Singapore property developers >Overweight DBS Group Research, June 2

Looking at the way these en blocs and land bids are transacted, we believe that developers seem to be pricing in a price recovery in 2018 in their bids, implying the bullish sentiment towards land-banking good quality sites in Singapore. This could imply upward pressure on prices in the medium term.

We believe the government will stand ready to taper any signs of over- zealousness from developers looking to land- bank here. This will likely come from (i) raising the number of available land sites in the H2 2017 government public land tender, and/or (ii) raising the number of confirmed sites in the pipeline.