
City Developments Ltd........................................................................................ 36
Fraser & Neave Ltd............................................................................................. 38
Ho Bee Investments Ltd...................................................................................... 40
Keppel Land Ltd.................................................................................................. 42
Singapore Land Ltd............................................................................................. 44
UOL Group.......................................................................................................... 46
Wheelock Properties (S) Ltd ............................................................................... 48
Wing Tai Holdings Ltd......................................................................................... 50
Appendices … .......................................................................................................... 52