CityDev:likely to track expected broad market weakness but developer's upbeat outlook may take some heat off shares. In sign of confidence in demand for private homes in Singapore, company will launch 2 more projects in coming months. Work on mega South Beach mixed development project in Singapore, stalled by last year's global downturn, will resume with construction work expected to start by early 2011…
Developer also eyeing China's property market, where it hasn't been active unlike many Singapore peers, setting aside S$300m to invest in properties or acquire land on view Beijing's tightening measures have made prices more affordable. Overall plans released with 2Q10 results. Net profit +17.6% on-year at $164.6m on increased contributions from hotel operations, property development business. Stock trading near 10-yr historical avg of 1.6x PB.
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