Should low auction prices worry investors in City Developments’ PPS?

SINGAPORE (June 9): City Developments Limited (CDL) has been one of the best-performing components of The Straits Times Index this year.

Year-to-date, shares of the property developer are up 29%, compared to a 13% rise in the benchmark ST Index.

However, the secondary market price for a clutch of properties that CDL securitised two and a half years ago was tested at an auction last month. And the outcome might worry the investors that were tapped for the transaction.

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