Share prices have generally rebounded since National Development Minister Khaw raised the possibility of doing away with HDB’s Design Build and Sell Scheme.
A likely doing away with the Executive Condo scheme, which we would not rule out, would only be good news for the private sector.
We have picked CapitaLand, City Developments, Ho Bee, UOL, Wing Tai, as the more attractive stocks.
Other latest developments include:
BUKIT SEMBAWANG ($4.51, up 3)
- sold 80 of the first 100 units released at Skyline Residences at Telok Blangah, at $1800 - 1900 psf.
- Bt Semb had bought Fairways, soon to be demolished to make way for Skyline, just before the Financial Crisis, and had made heavy provision for it.
- We are surprised that the new condo is being launched at prices comparable to Keppel Corp’s Reflections @ Keppel Bay, a waterfront development. (There are an estimated 330 units at the 1129-unit development not sold, ie 71% take-up.)
CITY DEVELOPMENTS ($10.94, up 11)
- sold 150 units at Blossom Residences executive condo in the Bukit Panjang district at $685 psf.
- There are a total of 602 units.
WING TAI ($1.51, up 2.5)
- Sold a unit at Le Nouvel Ardmore (JV with City Developments) at $4200 psf to Cheng Wai Kin, a brother of Chairman Wai Keung and Deputy Chairman Edmund.
- Le Nouvel is another “designer” condo, with world-renowned Jean Nouvel as the architect.
CAPITALAND ($3.07, up 12)
- Launched another 180 units at d’Leedon at unchanged price of $1680 psf average.
- There are a total of just over 1700 units at d’Leedon; and to date, only 391 units out of 470 units launched (650 after the latest), have been sold, or 23% take-up.
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