Here's why CapitaMalls Asia was the ultimate outperformer among property firms

It's bucking the trend.

According to CIMB, office properties continue to show positive rental reversions and look set for a stronger 2014. 

Retail rents and retail sales have peaked and barely generate 2-3% yoy growth. Hotel data points look mixed but there are some signs
that RevPARs may have bottomed.

Here's more from CIMB:

The best performer for hotels continues to be UOL, with its new 4-star Park Royal at Pickering uniquely positioned to capture both corporate and leisure demand from other hotels.

In China, CMA bucked the trend of declining domestic consumption by registering 10% yoy tenant sales growth in its China malls. It was the standout performer.

GLP's strong operational numbers in logistics leasing demand were slightly marred by the uncertainties resulting from its recent strategic tie-up with a China consortium.

Corporate actions back in the spotlight. UIC’s recent S$9.40/share (S$762m) buyout offer for SingLand is a sector highlight.

Corporate takeovers/management buyouts in the Singapore property space are rising in frequency and we expect this trend to stay.

With land costs at high levels, it seems that the only way for domestic developers to gain more exposure to Singapore is via M&As.

Positive office rental reversions and resilient hotel rates are supporting this trend. Besides SingLand, Wingtai, Ho Bee Land and Bukit Sembawang are the other notable small-mid caps in our coverage that are trading at deep discounts to their RNAV.