SG Real Estate: IIFL note that fear factor is on. SG govt clearly determined to cap increase in home prices and provide affordable housing to first time home buyers, HDB related initiatives could lead to a 20% drop in HDB resale transaction vol. Add that demand for private mass-housing can drop a further 10-15%, while tightening of screws on the mortgage front, in terms of lower LTV or increased mortgage rates, would also impact the mass mkt…..
House remains cautious on SG developers and continue to prefer retail over office and residential. Retain Buy on CMT (TP $2.41) and add on CMA (TP $2.27). Top SELL among developers is City Dev (TP $9.49).
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