As the private residential market is holding up well, CapitaLand, City Developments (CDL) and UOL Group continue to be the preferred picks of CGS-CIMB Research.

The brokerage notes that the valuations of property developers are “inexpensive” as they trade at 55% discount to their revalued net asset value.

“Our strategy for developers would be to prefer those with high recurring cashflow base and strong balance sheets that would enable them to tap into any opportunities during this slower cycle,” CGS-CIMB analyst Loke Mun Yee writes in a note dated Oct 15.

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