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Madison Residences haha see see only no $$$ to buy leh !!! Just be proud to be 1 keppel land share holder.
http://www.madison-residences.com/contact-us.html?gclid=CMbsqo7ekJwCFQMupAodcF4Mew
6 Aug 2009, their report is below, TP 2.75, BUY call from DB
We completed a non-deal roadshow with KepLand's management. Highlights
below:
Mgmt is positive on the housing market and plans to launch Madison
(56 units) and The Promont (15 units) soon. Comparable prices are ~ S
$1,700psf and S$2,000psf respectively. The 168 units in Caribbean @ Keppel
Bay currently held for investment could also be released for sale this
year. Recent resale transactions at $1,100-1,200psf implies gross rental
yield of ~5%. Mgmt is likely to time the launch of Marina Bay Suites and
the later phase of Reflections closer to the opening date of the 2 IRs.
There are signs of increasing leasing activity in the S'pore office market
. Mgmt comments that no tenants have given up pre-committed space
thus far and believes that the worst of rental declines could be over and the
market could be approaching the trough. Current carrying cost of BFC &
OFC is conservative due to low land cost and could see a revaluation surplus
at year end.
In offshore markets, trends continue to be positive. In China, sales have
picked up strongly with ~1,020 units sold in 2Q (vs 420 in 1Q). While prices
were initially trimmed ~5% on 1Q, they have been raised again to pre-2009
levels and mgmt believes they are on track to sell around 2,000 units this
year. In Vietnam, it has sold 50 units in Estella with prices maintained at US
$2,000-2,200psm. Mgmt plans to accelerate launches in China, Vietnam and
other markets (2,194 planned units).
Balance sheet has been significantly strengthened post rights-issue with
gearing at a conservative 0.23x. Mgmt is comfortable gearing up to 0.5x
which gives them around S$1bn of acquisition firepower. Mgmt is actively
looking to replenish its landbank, focusing mainly in S'pore and in China,
especially in cities where it has existing operations.
ozone2002 ( Date: 07-Aug-2009 08:52) Posted:
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DB had a buy call for this..
anyone can share the report...
maxcty ( Date: 06-Aug-2009 18:26) Posted:
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dealer0168 ( Date: 06-Aug-2009 17:26) Posted:
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sureesh40 ( Date: 06-Aug-2009 17:16) Posted:
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maxcty ( Date: 06-Aug-2009 14:52) Posted:
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same feel with u...long term point of view is more than 3$..I aiming for at least 6~7$.
Peg_li ( Date: 06-Aug-2009 14:50) Posted:
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just 3$?
from long term point of view, maybe a few times 3s.
Believe it or not!
chewwl88 ( Date: 06-Aug-2009 01:38) Posted:
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Currently market is doing some correction. But inview keppel land still got some cards in hand. Some panic people may sell in low price.
'With improved market sentiment, we plan to launch Madison Residences and The Promont in the second half of 2009,' said keppel land group CEO Kevin Wong at a briefing. They will debut in 1-2 months' time at market prices, which are hard to fix now because prices can move very quickly nowadays, he added.
Keppel Land is still holding back on the Marina Bay Suites project and may launch it if the market improves further.
Haha if keppel land launch Madison Residences and The Promont in the second half of 2009 with good result. Follow by Marina Bay Suites project what do you think the share price will be.
I think Marina Bay Suites may launch around Marina IR opening time.
'With improved market sentiment, we plan to launch Madison Residences and The Promont in the second half of 2009,' said keppel land group CEO Kevin Wong at a briefing. They will debut in 1-2 months' time at market prices, which are hard to fix now because prices can move very quickly nowadays, he added.
Keppel Land is still holding back on the Marina Bay Suites project and may launch it if the market improves further.
Miss the price of 2.72 yesterday.
Today will hit the price again?? anyone can advise.
Property Sector: Too soon to sell, maintain OVERWEIGHT
Brandon Lee (62323891, brandon.lee@dmgaps.com.sg)
Too soon to sell, maintain OVERWEIGHT on the property sector. Minister Mah Bow Tan’s
comments on the presence of speculative signs in the property sector indicate that the
Government is increasingly concerned over the buoyant property market. If the Government acts,
we believe the Minister’s comments suggest a change from demand-oriented to supply-oriented
anti-speculative measures, similar to the 1990s, which would be less negative for the market.
Subsequent to a proposed tax amendment a few weeks ago, property counters fell 3% over 1
day, while property stocks eased 4% when a slew of anti-speculative measures were announced
in May 96. We are cautious, but are maintaining our OVERWEIGHT call on the property sector,
with CityDev (S$9.94 TP: S$12.00) as top pick given its broad-based residential portfolio.
Speculative signs present, but not excessive. During MBFC’s topping out ceremony
yesterday, National Development Minister Mah Bow Tan stated that the government is seeing
speculative signs in the property market. Nonetheless, they are not excessive and it is a little too
early to conclude that a property bubble is building up. In any case, the situation is being
monitored closely to ensure that a property bubble does not build up. He further assured that
there is plenty of supply in the pipeline and the suspended government land sales (GLS) program
could be brought back if necessary. Citing the uncertain economic outlook, he urged homebuyers
to do their homework to ensure their properties are affordable, even if interest rates begin rising.
Government is increasingly concerned. Following its proposed income tax amendment on 8
Jul 09, we believe that Mah’s comments provide further evidence that the government is
becoming increasingly concerned over the buoyant property market. We reckon this is a result of:
(1) massive take-up of 2-bedders for all new projects, (2) overnight queues and blank cheques for
choice units and (3) primary launch prices at significant premiums to nearby completed projects,
even for mass projects.
A switch from demand-oriented to supply-oriented measure(s). Recent developments could
signal a change in the nature of any possible anti-speculative measures - from demand-oriented
to supply-oriented. This is not illogical, as the GLS program essentially revolves around mass and
mid projects, where most of the buying activity is at the moment. A supply-oriented measure
should help to stabilize prices and not dampen the current sustainable and genuine demand,
which is evidenced by seven consecutive months of strong sales and recent triggers of two mass
market sites on the GLS program. We believe this is more appropriate at a time when the
economy and property sector have just started to recover. A demand-oriented move, on the other
hand, is more far-reaching and damaging, from our view, and should only be implemented when
speculation is excessive. With prices of prime and luxury projects still 20 – 30% off their 4Q07’s
peaks, this is unlikely.
What could really happen? A repeat of 1990s? By our estimates, new launches for mass
projects are now fetching prices above 4Q07’s peak in terms of S$psf basis. While absolute
quantum remains within a comfortable range of < S$900k, price sensitive buyers here could be
deterred by further hikes. As such, we guess that the government’s ultimate policy (if any) could
focus on mass projects remaining affordable to genuine owner-occupying buyers. As such, this
could imply similarities to the 1990s where the GLS program was stepped up – Jul 92’s
announcement (sell 11 sites yielding 3,000 units between Jun 92 and Jan 93) and May 96’s
announcement (land for 7,000 – 8,000 units to be released in 1997). Removal of IAS is unlikely
given the increasing preference of buyers for NPS due to its slight 2 – 5% discount over the
former.
Source: Company and DMG estimates
Immediate resistance is 2.74 followed by 3.00.
