DMG says recent show flat visit for launch of prime condominium in Bukit Timah, with healthy visitor turnout, take-up, coupled with recent good sales of Allgreen’s (A16.SG) Suites at Orchard, “have reinforced our positive view on the high-end segment, where buyers are undeterred by the recent government measures.”

House understands that developers readying several high-end launches over next 3-6 months, i.e. Robinson Suites, Spottiswoode Residences, Helios Residences.

“A sustained level of buying activity here could serve as a short-term catalyst to high-end developers, i.e. Wing Tai (W05.SG) and SC Global (D2S.SG), which continue to trade at attractive discounts (20%-25% vs sector’s 1% discount to end-FY11F RNAVs).

Says KepLand (K17.SG) remains sector top pick given 45% RNAV exposure to rebounding office sector, but sees better share price upside from small-mid cap players such as Wing Tai, +0.6% at $1.76. Stays Neutral on property sector.