With private home sales for the first two months in Singapore already breaching 4,200 units, or one-third of DBS Vickers' full year estimate, the broker said the risk of a policy overhang had increased.
DBS highlighted shopping centre developer CapitaMalls Asia (CMAL.SI), CapitaLand (CATL.SI), and Global Logistic Properties (GLPL.SI) as its top picks, citing their inexpensive valuations and leadership in their respective markets.
Additionally, home sales in March are likely to be good as well, with at least four mass to mid-market projects up for launch, DBS said.
“Given the higher risk in the residential sector now, we would avoid stocks with greater residential exposure and prefer those with non-residential or diversified focus,” it said.
DBS has a hold rating on SC Global Developments and Ho Bee Investment.
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