Singapore, Jan 16, 2026, 15:20 SGT — Regular session
- City Developments shares climbed 1.9% to S$9.12 in afternoon trading
- DBS maintained its “buy” rating with a S$11.80 target, citing a valuation discount.
- Newport Residences previews kick off Friday, with bookings set to begin Jan 31
Shares of City Developments Ltd climbed almost 2% on Friday, outperforming Singapore’s mostly flat market. By around 3:20 p.m., the stock stood at S$9.12, trading in a range between S$8.93 and S$9.20. (ShareInvestor)
CDL is gearing up for a crucial sentiment test in Singapore’s prime residential sector with a fresh downtown launch. The developer announced previews for Newport Residences, a 246-unit freehold project on Anson Road, starting this Friday, with sales bookings kicking off on Jan 31. “With strong and resilient demand for recent new launches in prime areas, the time is right to unveil this rare freehold offering,” group CEO Sherman Kwek said in the statement. (CDL)
Pricing and the type of buyers are key factors here, given the project is in a sector that reacts fast to changes in policy or financing costs. The Business Times reported that one-bedroom units start just below S$1.3 million, around S$3,012 per square foot, and highlighted that the launch was delayed following a hike in additional buyer’s stamp duty—a tax on property purchases—introduced to cool demand. (The Business Times)
A bullish note from a broker added momentum on Friday. Tabitha Foo at DBS Group Research kept her “buy” rating and an S$11.80 target price on CDL, describing it as “a near-term tactical play with room for valuation catch-up.” She pointed out that CDL is trading at roughly a 50% discount to RNAV (revalued net asset value), deeper than its peer UOL Group. Foo also highlighted the possibility of special dividends between 65 and 70 Singapore cents when CDL announces its FY2025 results next month. (The Edge Singapore)
There was a more awkward read-across in the filings too. A Singapore Exchange filing revealed that CDL flagged profit guidance from its associated company, First Sponsor Group. That company’s own statement warned of a net loss for both the second half and full year 2025, attributing the hit to mark-to-market losses on hedges (an accounting revaluation of derivatives), foreign-exchange losses, and impairments tied to its China property exposure. (SGX Links)
Traders are balancing two narratives: a major home launch domestically, alongside ongoing concerns about how foreign property and currency fluctuations may dent earnings reports.
But the rally could quickly lose steam if bookings fall short or buyers hesitate amid rising mortgage rates and ongoing policy restrictions that keep the market picky. On the corporate front, losses from derivative revaluations may deepen if currency swings continue against them.
The next crucial test will be the sales launch. Investors are set to scrutinize traffic and interest from the Newport Residences previews, followed by the initial booking figures once sales kick off on Jan 31.
