Investment Rating - The investment rating for City Developments is Underweight [4][60]. Core Insights - City Developments sold S$1.9 billion worth of residential units in Singapore during 1Q25, with expectations to approach 2024's total sales of S$3 billion due to ongoing sales and a planned launch of a 706-unit condo at Zion Road in the second half of the year [1]. - Commercial occupancies in Singapore saw a slight decline, with office occupancy dropping from 98% to 97% and retail from 98% to 96%, although rental reversions for key properties remained positive [1]. - Hotel RevPARs grew by 1% year-over-year, which was slower than anticipated, primarily due to a 17% decline in Singapore [2]. - The offer to privatize Millennium & Copthorne Hotels New Zealand concluded with City Developments increasing its stake from 76% to 84%, falling short of the 90% threshold for compulsory acquisition, and no further takeover offers will be made for at least nine months from April 22, 2025 [2]. Financial Metrics - The price target for City Developments is set at S$4.80, representing a 1% upside from the closing price of S$4.73 on May 20, 2025 [4]. - The market capitalization is currently S$4,226 million, with an enterprise value of S$11,770 million [4]. - Projected EPS for the fiscal years ending December 2024, 2025, 2026, and 2027 are S$0.08, S$0.35, S$0.48, and S$0.62 respectively [4]. - Revenue projections for the same fiscal years are S$3,271 million, S$3,583 million, S$3,827 million, and S$5,120 million [4]. - The company has a P/E ratio of 22.8 for 2024, decreasing to 7.5 by 2027 [4]. - The dividend yield is projected to increase from 2.0% in 2025 to 3.0% by 2027 [4].