City Dev

City Dev: StanChart believes Singapore policy makers are not planning new cooling measures, amid high sales volume and low price growth. This comes after DPM Tharman made similar comments last wk. StanChart believes a combination of high inventory, high completions, buyer and seller stamp duty and low loan-to-value caps should keep price growth in check, and could entail no further cooling measures for the private residential market for the next three years, as the measures in place are already highly punitive. The house comes ahead of the Street, upgrades City Dev to Outperform, lifts TP to $13.60 from $12.10. Notes while City Dev’s historical landbank in Singapore is depleting, it could potentially continue to grow by investing in residential projects in China and by redeveloping or restructuring its existing assets and businesses. Tips CDL’s retail portfolio is now sizeable enough to potentially list as a retail REIT or to divest piecemeal. Other avenues to extract value could be through its 55%-owned Millennium & Copthorne.