【出版时间及名称】：2009年12月新加坡地产行业研究报告
        【作者】：德意志银行
        【文件格式】：PDF
        【页数】：38
        【目录或简介】：
Table of Contents
Executive summary ........................................................................... 3
Outlook ....................................................................................................................................3
Valuations.................................................................................................................................3
Risks ........................................................................................................................................3
Key changes to ratings, target prices, and estimates ...............................................................4
Valuations and recommendations ................................................... 5
How much of the recovery has been priced? ...........................................................................5
Positioning within the sector ....................................................................................................6
Stock recommendations ...........................................................................................................8
Residential – prime potential.......................................................... 12
Volumes decelerating; sentiment moderating ........................................................................12
Government measures could cap low-mid-range prices.........................................................13
Foreigner participation on an upward trend ............................................................................14
Land supply increased; inventory levels still below average...................................................15
Rentals stabilizing; completions dip in 2010 ...........................................................................17
En bloc activity still muted; limited supply of high-end land bank ...........................................18
HDB supply normalizing; price increases to moderate ...........................................................18
Household balance sheets still strong ....................................................................................19
Residential price assumptions ................................................................................................20
Office – signs of activity.................................................................. 21
Rental declines moderating; supply starting to come on stream............................................21
Leasing activity picking up; flight to better-quality buildings ...................................................22
Demand drivers turning more positive; firms hiring again ......................................................23
Office transactions picking up; redevelopments to tighten supply .........................................26
Rental and capital value assumptions .....................................................................................27
Allgreen Properties ................................................................................................................ 29
City Developments ................................................................................................................ 30
Keppel Land ........................................................................................................................... 31
Wing Tai Hldgs....................................................................................................................... 32