DBS: Strong sales at City Developments’ project bode well for Singapore property

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City Developments’ The Tapestry project sold 315 units in its first weekend after launch, or 70 percent of the 450 units offered, showing strong interest, DBS said.

“We believe the strong sales at both New Futura and now The Tapestry, two major launches since the start of the year, bodes well for CDL and is encouraging for the residential market as more property launches come onstream throughout the year,” DBS said in a note on Monday.

It noted that The Tapestry buyers were mostly residents, with 76 percent Singaporeans and the rest either PRs or foreigners from Malaysia, China, India Indonesia and Hong Kong. The smaller units, with one or two bedrooms, were popular, with average sizes less than 700 square feet, implying a total pricing of S$700,000 to S$1 million per unit, DBS said.

It rates City Developments at Buy with S$15.40 target.

The stock ended Tuesday up 0.46 percent at S$13.03.