Despite the rally, developers remain inexpensive on a price-to-book basis, say Lim and Lee in a Jan 27 research note. At 0.7 times price-to-book (P/B), the sector continues to screen as cheap relative to other sectors like consumer (one time), financials (two times) and telcos (three times), they add.
Singapore-listed property developers are “better ‘value-up’ candidates” than Singapore REITs as they are inexpensive and have greater opportunities for corporate action, say UBS Global Research analysts Michael Lim and Terence Lee.
Share prices of issuers in both categories rose between 11% and 46% in 2025, but the UBS analysts point to an “asymmetry” in their valuations and “scope for self-help”.
