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Yesterday's volume on the upsurge to 5.92 is something we have not seen in recent times...
So there's tremendous interest...
This is another interesting hot counter to behold ...
once it breaks the pre-2007 peak...
Many profit-takers are cashing in...
Once the weak hands are shaken out, the serious advance should continue its march.
This animal is no more the same animal now...
It's in a different league...
| The tender draws 11 bids, the highest being about $315 per sq ft per plot ratio SINGAPORE) A 99-year-leasehold executive condominium (EC) housing site near Buangkok MRT Station has fetched the highest ever bid for an EC site. The top bid from a partnership between Frasers Centrepoint and Lum Chang Building Contractors of $193.28 million or about $315 per square foot per plot ratio (psf ppr) surpassed the previous record of $220 psf ppr for the Summerdale EC site in Boon Lay in May 1997, noted property consultant CB Richard Ellis (CBRE). Yesterday's tender drew a total of 11 bids, reflecting developers' continuing hunger for land. The top bid came in slightly above market expectations in January, when the Housing & Development Board (HDB) launched the site. ECs are a hybrid of private and public housing. CBRE executive director Li Hiaw Ho reckons Frasers Centrepoint and Lum Chang could sell their units in the $650-$680 psf range on average. Based on that, a 1,200-sq-ft unit in the new development would be priced at about $800,000. In the secondary market, three EC projects in the north-east region - The Rivervale, Florida and Park Green - have sold at $520-$600 psf between October 2009 and February 2010, said CBRE.  |
Strong Buy for F&N...
Fraser & Neave Ltd
Quick takes - Top bid for Sengkang EC site - by Donald Chua
(FNN SP / FRNM.SI, OUTPERFORM - Maintained, S$4.35 - Tgt. S$5.31, Property)
A 80:20 JV between Fraser Centrepoint and Lum Chang Building Contractors has emerged the top bidders for an Executive Condo (EC) site in Sengkang at S$193m or S$315psf ppr. Located near the Buangkok MRT station, the tender drew a total of 11 bids. While the lack of new home supply in the area has elevated transactions in the area, we believe margins from this development are unlikely to be meaningful. Similar to HDBs, buyer eligibility restrictions attached to the development should out a cap to pricing. We raise our FY10-12 core EPS by 1-2% to account for the potential award of this project. As its residential landbank depletes, we see focus for F&N drawing towards its resilient commercial properties and its growing F&B segment instead. Our sum-of-the-parts valuation and target price is raised from S$5.15 to S$5.31 as we factor higher marked-to-market share price for APB and potential award from the EC project. Valuations remain attractive at 22% discount to our target. A decent yield support of 4.5-5% and further positive newsflow on streamling efforts remain the key investment themes for the stock. Maintain Outperform