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DJ MARKET TALK: CS Keeps Singapore Ppty Sector At Market-Weight
0148 GMT [Dow Jones] Credit Suisse keeps Singapore property sector at Market-Weight despite higher-than-expected top bid for mass-market land sale. Notes Yishun Ave 1/2 mass market plot in far northern part of Singapore received wide-spectrum of offers from 5 bidders; MCL Land's (M25.SG) top bid at S$350psf ppr, almost 4X lowest bidder's S$95psf, vs market expectation of S$200-300psf range. Says believes MCL Land paying premium for proximity to MRT station, view of Lower Seletar Reservoir. "Despite MCL Land 's bid suggesting higher property prices, we remain neutral as we see more supply coming up and near-term demand outlook is uncertain." Share down 0.6% at S$1.76. (LES)
