Real estate among top gainers YTD but further rally unlikely

The real estate sector has been among the best-performing in the Singapore market this year, but analysts see limited upside from hereon, following the sector's rally this year.THE real estate sector has been among the best-performing in the Singapore market this year, but analysts see limited upside from hereon, following the sector's rally this year.

Ms Tan said:"While the Fed's dovish stance on interest rates may potentially drive some property sales volume as mortgage rates could remain flattish in the near-term, the S-Reits are the bigger beneficiaries of the prospects of a prolonged Fed pause." Developers like City Development and CapitaLand, with a number of properties in the CBD, could gain, he added.

RHB's Mr Natarajan said the flattish price outlook in the Singapore residential market is likely to have more of an impact on Singapore-centric developers in the near term. "Valuations for many of the property developers are now near their five-year historical price-to-book average and are neither too cheap nor too expensive. We thus believe that there is limited upside in the next year, and investors who wish to invest now may have to take a two- to three-year investment horizon."

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