We expect muted execution for construction companies on a YoY basis amid delay in receiving appointed dates coupled with mixed order inflow trend. For real estate companies, sales volume growth is likely to be a function of new launches (in some cases). Retail (malls) and hospitality are likely to continue to post stronger YoY numbers with limited Omicron impact. We anticipate residential sales momentum will remain healthy amid sustained demand, benign interest rates and new launch offtake. However, residential sales volume growth trend will be mixed, driven by new launches.
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