UOBKayhian on 17 June 2014
Urban Redevelopment Authority’s (URA) monthly developer sales for May indicate that
a total of 1,470 units (+96% mom, +1% yoy) were sold (excluding executive
condominiums (EC)) compared with a launch of 1,790 units (+198% mom, +18% yoy).
Including ECs, a total of 1,528 units were sold. Ytd, 4,010 residential units have been
sold (-52%yoy)
We believe that the market has over-discounted the negative prospects for the
residential sector as selective project sales have picked up after discounts of 10-15%.
We expect property prices to undergo a healthy 5-10% correction in 2014 and prefer
deep value and diversified developers. Keppel Land, Wing Tai and CapitaLand are our
preferred picks.
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