Singapore, Jan 22, 2026, 15:17 SGT — Regular session
- Shares of City Developments climbed 2.65% to S$9.30 in afternoon trading.
- UOB Kay Hian lifted its target price to S$11.50, citing “capital recycling” and reduced funding costs.
- Analysts are focused on the Newport Residences launch, with sales bookings set to begin on Jan 31.
Shares of City Developments Limited (SGX:C09) climbed 2.65% to hit S$9.30 by 3:09 p.m. Thursday, continuing a streak that’s drawn renewed attention to the Singapore property developer among traders looking for new triggers. (SG Investors)
The bid arrives as brokers grow more optimistic about Singapore developers, pointing to eased mortgage rates and a return of buyers to new launches. Vijay Natarajan, an analyst at RHB Bank Singapore, noted that developers still trade at discounts exceeding 40% to RNAV, or revalued net asset value. He also highlighted the three-month SORA home-loan benchmark, which is expected to drop to roughly 1.2% by December from about 3% at the start of 2025. (The Edge Singapore)
Adrian Loh from UOB Kay Hian bumped his target price for CDL to S$11.50 from S$8.50 on Wednesday. He pointed to a “capital recycling plus lower funding cost” theme driving the upgrade. Loh flagged CDL’s sale of its 50.1% stake in South Beach to IOI Properties, valuing the deal at S$2.75 billion, and noted a “prospect of a special dividend” from the sale proceeds. He also suggested there could be a tweak to the 60% ABSD (Additional Buyers Stamp Duty, the extra tax on foreign property buyers). (The Edge Singapore)
The stock kicked off at S$9.20 and fluctuated between S$9.19 and S$9.35 throughout the session, based on delayed data. (StockAnalysis)
DBS Group Research flagged the launch of Newport Residences in a Jan 20 note as a potential short-term catalyst for CDL’s shares. The bank said a 30–40% sell-through rate at launch would be “very healthy,” with project margins expected to exceed 20%. That, DBS added, could boost RNAV by 3–4%. It maintained its “buy” rating and S$11.80 target price. (The Edge Singapore)
CDL plans to open sales bookings for Newport Residences on Jan 31, following previews launched earlier this month. Group CEO Sherman Kwek pointed to “strong and resilient demand” for recent prime-area launches as the reason for the project’s timing. Pricing starts at S$3,012 psf, the company confirmed in a statement reported by The Edge Singapore. (The Edge Singapore)
A column in The Business Times this week pointed out that CDL is trading at a deeper discount to RNAV compared to its peer UOL, despite the recent sharp rally in its shares. The discussion brought softer interest rates and potential value-unlocking moves back into focus. (The Business Times)
The story could shift fast. Should Newport’s uptake lag behind broker expectations, or if funding costs fail to drop as forecasted, the market’s tolerance for “capital recycling” might run out and the rerating could hit a wall.
Traders are also keeping an eye out for new details on asset sales and any buzz about stamp duty rules. While stamp duty isn’t controlled by the company, it can still shift sentiment in the luxury market.
CDL is set to drop its unaudited full-year 2025 earnings before markets open on Feb 27, according to a recent filing. (SGX Links)
