DMG Research downgrades City Developments (C09.SG) to Neutral from Buy due to slowing sales in Singapore mass market; cuts target price to $10.60 from $12.48 (corrected), according to Dow Jones.

DMG says while CityDev’s large landbank, management still look good, “the stock will trade rangebound due to the sector-wide sales slowdown.”

Research house says target price now parity with FY2011 RNAV estimate compared with 20% premium before.

This is “due to limited upside for its mass and mid-residential segments.”

Stock +0.2% at $11.06.