CDL to get boost from stronger home sales

It will launch New Futura and the 861-unit condominium project at Tampines Ave 10.

City Developments Ltd's (CDL) domestic land-bank is poised to benefit from stronger home sales at their launch pipeline ahead, including New Futura and the 861-unit condominium project at Tampines Ave 10, OCBC Investment Research said.

According to a report, home prices are projected to rally 3% to 8% in 2018, which will be supported by a recovery in housing rents which are forecasted to increase 5% to 10%, a "neutral legislative stance from the authorities and a buoyant en-bloc market."

Whilst rising rates will partially offset fundamental tailwinds, the overall impact will be limited to domestic mortgage rates forecasted to only increase 100 to 150 bps from now to end 2020.

"In addition, we believe the group’s revised GBP6.2 per share offer for its listed hotel subsidiary M&C, if successful, will be a potential positive catalyst for its share price," OCBC analyst Andy Wong Teck Ching said.

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