Singapore, June 30, 2006 AEST (ABN Newswire) - Singapore-based hotel and property conglomerate, City Developments Ltd, is expected to deliver strong performance across its residential development, hotel and leasing operations, said Eng Research.
The analyst said contribution from residential projects was forecast to rise in the next few years through the Sail @ Marina Bay, Parc Emily and St Regis Residence with.
Positive demand in also anticipated for its high-end residential projects which include its Sentosa and Shenton Way offerings.
As for its hotels arm, Kim Eng said rising tourist and corporate travel were generating a robust global hospitality industry.
Its office leasing market business is also forecast to see positive demand and limited supply for Grade A office space.
"The market uptrend should translate to positive rental reversions for the group's properties and enhance yields," said Kim Eng.
The analyst has maintained its Hold stance on the company with a price target of SGD$10.00.
City Developments, with a market capitalisation of USD$5046 million, operates in 21 countries across Asia, Europe, North America, Australia and Middle East.
It is listed on the stock exchanges of Singapore, London, Amsterdam, Hong Kong, New Zealand and Manila.
Source:
Daniel Peter
moneynewsasia.com
Contact
Daniel Peter
Moneynewsasia.com
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