SINGAPORE (June 16): CIMB is maintaining its “overweight” call on the property sector on the back of an upsurge of sales in May, with "buy" calls and target prices of $10.32 for City Developments (CDL), $8.26 for UOL Group and $4.07 for CapitaLand.

A total of 1,388 units were transacted (1,056 excluding Executive Condos) in the month of May. Excluding ECs, this represented a 41% spike in transactions on a month-on-month basis, or 66% if calculated on a year-on-year basis.

The sector is on track to reach CIMB’s forecast of 8,000-9,000 units sold in 2016, says lead analyst Lock Mun Yee in a Wednesday report.

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