City Dev: Kim Eng maintains buy with TP of $13.95 based on 10% premium to FY11 RNAV. Note that proposed sale of The Corporate Office for $215m values the development 60% higher than own estimates with CDL appearing to be making use of this window of opportunity to divest non-core commercial assets. With 50% of its NV Residences sold, CDL may next launch its 475 unit project in Sengkang called H20 Residences…..
Expect more opportunities for CDL to unlock shareholder’s value by divesting or redeveloping more of its non-core assets & grp strong balance sheet should enable them to make RNAV accretive acquisitions.
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