SG Property: Deutsche expect the worst of the intervention to be over in 2H11 and a pick-up in office rental growth and NAV discounts to narrow. Recommend investors start positioning in the laggard developers as much of the policy uncertainty is reflected and they are less vulnerable to housing market risk than perceived…..
House Upgrades Allgreen to Buy, CDL to Hold, downgrade Suntec REIT to Hold. Add that ample liquidity will drive new home sales and competition for assets, while rental growth on track, with upside potential for office and industrial sectors. Note that developer valuations undemanding with catalysts for re-rating towards yr end…..
REITs offer attractive spreads; asset values understated. House Top Picks in sector are Keppel Land, CapitaLand, Allgreen; AREIT, CCT
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