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.
Singapore PropertyWING TAI HLDGS LTDW05.SI CITY DEVELOPMENTS LIMITEDC09.SI Singapore Property - CityDev acquires Wing Tai’s 50% stake in Nouvel 18
CityDev assumes full ownership of Nouvel 18
- CityDev acquired Wing Tai’s 50% stake in Nouvel 18, a 156-unit high-end project in the prestigious Ardmore locale, for SGD411m.
- By acquiring its joint venture partner’s stake, CityDev has assumed full ownership of this project.
- With the streamlining of its shareholding structure, we expect CityDev to aggressively market this project as a bulk sale or build a structured product with it to avoid incurring significant Qualifying Certificate (QC) charges.
Singapore Property WING TAI HLDGS LTD W05.SI CITY DEVELOPMENTS LIMITEDC09.SI ASCOTT RESIDENCE TRUST A68U.SI MAPLETREE LOGISTICS TRUST M44U.SI CAPITALAND COMMERCIAL TRUST C61U.SI Singapore Property & REITs ‒ Malaysia Marketing Trip Takeaways
- Our marketing trip in Malaysia saw sustained interest in S-REITs as clients position for a slower-than-anticipated interest rate hike.
- Our discussions centred upon interest rate impact, potential unwinding of property cooling measures, the sharing economy’s impact on the hospitality sector and supply concerns in the commercial, retail and industrial space.
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