<div id="readability-page-1"><div>[SINGAPORE] DBS Research has taken a bullish stance on Singapore property counters, initiating a sector-wide lift in its target prices for property developers including CDL, UOL and GuocoLand.Based on the bank’s revised target prices for these companies, these stocks may see an upside of between 28 and 64 per cent from last traded prices on Wednesday (Dec 10). On Thursday, a report on the Singapore property market noted how developers have announced plans to accelerate capital recycling, rejuvenate existing assets and increase dividends, and how a lower interest rate environment may drive restructuring. UOL , which currently trades at S$8.39 per share, had its target price raised to S$11. The new target price is a 25 per cent increase from its previous target price of S$8.80. CDL’s target price was hiked to S$11.80 from S$9 previously, while it trades at S$7.23 as at 3.16 pm on Thursday. DBS Research set a target price of S$3 for GuocoLand , up from S$2.50, while it raised Frasers Property’s target price to S$1.50, from S$1.26 before. The bank maintained a “buy” call for all four of these developers. DBS Research also raised targets for Bukit Sembawang Estates to S$6.94 from S$5.88, Ho Bee Land to S$3.38 from S$2.82, Hotel Properties Limited (HPL) to S$6 from S$5 and Singapore Land Group (SingLand) to S$4.55 from S$2.60. “We believe that the lower interest rate environment and buoyant capital market conditions set the stage for developers to reconsider structurally boosting returns and capital efficiency,” said DBS analysts Derek Tan and Tabitha Foo. “Some developers, especially those with mature assets on their balance sheets, could consider unlocking value either by spinning off their stabilised assets into a real estate investment trust (Reit) or restructuring into a stapled security, driving higher valuations.” The analysts noted how Centurion’s share price rose more than 80 per cent from the time it announced plans for a potential Reit listing to the actual listing, demonstrating the potential upside such initiatives can deliver. Developers are increasingly signalling that they are ready to enter a new growth phase, the analysts said. The planned redevelopment of Marina Square stands out as a major value-creation initiative for UOL and SingLand, with potential value uplift of up to 3.5 to 4.5 times, they said. “For HPL, the possibility of a stake sale in voco Orchard, Forum mall, and HPL House, valued at up to S$2 billion, could also present a significant value-unlocking opportunity.” Developers have also accelerated their capital-recycling initiatives and more divestments may be seen in 2026, the analysts said. “CDL fell short of its S$1 billion divestment target for 2024 and delivered around S$600 million instead. It has since picked up pace with over S$1.5 billion in contracted divestments in 2025, including South Beach, City Industrial Building, and Piccadilly Galleria retail podium in Singapore, two hotels and a multifamily residential asset in the US and Bespoke Hotel Shinsaibashi in Japan,” they said. In 2025, UOL divested Parkroyal Yangon in Myanmar and Kinex shopping mall in Singapore.The analysts noted that some developers have also raised dividends, amid an ongoing push to deliver shareholder value. UOL recently raised its dividend from S$0.15 per share to S$0.18 per share, and GuocoLand from S$0.06 to S$0.07, they noted. “Meanwhile, a special dividend could be on the cards for CDL with its huge gain from the South Beach divestment, HPL given the possibility of a stake sale in voco Orchard, Forum mall and HPL House that are valued at up to S$2 billion, as well as Bukit Sembawang with its large cash reserves.” DBS Research maintained its target prices and “buy” calls for PropNex and Apac Realty , noting how property agencies are likely to see “a gradual moderation in earnings growth momentum” in 2026.A sharp decline in the Singapore Overnight Rate Average has bolstered purchasing power and sentiment and there were many projects with compelling attributes in 2025, the analysts said. Close to half of the new major launches achieved sell-through rates above 80 per cent, with nearly a quarter surpassing 90 per cent.“After a robust year for primary sales in 2025, transaction volumes will likely be lower in 2026, given a less robust launch pipeline anchored around suburban homes,” the analysts said. However, they expect certain projects, such as the Bayshore Road government land sales site purchased by a SingHaiyi joint venture and the Thomson View redevelopment to see strong demand. “We believe that overall price quantum should generally remain broadly stable or inch higher, though growth will increasingly be constrained by real income trends given the strong price appreciation over the past few years,” the analysts said.</div></div>

國浩房地產

DBS 研究對新加坡房地產開發商持樂觀態度，上調了 CDL、UOL、國浩房地產等公司的目標價格。股票可能會有 28%-64% 的上漲空間。開發商正在加速資本回收和重組，潛在的價值創造舉措包括濱海廣場的重建。提到的還有資產剝離和增加股息，CDL 等公司可能會發放特別股息。房地產中介在 2026 年可能面臨盈利增長放緩，但某些項目預計將會有強勁的需求

星展銀行對開發商持樂觀態度，並上調了城市發展有限公司、UOL 集團和國浩房地產的目標價格