Add City Developments (CIT) 2,800 shares @ $7.71 to Blue Chips category
CIT trades at an attractive valuation of 0.8x P/NAV that is even lower than the low seen during the global financial crisis (GFC). CIT is a prime beneficiary of the current buoyant residential property market in Singapore. It continues to review the M&C portfolio for non-core hotel divestments and redevelopment potential. The possibility of establishing a REIT with commercial assets in the UK is a potential catalyst, which the company said back in mid-March that if materializes, will be listed here in Singapore. Technical support for the stock is around $7.60