Property: Look at shoe-box units with caution according to minister Khaw Boon Wan. Analysts add that investors paying a high psf price for a shoe-box unit only make sense if unit can command a high psf rent, but right now, suspect that they can't get those kinds of high rentals, but no way to be sure as most of these units are not on the mkt yet. e.g of Shoe box units developers include Oxley Holdings…..
Separately, Citi has property report. House holds negative outlook for sector and Downgrades Keppel Land to Sell from Hold with $3.58 TP, downgrade Wing Tai to Hold from Buy with $1.59 TP and Downgrade City Dev to Hold from Buy, with $11.20 TP. CMA is house top pick among developers with $2.06 TP, although house continues to favor REITS over developers.
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