In standard property cycles, developers are often avoided when residential sale volume slows down. This is happening now in 2026, as local sales normalise after a strong showing in 2025. The price increase in private residential properties has also started to taper after several strong years.
Many developers have seen their share prices performed well in the last 12 months, driven by catalysts such as capital recycling and structural transformation. However, their prices have corrected over the past 3 months, with most of the decline happening in the past month. There are a myriad of reasons, such as but not limited to an overextension of price levels, and macro factors such as a potential rate hike being priced in from a hawkish Fed.
Here, we look at whether the dip is attractive again, given all of them still trade at steep value discounts. In particular, CDL and GuocoLand are trading at steep 50% to 55% discounts to their RNAV.
| Stock | Ticker (SGX) | P/B (times) | P/E (times) | Yield (%) |
| Singapore Land | UO6 | 0.45 | 22.0 | 1.4 |
| Hongkong Land | H78 | 0.35 | N/A | 3.5 |
| GuocoLand | F17 | 0.50 | 19.5 | 3.2 |
| City Development | C09 | 0.45 | 18.0 | 3.2 |
| UOL Group | U14 | 0.55 | 18.5 | 1.9 |
1) Singapore Land (SGX: UO6)
Singapore Land’s share price is up 36.36% over the past year, but it has corrected by around 15.32% over the last three months.
SingLand is tightly bound to massive, capital-heavy infrastructure projects. It is currently redeveloping the former Clifford Centre into a premium 35-storey commercial tower (The Clifford at Raffles Place).
Together with UOL, Singapore Land is also moving forward with the multi-year redevelopment of Marina Square, a mega-project and Singapore’s first “hyper-mixed” development. This multi-year transformation will add residential, serviced apartment, and mixed-use towers, with the project expected to significantly unlock asset values.
The market is adjusting for the heavy upfront capital expenditures and lowered near-term cash flow before these flagship assets begin generating revenue closer to 2028.
2) Hongkong Land (SGX: H78)
Hongkong Land’s share price is up by 14.24% over the past year, but it has corrected by around 13.66% over the last three months.
Hongkong Land is undergoing a massive, historic structural shift. Under CEO Michael Smith who started with HKL in April 2024, the developer announced a decisive pivot to completely wind down its build-to-sell residential arm (selling off its MCL Land subsidiary for S$738 million), pivoting toward a capital-light fund management model, targeting a massive US$100 billion in Assets Under Management (AUM) through various vehicles, including private real estate funds by 2035.
It is also intentionally cutting its reliance on Hong Kong rental income from 60% down to 40%, thus freeing up capital for re-deployment into private real estate funds as well as higher yielding opportunities.
The market actually likes the plans, with share prices more than doubling since the CEO came on board. Share prices have come down recently as it may have been a little over-extended.
3) GuocoLand (SGX: F17)
GuocoLand’s share price is up by 39.49% over the past year and it has corrected by 12.75% over the last three months.
GuocoLand is highly sensitive to the local Singapore residential cycle. With primary private residential sales volumes cooling off and normalizing across Singapore, investors fear a slowdown in GuocoLand’s core development sales. Furthermore, its landmark mixed developments (like Guoco Tower and Guoco Midtown) are already fully priced into past earnings.
4) City Developments (SGX: C09)
City Developments Limited (CDL) has rebounded from last year’s low, with a 45.64% gain over the past year, and is down just 8.61% over the past 3 months.
In the first half of 2026, CDL was heavily in the news due to its governance issues. The company made major corporate headlines in May with the unexpected return of veteran steward Kwek Leng Peck as board vice-chairman, six years after his high-profile resignation over boardroom disagreements.
His return, alongside key appointments at CDL’s principal hospitality arm, Millennium & Copthorne Hotels, has noticeably boosted investor confidence and stabilised internal sentiment.
Operationally and strategically, CDL is also undergoing a comprehensive strategic review initiated by group CEO Sherman Kwek. This aim is to better optimise asset values and shift toward a more asset-light business model.
In the primary residential market, CDL continues to perform well with robust take-up momentum across mass-market property launches in Singapore, positioning the blue-chip developer favourably as the market awaits more explicit guidance from its ongoing strategic overhaul.
It is also noteworthy that CDL has close to S$7 billion worth of non-core or legacy global assets positioned for divestment or optimization.
5) UOL Group (SGX: U14)
UOL is also up 46.29% over the past year, and is down just 5.29% over the past 3 months.
UOL is down primarily on a classic breather after a record-breaking year of sales. Additionally, UOL is loading up its pipeline, gearing up for massive launches like the 1,268-unit former Thomson View Condo redevelopment later this year.
The market is likely temporarily pausing to see if local buyer demand can comfortably absorb this massive wave of new residential inventory.
Closing views
Property development revenue is inherently cyclical, which is why many developers also maintain investment property portfolios.
Transaction pipelines for residential launches in Singapore are softer this year. If you are looking for quick earnings growth from condo sales, this may not be the year.
Mega-redevelopments like Marina Square require massive capital up front. This could temporarily elevate debt-to-equity ratios for UOL and SingLand before debt levels reduce from valuation gains, or value is crystallised via potential partial asset sale or even REIT spin-offs.
For the strategic turnaround investor, HKL is interesting. It is backed by an active US$650 million share buyback program running through 2027, a clear strategy to monetise assets, and offers a strong 3.5% yield as it streamlines its business.
For the deep value catch-up option, CDL has lagged behind peer UOL despite aggressively shedding non-core assets. A tactical play that has been repeatedly surfaced here captures both a potential special dividend upside and a narrowing of its steep RNAV discount. However, the key lies in the ability to execute and then actually directly rewarding the shareholders.
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