CityDev (C09.SG) +1.3% at $11.02, in line with gains by other Singapore blue chips, although light volume suggests investors yet to warm up to developer’s $250 million sale of its entire retail holding, office units at Singapore’s Chinatown Point, according to Dow Jones.

Company hasn’t revealed what it plans to do with proceeds. “The sale could point to more divestments of City Developments’ non-core assets. We see the move as positive, allowing CDL to unlock shareholder value and possibly reinvest the cash in new acquisitions,” says Kim Eng Securities, which has Buy call with $13.20 target.

Initial resistance at $11.01, last closed above this level July 6.