And check out the common trend seen across players in Q2.
There was a common trend seen across the property developers in Singapore during the past quarter.
A CIMB report noted that a good sell-through rate was observed, especially in the developers' Singapore market.
Analyst Lim Siew Khee examined industry players' performances in the past quarter and noted that City Developments Limited (CDL) came slightly below the brokerage firm's expectations coming off from a high residential base in 2Q16, offset by hotel contributions.
"Overall residential sales volume picked up in Singapore while new launches overseas are gradually pushed back to 2018 and 2019. The change in CEO from Mr Grant Kelly to Mr Sherman Kwek (CEO-designate) is probably the highlight of CDL's results," she explained.
Meanwhile, she stated that CapitaLand's earnings were at the higher end of their expectations due to the better operating performance, higher revaluation gains from investment properties, and greater divestment gains.
CapitaLand saw a good take up rate from Singapore projects and strong sales continued in China.
"94% of its units launched in China were sold in 2Q17. Its retail and serviced apartment portfolio in China and the US also held up well," Lim said.
Out of all developers, UOL seems to be the preferred stock in CIMB, given the group's diversified earnings base and exposure to the Singapore residential and commercial market that makes up 70-75% of its assets.
"Our second top pick is CapitaLand given its laggard performance over UOL and CDL YTD. We see the potential of investors switching some money from CDL to Capitaland as the former will take time to convince the market that despite the change in CEO, its strategy remains unchanged and its execution stays excellent," Lim noted.
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