Broker Name: DBS
Date of Report: 9 Dec 2025

Excerpt from DBS report.

• DBS expects a further re-rating for Singapore property developers, driven by developers unlocking value through capital returns, REIT spin-offs, or restructuring into stapled securities.
• Lower interest rates and buoyant capital markets are expected to support higher valuations and capital efficiency, while top developer picks include UOL, GUOL, and CDL, with target prices raised and RNAV discounts narrowed.

Report Summary

• Singapore property developers could see further upside as they actively return capital and unlock value.
• Favourable market conditions and strong pre-sales position top developers well, with potential for special dividends and narrowing of RNAV discounts.
• Deep value mid-cap names may also benefit from renewed investor interest.

Above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website: https://www.dbs.com