Brokers' take

City Developments (CDL) Jan 31 close: S$13.26 DBS Group Research, Jan 31

CDL returned to familiar hunting grounds, topping the tenders for two out of three government land sales sites (GLS) - the top bid of S$212.2 million (S$1,722 per square foot per plot ratio (psf ppr) for a plot in Handy Road near Dhoby Ghaut ( District 9), and S$472.4 million (S$800 psf ppr) for a land parcel in West Coast Vale.

Handy Road: CDL's breakeven is estimated to be close to S$2,250 psf; implying launch prices of close to S$2,500 psf onwards, assuming a 11 per cent profit margin.