During the month, the mass market accounted for 58% of the sales, followed by high-end at 22% and mid-end at 20%.
While Lee expects total primary volume sales to hit around 8,900 units in FY2025, 38% higher y-o-y, he believes the strong sales in August is likely to repeat only in October and November, after a “tepid” September due to the lack of new launches as a result of the Hungry Ghost Festival. In October and November, five major projects will be launched, namely the 355-unit The Sen, 706-unit Zyon Grand, 460-unit Penrith, 403-unit Faber Residence and the 666-unit Skye at Holland.
Among the developers, Lee says he continues to like UOL Group and City Developments Limited (CDL) for their undemanding valuations at a revalued net asset value (RNAV) discount of over 50%. Both are seen as the most direct proxies to the Singapore property sector due to their exposure of 84% and 52% for UOL and CDL respectively.
Lee has “buy” calls on both groups with target prices of $9.60 and $9.01 for UOL and CDL respectively. Both target prices are set at a 40% discount to their RNAVs of $16 for UOL and $15.01 for CDL.
