SG Property: UBS has sector report. For 2012, expect residential ASPs to decline 8-10%, Grade A and prime office rentals to dip 15% and 9%, respectively, and hotel RevPARs to drop 9.4% on a YoY basis.
For the S-REITs, Retail and industrial REITs such as Frasers Centrepoint Trust, CapitaMall Trust, Ascendas REIT and Mapletree Industrial Trust should continue to be defensive. For the developers, widen RNAV discount and rollover to 2012E RNAVs, preferred pick is UOL. House downgrade KepLand and OUE to Neutral.
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