Shares of City Developments (CityDev) climbed 4.7 percent on Tuesday, as confidence in the Singapore property market increased.
CityDev is gaining more from the rising real estate values, as the company owns various properties, unlike its rival CapitaLand, which distributes its properties to other investors in the form of Real Estate Investment Trusts (REITs), said one dealer at UOB Kay Hian.
One trader also said that CityDev, which has a number of hotels, will also benefit from the recovery of the tourism sector.
At 0750 GMT, CityDev’s shares increased by 4.5 percent to $12.06 (US$8.61), with about four million shares changing hands. CapitaLand, on the other hand, rose by 2.4 percent to $4.30.
The Straits Times Index rose by 0.86 percent as of 0750 GMT yesterday.