SINGAPORE (May 30): Daiwa Capital Markets has kept its ”buy” recommendation of City Developments Limited with an unchanged target price of $11.17 on the back of the possibility of its third Profit Participating Securities (PPS).

In a Friday report, Daiwa lead analyst Shane Goh believes PPS 3 is “a step in the right direction” for City Dev’s capital recycling plans.

Reports in local media on Friday said City Dev is looking at launching PPS 3 involving some 48 unsold units at three of its high-end condominiums – Cliveden at Grange, St Regis Residences Singapore, and One Shenton – worth $350 million.

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