CGS-CIMB analyst Lock Mun Yee has kept her “overweight” recommendation on the Singapore property sector despite a quieter February for home sales.

“Developers’ valuations still look inexpensive to us, trading at a 50%discount to revalued net asset value (RNAV), close to 1.5 standard deviation (s.d.) below long-term mean discount,” writes Lock in a March 15 flash note.

“We prefer developers with a high recurring cashflow base and strong balance sheets that would enable them to tap into any opportunities during this slower cycle,” she says.

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