Should non-property groups avoid buying property?

LISTED property groups are generally not well-loved by investors, often trading well below book value, perhaps for good reasons.

Earnings from property development projects can be lumpy. For housing developers in Singapore, profit margins may be low and the risks of cooling measures are high. 

The yield on marked-to-market valuations of investment properties is often unexciting. And plenty of capital could be tied up in owning low-yielding assets.