S$1.135-SCGD.SI
A new record has been set for property prices in Singapore, with SC Global selling a 3003 sf unit at the Marq for $19 mln or $6400 psf.
The previous record, also at the Marq was $5842 psf set in May this year.
We believe the new record reflects the buyer’s choice for balcony instead of the 15m cantilevered swimming pool.
We do not however expect the news to translate to share price gain for SC Global. Fact is the completed luxurious condo has yet to cross the 50% sold mark, having thus far sold 28 out of a total of 66 units.
But, having fallen sharply from recent high of $1.51 on speculation of Simon Cheong privatizing his namesake company just because he paid $1.35-1.42 a share for almost 3 mln shares in June), the stock is worth accumulating, especially as it approaches the $1 level.
At $1.135, price to book NAV of $1.54 is 0.74x.
No comments:
Post a Comment