【出版时间及名称】：2010年3月新加坡地产行业研究报告
        【作者】：野村证券
        【文件格式】：pdf
        【页数】：72
        【目录或简介】：
Contents
Executive summary: hurdles remain 3
Key stock picks: City Developments — REDUCE 4
Key stock picks: CapitaLand — NEUTRAL (upgrade) 4
Valuation methodology 4
Yields simply too low 6
Rentals lagging capital value growth 6
Yields and interest rates 7
Yield compression — sensitivity 9
Rationalising current expectations 10
Relative value: unit sales and land sales 10
Relative value: Singapore vs Hong Kong property prices 12
Relative value: HDB prices versus average condominium prices 13
Policy hurdles remain 16
Singapore government intervenes again 16
Policy risk overhang remains 17
Implications of intervention — sentiment and volumes 18
Supply/inventory to temper expectations 22
Net supply lower due to impact of en blocs 22
Unsold inventory likely to rise as transaction volumes slip 23
URA data point to a rise in new supply expectations 24
Supply and demand outlook 25
Implications for asset price forecasts 26
Latest company views
Bukit Sembawang 28
CapitaLand 34
City Developments 44
Keppel Land 51
SC Global Developments 56
Singapore Land 62