Revisiting developers of Singapore

After analyzing the 3 banks of Signapore last week, I grew curious: What happened to those property developers they used to own?

It was common for banks to own property development entities until the 90s. However, I recalled of a Government's decree to limit the banks' involvement in property development, and that banks should divest from their property subsidiaries.

DBS used to own DBS Land, which later merged with Pidemco Land and created CapitaLand. 

UOL still existing until this day, with Wee family having significant share to. The wee family is also the major share holder of UOB.

 OCBC did not involve directly in property development, it's focus mainly on financial loans and services.

Other than the banks, there are other entities in this market: Wing Tai which I have made an entry titled Is Wing Tai Properties going bankrupt? on 6th Jul 2025. City Development Ltd (CDL) that I have once traded in the 90s, Far East Organization and Fraser Property Ltd.

It is interest to note that Far East Organization is not a public entity while Frasers Property is not listed in Singapore (it was listed on French market).

Nerertheless, I will check on the 3 listed, for old time sake.

 

Fig 1. CapitaLand weekly chart

unlike DBS, CapitaLand is not at a new high. Instead it seems to be at the bottom and has not reached the previous high of SGD3.20. At the same time, it managed to break out from a correction on 5th December 2025, and even breached its 144-week moving average. 

In addition, divergence is observed on MACD when compared the bottom of 15th April 2025 and 3rd of Febuery 2026, indicating the possibility of upward trend. 

The moving averages on the other is in transition with lower time frames crossing the higher ones. This, however, is yet to complete with tendency of reversing. 

It is also important to note that CapitaLand is currently very close to SGD3.0747, its 100% projection resistance. However, I believe that it may cross this level and will face a stronger resistance between SGD3.1724 to SGD 3.3628.

There is only one indication of its downtrend, the double top formation formed between September 2021 to October 2023. However, CapitaLand has yet to reach its first support level of SGD2.1486, needless to say, its double top objective of SGD1.6515.

Fig 2. UOL weekly chart

UOL actually performs better than CapitaLand, reaching a high of SGD10.16. It seems like traders have more confidence in UOL. 

UOL moves with a strong momentum, leading to a steep gradient upward. Its movement since January 2025 is relatively clean, leading to not much technical setup, at least from my stand point.

As such, I have to zoom out until it enables some measurement, stretching all the way back to 2009. Looking at the whole formation, one should expect a top formation follows by reversal downward. However, the right shoulder of the head and shoulder stretched too long, depleting any possible momentum to push the counter downward. 

As of 2 weeks ago, UOL broke through its 61.8% projection. While this resistance level is insufficient in reversing its trend, it may still lead to a correction. When this happen, I will see support between SGD7.50 to 9.53, which is its 8-week and 55-week moving averages respectively.

its next resistance on the other hand, will be at SGD12.91, its 100% projection line.

Fig 3. CDL weekly chart

Of the 3, City Development Ltd (CDL) is the only developer with no direct relationship with the banks. I still recall in one trade in 1998 that CDL was SGD4.50. I bought in at 4.50 with target at 5.50, it reached 5.00 by 4:00PM and for some reason dropped back to 4.50 by the end of the day as buyers covering their position. I ended up exiting the trade with no gain on that day. 

Guess what?

It reached the objective of SGD5.50 the next day. I dropped CDL from my portfolio since.

So how is CDL doing there after?

CDL managed to reach a high of SGD16.98 by 2007 before it plunged to its bottom of SGD4.10 by 2009. It was close to this level again by 31st March 2025, hitting a price of SGD4.32, before reversing upward. 

It managed to cross the previous high of 15th August 2022 which peaked at SGD8,70. Unlike UOL, it has not yet crossed it's major 61.8% projection of SGD10.07. Its bar behavior is very similar to that of UOL, turning red this week with a short Doji.

The MACD of the counter is presently in the positive segment with no divergence indication.

I will expect it to continue at least until SGD10.09 before congestion or correction.

For the time being, support should be at SGD8.59, its 8-week moving average, and should it be broken, next level of support will be at SGD6.74, its 55-week moving average.