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The Real Deals (22-03-2012)

The Real Deals (22-03-2012)

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SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS
T
HE
 
R
EAL
 
D
EALS
 –
 
Ins
 
&
 
Outs
 
of 
 
Singapore
 
Real
 
Estate
 
Singapore
 
Co. Reg No: 198700034EMICA (P) : 099/03/2012
 
22 March 2012
The sweet scent of rose
Tough property cooling measures. A dip in the economy. But none of these could douse the dream ofowning a home, as evidenced by the sharp spike in sales at private residential property launches in the pasttwo months. January saw 2,077 units sold, representing a whopping 210% jump from just 670 units sold inthe previous month. February registered even better results with 3,138 new units sold. Parc Rosewood wasthe best-performing project in February. Located along Rosewood Drive close to the Seletar Expressway, itis a joint venture between Fragrance Group and Aspial Corporation and comprises 15 blocks of five-storeyresidential buildings. Surrounding it are several 99-year leasehold condominiums, such as RosewoodSuites, Rosewood, Casablanca and Woodgrove Condo. Further down the road is the recently launchedWoodhaven, which consists of a mix of SOHOs, condominiums and townhouses. It is developed by Far EastOrganization. The take-up rate of both these projects was unexpectedly high and selling prices on averagewere a 55% premium over other projects in the area.When it was first put up for tender, the Parc Rosewood site drew only three bids with prices ranging from$120m to $151.5m. Fragrance and Aspial paid $151.4m for the 294,719-sq-ft plot in June last year. Basedon a maximum GFA of 412,616.4 sq ft, the land acquisition cost would translate to $367.2 psf ppr. Weestimate the developers’ breakeven to be around $777 psf. Parc Rosewood offers 689 units, of which 626have been launched. Demand has been robust so far, with a take-up rate of over 90%. Though the projectwas originally supposed to hold 390 units, the JV partners have reconfigured the site to accommodate moresmall units. Thus, studio apartments make up 40% of the total number of units. With prices as low as$398,000, the developers were able to attract a large number of investors. We estimate a rental yield ofaround 3.5%, taking into consideration Woodsland station becoming an interchange station in 2018. Thiscould be a good chance to sweep up a snazzy new unit.
Artist’s impression of Parc Rosewood
Source: ERA
 
 
22 March 2012 Page 2 of 7
 
T
HE
 
R
EAL
 
D
EALS
Ins
 
&
 
Outs
 
of 
 
Singapore
 
Real
 
Estate
 
Selling prices for Woodhaven
Source: URA
The 337-unit Woodhaven was launched in June last year, six months after the award of the $105.1m tender. The landcost translated to $332.9 psf ppr. The 99-year leasehold project saw better-than-expected response, considering itslocation and lack of transportation in the surroundings at the moment. In the first month of the launch, 155 units weresnapped up at a median price of $981 psf. The remaining units were progressively sold throughout the year. The take-up rate held steady, even during the last quarter of 2011 when another 44 units were sold at an average price of$1,040 psf. Of the 39 strata townhouses incorporated into the project, 12 have been sold at an average of $777psf.
Selling prices for Parc Rosewood by unit size$psf Transaction priceUnit size Min AverageMaxMin Average Max
<500 sq ft $924 $972 $1,053 $398,000 $424,987 $453,262500-700 sq ft $861 $948 $1,068 $435,674 $558,302 $633,297
 
700-900 sq ft $817 $889 $1,025 $644,511 $722,785 $849,870900-1,100 sq ft - $909 --$880,855 -1,100-1,300 sq ft $733 $743 $752 $954,541 $966,451 $978,361>1,700 sq ft $718 $733 $747 $1,229,098 $1,272,123 $1,309,010
Source: URA
Selling prices for Woodhaven by unit size$psf Transaction priceUnit size Min AverageMaxMinAverage Max
 
<600 sq ft $1,009 $1,072$1,140$597,260$635,114 $675,000600-800 sq ft $865 $1,021$1,115$540,010$656,428 $779,818800-1,000 sq ft $789 $971$1,038$670,728$775,857 $868,2901,000-1,200 sq ft $800 $966$1,014$818,430$1,044,714 $1,190,000
 
1,200-1,400 sq ft $919 $948$985$1,196,850$1,260,590 $1,325,318>3,000 sq ft $741 $777$844$2,835,800$2,607,660 $2,489,790
Source: URA
Estimated rental yield in the vicinity of Parc RosewoodProject Name Tenure District25
th
 percentile($psf pm)Median($psfpm)75
th
 percentile($psf pm)IndicativeASP($psf)Grossyield
Rosewood 99-yr (fm 2000) 252.72.83.1 703.84.8%Casablanca 99-yr (fm 2001) 252.73.13.3 765.94.8%Woodgrove Condo 99-yr (fm 1997) 252.52.72.8 611.05.3%
Source: URA
600700800900100011001200Apr-11 Jun-11 Jul-11 Sep-11 Nov-11 Dec-11 Feb-12 Apr-12
Parc Rosewood and Woodhaven
 
 
 
22 March 2012 Page 3 of 7
 
T
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D
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Ins
 
&
 
Outs
 
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Singapore
 
Real
 
Estate
M
ARKET
S
NAPSHOT
 
22 March 2012
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com
 
Recent resale transactions
ProjectSize(sq m)Price($psf)Contractmonth
Rosewood 255 546 Mar-12Woodsvale 126 596 Mar-12Northoaks 116 663 Mar-12Northoaks 231 440 Mar-12Woodsvale 114 634 Feb-12Northoaks 116 621 Feb-12Casablanca 110 811 Feb-12Woodgrove Condo 199 607 Feb-12Northoaks 120 636 Feb-12Woodgrove Condo 110 655 Feb-12Northoaks 116 638 Feb-12La Casa 111 737 Dec-11Rosewood 94 779 Dec-11Northoaks 116 625 Dec-11Northoaks 116 670 Dec-11Rosewood 109 739 Dec-11Woodvale 122 588 Dec-11Casablanca 103 766 Dec-11Casablanca 122 685 Dec-11Woodsvale 120 648 Dec-11Woodsvale 114 667 Dec-11Northoaks 115 679 Dec-11Woodsvale 119 646 Dec-11Northoaks 152 575 Dec-11Casablanca 104 791 Nov-11Rosewood 137 665 Nov-11Northoaks 115 644 Nov-11Woodsvale 114 668 Nov-11Woodsvale 119 644 Nov-11Northoaks 115 662 Nov-11Northoaks 137 617 Nov-11Woodgrove Condo 200 604 Nov-11Northoaks 116 645 Nov-11
Source: URA
Property Stocks
Name Price RNAVDisc/PremtoRNAV NTA/share*Disc/Prem toNTA/share
CapitaLand 3.05 4.95 -38% 3.51 -13%CityDev 11.25 12.4 -9% 7.51 50%
 
Ho Bee 1.385 3.18 -56% 2.34 -41%HPL 1.915 4.39 -56% 2.7 -29%KepLand 3.41 5.7 -40% 3.64 -6%SC Global 1.055 3.6 -71% 1.59 -34%SingLand 5.89 9.82 -40% 10.74 -45%UOL 4.76 N.A. N.A. 6.43 -26%Wheelock 1.8 N.A. N.A. 2.35 -23%Wing Tai 1.275 2.81 -55% 2.47 -48%
N.A. = No Coverage *As at latest reported 
Property Price Indices
 
Index Level Change
SRPI Overall (Dec 11) 169.2 -0.8%URA PPI (4Q11) 206.2 +0.2%HDB Resale (4Q11) 190.4 +1.7%
Government Land Sales (GLS)
Recently Awarded Sites
Chestnut Ave / Almond Ave (12.9k sqm, 35 landedunits)
Awarded to SCB Terraform for $70.8m ($510.4 psf ppr)
 Punggol Central / Punggol Place (54.1k sqm, 540units)
Awarded to Wee Hur for $206.2m ($354.4 psf ppr) 
Mount Vernon (72.8k sqm, 785 units)
Awarded to CDL / Hong Leong / TID for $388.1m ($495 psf ppr)
 Jalan Lempeng (68.4k sqm, 685 units)
Awarded to IOI Corp for $408m ($554.4 psf ppr)
 Kovan Road / Simon Road (35.7k sqm, 360 units)
Awarded to Hoi Hup’s consortium for $194.6m ($506.6 psf ppr)
 Jervois Road (12.5k sqm, 140 units)
Awarded to Singapore Land for $118.9m ($880.7 psf ppr)
 Bedok South Avenue 3 (60.2k sqm, 595 units)
Awarded to Far East Organisation / Frasers / Sekisui House for $345.9m ($534.2 psf ppr)
 Hillview Avenue
 
(35.4k sqm, 370 units)
Awarded to Kingsford Development for $243.2m ($638 psf ppr)
Upper Serangoon View / Upper Serangoon Road, EC(43.4k sqm, 435 units)
Ho Lee Group Pte & Evia Real Estate for $141.8m ($303 psf ppr)
Confirmed List (Recently open for tender)
Punggol Central/ Edgefield EC (13.2k sqm, 395 units)
Tender closing 29 March 2012 
 Fernvale Lane EC (22.0k, 770 units)
Tender closing 3 April 2012 
 Elias Rd / Pasir Ris Dr 3 (32.7k sqm, 295 units)
Tender closing 11 April 2012 
 Woodland Avenue 5/Woodlands Drive 16 (25.8k sqm,720 units)
Tender closing 3 May 2012 
 Tampines Central 7/ Tampines Avenue 7/ TampinesAvenue 9 (20.8k sqm, 580 units)
Tender closing 10 May 2012 
 Tampines Avenue 10 (Parcel A) (56.2k sqm, 600 units)
Tender closing 17 
th 
May 2012 
 
Reserve List (Recently Open for Tender)
Jalan Jurong Kechil (14.2k sqm, 240 units)Buangkok Dr / Sengkang Central (55k sqm, 495 units)Tanah Merah Kechil Rd (39.2k sqm, 470 units)Stirling Road A (44.5k sqm, 445 units)Stirling Road B (44.1 sqm, 445 units)Sengkang Square (64.4k sqm, 710 units)
 Tampines Avenue 10 (Parcel B)(47.9k sqm, 515units)
Source: HDB, URA
 

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