Cleared $4 - imagine buyers grap 400lots in one go. Now $4.01 3.38pm.

recent upgrade in our target price for UOB. Valuations remain undemanding at 0.7x

P/BV and a 30% discount to RNAV. Maintain Outperform.We believe UOL offers more diversified and

Top picks for 2010: Keppel Land and UOL Group. Given the still mixedNEUTRAL on the property sector for the yearKeppel Land (BUY; FV: S$3.61) and UOL Group (BUY; FV:have emerged as our top pick for the property sector in 2010. For

outlook, we prefer to stay

ahead.

S$4.55)

Keppel Land, we have identified several positive catalysts ahead in 2010 -

the opening of the IRs, completion of the Marina Bay Financial Centre and

launch of MBS. For UOL Group, we like the foresight of the management

and strong earnings visibility over the medium term. In addition, both

counters offer compelling value to investors.

Dragon Mansion sold for S$101m
By Jonathan Peeris, Channel NewsAsia | Posted: 01 December 2009 2109 hrs

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SINGAPORE: Dragon Mansion at 18 Spottiswoode Park Road has become the first successful en bloc sale in Singapore this year.

The property was sold to a unit of Roxy-Pacific Holdings for S$100.8m including the development charge. That translates to about S$863 per square foot per plot ratio.

CKS Property Consultants launched a tender for the site in July, after it obtained consent from more than 80 per cent of the owners to proceed with the sale.

The collective sale is subject to approval from the Strata Titles Board. Each owner of the 72 units of 3-bedroom apartments is expected to receive S$1.4m in sale proceeds.

The freehold site has a land area of about 42,000 square feet and is designated for residential use with a plot ratio of 2.8. CKS Property Consultants said the new development could potentially accommodate some 120 units of 1,000-square-foot apartments.

The brokers said the sale price sets a new benchmark for the Spottiswoode Park area, and reflects the limited availability of such freehold residential land near the Central Business District.

CKS Property Consultants is also the marketing agent for Mayfair Gardens in the prime Bukit Timah area. It said consent has already been obtained from more than 80 per cent of the owners to proceed with the sale and the collective sale tender will be launched soon.

We have now raised our FY09 and FY10 PATMI forecasts by 10.5% and 8.0% to S$515.7m and S$282.8m respectively, after bringing forward our construction schedule for DBR and M@P. However, we have not factored in a potential downward revaluation of UOL's investment properties, which is likely during the independent valuation at the end of the year. Maintain BUY with fair value of S$4.16. Our RNAV estimate of UOL has now been raised to S$4.55 per share (previously S$4.44), after markingto-market its listed investments. Maintaining a very conservative 20% discount on our valuation of UOL's investment properties and development profits, we derive a fair value of S$4.16 (previously S$4.07) and this still translates to an upside potential of 26.6%. Valuation remains attractive at Price/Book of 0.64x, which has already more than factored in a potential downwards revaluation of its investment properties. We maintain our BUY rating on UOL.

UOL slips into the red with Q2 loss of S$20m

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SINGAPORE : Property developer UOL has slipped into the red in the second quarter. The firm made a loss of S$20 million in the three months to June, compared to a profit of S$145 million in the same period last year.

The loss was due to lower income from its hotel operations and fair value losses recognised for UOL's investments in United Industrial Corp and Marina Centre Holdings in the second quarter.

Revenue for the period rose 2 per cent on-year to S$213.7 million, with the progressive recognition of revenue from the sale of UOL's development properties.

Revenue from property investments also improved due to higher average rental rates achieved for the firm's investment properties.

UOL said that with substantial new supply of office space in the pipeline in Singapore, rentals are likely to face further downward pressure, while retail rentals may be affected by new mall completions.

The company added that the outbreak of the H1N1 flu and the global economic slowdown will continue to affect the hospitality industry in Singapore and the Asia Pacific region.

Quarter 2 Report, Link below,

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_07DE329AAD21D3AB482576100039EB43/$file/UOL2Q09.pdf?openelement