CapitaLand is RHB Research’s top large-cap “buy” given it has the least exposure to Singapore’s residential segment among big-cap developers and is likely to see minimal impact from latest cooling measures.

By 1Q18, CapitaLand has already sold 98% of launched projects in Singapore. It only has one residential project in the pipeline – redevelopment of Pearl Bank Apartments. It acquired the site at a land cost of $1,515 psf in February and RHB believes 5-10% margin is still achievable for this project given the site’s attractive location and limited new launches expected in the area.

Elsewhere in China, RHB’s residential market remains resilient. The firm is expected to progressively hand over more than 8,000 units in China in 2018-2019 and has unbilled earnings recognition of RMB15.1 billion ($3.1 billion) to recognise.

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