Singapore, January 19, 2026, 15:37 SGT — Regular session
Shares of City Developments Limited (CDL) (SGX:C09) dipped 1.2% to S$9.05 by 3:29 p.m. local time Monday, sliding from Friday’s close of S$9.16. (SG Investors)
The sell-off mirrored a wider retreat in Asian risk assets after U.S. President Donald Trump threatened fresh tariffs on eight European nations linked to Greenland, boosting demand for safe-haven assets. Singapore’s benchmark Straits Times Index dropped 0.5% by 1:50 p.m. Deutsche Bank’s George Saravelos warned this could mark a “weaponisation of capital” if tensions deepen. (The Straits Times)
Why it matters now: Singapore property stocks have been among the more active plays this month, but Monday’s trading showed momentum can fade fast. CDL shares climbed 3.3% last week after the developer unveiled previews for Newport Residences, a 246-unit freehold project on Anson Road — freehold meaning no lease expiry. Group CEO Sherman Kwek called the timing “ideal” amid strong demand for recent prime-area launches. DBS Group Research’s Tabitha Foo maintained a buy rating and S$11.80 target, describing CDL as a “near-term tactical play” with room for valuation catch-up against peers. (The Straits Times)
Flows have also lent support. Between Jan 9 and Jan 15, institutions were net buyers of Singapore stocks, with fund managers and large investors driving the demand. CDL stood out as one of the stocks seeing the biggest net inflows, according to The Business Times. (The Business Times)
Still, the stock’s recent surge has left it more reactive to rate chatter and any hint that housing momentum is slowing. Developers keep a close eye on borrowing cost forecasts since mortgages and project financing fluctuate with rates.
Investors will be watching to see if CDL can continue recycling assets and convert sales into cash flow. This directly impacts balance-sheet flexibility and the dividend narrative, including the possibility of a one-off special payout.
But the trade carries risks. A sharper risk-off shift triggered by tariff hikes could slam property stocks, while an unexpected inflation surge that alters rate forecasts might hurt developers. Disappointing debt or sales updates would only pile on the pressure.
CDL’s FY2025 results will be the next major trigger, expected before markets open on Feb. 27. The company plans to update analysts later that morning. (Sgx)
