Monday, 11 July 2011

SINGAPORE PROPERTY (Lim&Tan)

􀁺 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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