SINGAPORE (June 25): CGS-CIMB is maintaining the property and development sector at “overweight” with CapitaLand, City Developments, and UOL as top picks after a total of 12 land sites were released by the government land sale programme (GLS) for 2H20.

“Developers’ valuations are attractive, trading at 54% discount to RNAV, close to the -2 standard deviation (s.d.) discount to long term mean,” says analyst Lock Mun Yee in a note dated June 24.

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