Purest play on Singapore residential, with nearly 100% of RNAV attributed to this sub-segmentUnlocking value from its 4mil sqft landbank in Singapore, 2nd largest among listed developers with 74% of landbank being low-cost legacy sitesDeeply undervalued at 0.5x P/RNAV, lowest in sectorInitiate coverage with a BUY; TP of S$6.02, based on 30% discount to RNAV ...
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