City Developments

City Developments preparing to launch its latest project, The Concorde@ Thomson, possibly around end June. ASP assumption of $1300 psf would give CDL a 32% pre-tax margin over the est breakeven of $876 psf. CDL could also enjoy up to a 15c/sh accretion to its RNAV should an en bloc sale of Tanglin Shopping Centre go through. KE Research maintains Buy, with target of $13.20, pegged at 15% premium to its $11.48RNAV.