SINGAPORE (Oct 9): OCBC Investment Research is maintaining its “buy” call on City Developments Limited (CDL) while raising its fair value estimate to $12.90 from $12.39 previously after factoring in its recent site acquisition as well as firmer residential average selling price (ASP) assumptions.
This comes after the group last week announced it had successfully tendered for the collective sale of Amber Park via its 80%-owned joint venture (JV) with Hong Leong.
See: City Developments and JV partner acquire Amber Park for record-smashing $906.7 million
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