CGS-CIMB Research analyst Lock Mun Yee believes Singapore property developer valuations are still inexpensive, prompting her to reiterate her ‘overweight’ rating for the property sector in an April 15 research note.

Her rating comes as March monthly home sales came in at 1,373 units. Excluding executive condominiums (EC), sales came in at 1,296 units, surging 96% y-o-y and doubling m-o-m.

She attributes the better sales to new project launches including Midtown Modern, which made up 28% of total monthly sales. Other top-selling projects include Treasure at Tampines, Amber Park and Ki Residences at Brookvale.

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