In standard property cycles, developers are often avoided when residential sale volume slows down. This is happening now in 2026, as local sales normalise after a strong showing in 2025. The price increase in private residential properties has also started to taper after several strong years. Many developers have seen their share prices performed well in the last 12 months, driven by catalysts such as capital recycling and structural transformation. However, their prices have corrected over the past 3 months, with most of the decline happening in the past month. There are a myriad of reasons, such as but not limited to an overextension of price levels, and macro factors such as a potential rate hike being priced in from a hawkish Fed. Here, we look at whether the dip is attractive again, given all of them still trade at steep value discounts. In particular, CDL and GuocoLand are trading at steep 50% to 55% discounts to their RNAV....