SINGAPORE (Dec 12): DBS Group is the first brokerage to initiate coverage of Roxy-Pacific with a “buy” rating and target price of 69 cents.
This given the developer is poised to hit the Singapore market with seven freehold residential developments next year with a gross development value of $0.5 billion.
While the market may have overlooked Roxy for its size, DBS says Roxy was one of the earliest to stock up on its landbank in the current market cycle, three of which will be launched within 1Q18.
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