Property Singapore - UOB Kay Hian 2016-07-07: Taking Charge Of Nouvel 18

Singapore Property WING TAI HLDGS LTD W05.SI  CITY DEVELOPMENTS LIMITEDC09.SI  HO BEE LAND LIMITED H13.SI  CAPITALAND LIMITED C31.SI 

Property − Singapore: Taking Charge Of Nouvel 18

• The deal paves the way for CDL to unlock value from Nouvel 18 in a potential third PPS transaction, while allowing Wing Tai to recycle capital and avoid hefty extension charges. 
• Watch out for a special dividend from Wing Tai. 
• We see signs of residential price floor formation and believe the market has over-discounted the negative prospects for the sector. 
• We maintain OVERWEIGHT with CapitaLand and City Developments as our top picks.

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