S'pore Property Stocks Fall; CS Keeps Underweight

Singapore property heavyweights among worst blue chip performers due to slowing property price appreciation, rising construction costs. City Developments (C09.SG) down 3.2% at S$10.86, Keppel Land (K17.SG) down 3.5% at S$4.67 vs STI down 1.2%. Credit Suisse notes potential rescinding of Tampines Court en bloc sale; says this demonstrates current weak environment, "we believe it underscores the risk of increasing construction costs for the developers' bottom lines, as well as developers' weaker confidence and pricing power, even for mass-market projects." Broker reiterates Underweight call on Singapore property sector. Charts show moderate volume, suggests shares could extend fall slightly. Immediate support for City Developments tipped at 30-day moving average of S$10.80; support for Keppel Land eyed at last week's intraday low of S$4.65.