Co.

Reg No: 198700034E MICA (P) : 099/03/2012

Singapore
THEREALDEALS Ins&OutsofSingaporeRealEstate
Renewed interest in Farrer Road
The Urban Redevelopment Authority (URA) has accepted an application last Friday from a developer for a residential site at Farrer Drive to be put up for sale by public tender. The land parcel, which was made available through the Reserve List system on 16 Apr 2012, will be launched for sale by next week. The triggering bid came in at SGD88.9m, or SGD823 psf ppr. The 99-year leasehold site has a maximum GFA of 107,963 sq ft and is estimated to yield 100 dwelling units. Separately, a second site located at Farrer Road was placed under the Reserve List system in January this year. This plot of land is situated right next to Lutheran Towers and Dukes Residence and can yield around 40 residential units. Farrer Road is known for the collective sales done in the area, largely due to its concentration of older freehold estates and attractive central location. The last successful en bloc deal was the sale of Farrer Court in 2007; the site is now being developed into DLeedon, which is expected to obtain its Temporary Occupation Permit (TOP) in 2014. At the time, the sale of the 618-unit condominium made history when it was bought for a record SGD1.34b with another SGD500m of differential premium. The buyers were a consortium led by CapitaLand and comprising Hotel Properties Limited (HPL), a Morgan Stanley real estate fund and Wachovia Development Corp. Based on the sites maximum GFA of 2.35m sq ft, the price worked out to around SGD783 psf ppr. The estimated breakeven and average selling price were SGD1,300 psf and SGD1,750 psf, respectively. However, not all en bloc sales have a happy ending. Tulip Garden, a 162-unit project, was on the brink of sale to a consortium led by Bravo Building Construction in 2007 when the buyers backed out after failing to raise adequate funds for the acquisition. The last asking price for Tulip Garden was lowered from SGD650m in Jan 2011 to SGD600m in Jun 2011, translating to SGD1,118 psf ppr. This meant an estimated breakeven price of SGD1,450 psf. The price difference between an en bloc sale and one under the Government Land Sales (GLS) programme clearly indicates that private sellers are asking for unreachable prices, and this may push developers to turn to the GLS to replenish their landbank.
Location of Farrer Drive site earmarked for sale by public tender

17 May 2012

DLeedon Sommerville Grandeur Gallop Green

Spanish Village Gallop Gables The Levelz The Wilshire

Source: onemap.sg

Farrer Drive site

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

 HE EAL EALS Ins&OutsofSingaporeRealEstate

Farrer Road/Farrer Drive

Supply of private residential units along Farrer Road/Farrer Drive No. of Units 1,715 102 96 456 226 44 162 20 162 132 3,115 Transaction price (SGD psf) 1,780 1,704 1,657 1,591 1,571 1,549 1,486 769 1,264 1,504 Latest contract date 10-Apr-2012 3-Apr-2012 8-Aug-2011 11-Apr-2012 4-Apr-2012 14-Jun-2010 2-Apr-2012 13-Apr-2011 15-Mar-2012 20-Apr-2012 Project DLeedon Gallop Gables Sommerville Grandeur Sommerville Park Spanish Village Sutton Place The Levelz The Wilshire Tulip Garden Waterfall Gardens
Source: URA

Tenure 99 Year Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold

Developer TOP CapitaLand (lead) 2015 Stratis Dev/Atbara Holdings 1997 Sommerville Properties 1996 Sommerville Properties 1985 Glory Realty 1987 Peak Properties 1989 CapitaLand 2004 Sungtze Intl 1984 City Developments 1985 MCL Land 2010 Total Units

Resale prices of projects in the Farrer Road/Farrer Drive vicinity have risen close to those of new sales in a move to block bidders trying to win a ticket to the en bloc arena. We would monitor the smaller projects with higher plot ratios, such as Sommerville Grandeur, Sutton Place and The Wilshire, for more favourable en bloc opportunities.
Transaction prices of private residential units along Farrer Road/Farrer Drive
1,800

1,600

Waterfall Gardens Tulip Gardens The Wilshire

1,400

The Levelz Sutton Place Spanish Village

1,200

1,000

Sommerville Park Sommerville Grandeur Gallop Gables

Oct-09 Jan-10 May-10 Aug-10 Nov-10 Feb-11 Jun-11 Sep-11 Dec-11 Apr-12

800

600 Jul-09 Source: URA

En bloc sale attempts along Farrer Road Asking price Date Project (SGD m) Jun-11 Tulip Garden 600 Jan-11 650 Jul-07 516 Jul-08 Oct-07 Feb-06 Apr-07 Feb-07 Gallop Gables Gallop Green (partial) Spanish Village Waterfall Gardens & 2 adjoining sites Farrer Court Leedon Heights 162 878 132 1.43 835

Buyer NA Bravo Building Construction NA NA MCL Land CapitaLand GuocoLand

GFA (sqft) 557,400

Selling price (SGD psf ppr) 1,118 1,153 1,018

Successful? X X X X

108,170 331,457 160,932 838,488 835,716

964-996 1,700 550 850 1,062

Source: propertyguru.com.sg

17 May 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

MARKET SNAPSHOT
Recent resale transactions
Project WATERFALL GARDENS SOMMERVILLE PARK SPANISH VILLAGE GALLOP GABLES THE LEVELZ SOMMERVILLE PARK SOMMERVILLE PARK SOMMERVILLE PARK TULIP GARDEN SOMMERVILLE PARK THE LEVELZ THE LEVELZ THE LEVELZ SOMMERVILLE PARK THE LEVELZ THE LEVELZ SOMMERVILLE PARK SOMMERVILLE PARK THE LEVELZ SOMMERVILLE GRANDEUR SOMMERVILLE PARK WATERFALL GARDENS GALLOP GABLES WATERFALL GARDENS GALLOP GABLES THE LEVELZ SOMMERVILLE GRANDEUR SOMMERVILLE PARK THE LEVELZ WATERFALL GARDENS WATERFALL GARDENS
Source: URA

17 May 2012
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

Property Price Indices

Contract month Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Feb-12 Feb-12 Dec-11 Dec-11 Nov-11 Nov-11 Oct-11 Sep-11 Aug-11 Aug-11 Aug-11 Jul-11 Jul-11 Jul-11 Jun-11 Jun-11 Jun-11 Jun-11 Jun-11 Jun-11 Jun-11
Farrer Drive** Jalan Jurong Kechil Stirling Road Tampines Av 10 (Parcel B) NAV /share 3.51 7.66 2.15 2.34 3.81 3.53 1.56 11.78 3.16 6.49 2.35 2.51 Disc/ Prem to NAV -26% 33% -25% -50% -24% -42% -38% -52% -21% -33% -29% -48% Farrer Rd Alexandra View Punggol Way/ Punggol Walk (EC) Bishan Street 14 Source: HDB, URA

Size (sq ft) 2,196 1,948 1,604 3,111 807 1,948 1,302 1,948 1,701 624 1,001 786 786 1,948 743 786 1,302 624 797 1,841 1,302 2,583 2,669 1,830 1,163 797 1,830 1,302 807 2,196 1,830

Price ($psf) 1,650 1,591 1,571 1,704 1,486 1,540 1,605 1,488 1,264 1,663 1,498 1,553 1,502 1,636 1,586 1,565 1,420 1,490 1,538 1,657 1,559 1,529 1,600 1,639 1,581 1,550 1,667 1,574 1,486 1,750 1,620

Index SRPI Overall (Mar 12) URA PPI (1Q12) HDB Resale (1Q12)

Level 165.4 206.0 191.0

Change +0.8% -0.1% +0.6%

Government Land Sales (GLS)

Recently Awarded Sites
Site Site area (k sqm) Units Awarded to Land price (S$m) $psf ppr

Kovan Road / Simon Road Jervois Road Bedok South Avenue 3 Hillview Avenue Up Serangoon View/ Up Serangoon Rd
(EC)

35.7 12.5 60.2 35.4 43.4 13.2 22.0 32.7 25.8 20.8

360 140 595 370 435 395 770 295 720 580

Punggol Central/ Edgefield (EC) Fernvale Lane (EC) Elias Rd/ Pasir Ris Dr 3 Woodlands Ave 5/ Woodlands Dr 16
(EC)

Hoi Hup consortium Singapore Land Far East/ Frasers/ Sekisui House Kingsford Development Ho Lee Group Pte & Evia Real Estate Qingjian Realty (South Pacific) Peak Living Pte Elitist Development Hao Yuan Investment Singxpress, Creative Inv, Kay Lim
Site area (k sqm)

195 119 346 243 142 137 245 166 247 234

507 881 534 638 303 320 296 461 318 374

Tampines Central 7/ Tampines Ave 7/ Tampines Av 9 (EC)

Confirmed List
Site Tampines Avenue 10 (Parcel A) Boon Lay Way (Jurong Gateway) Sengkang Square/ Compassvale Drive Pasir Ris Dr 3 Buangkok Drive/ Sengkang Central
Units Tender closing

56.2 48.7 60.7 22.3 18.3

600 590 710 670 620

17-May 29-May 31-May 5-June 12-June

Reserve List (Recently Open for Tender)

Site area (k sqm)

10.0 14.2 88.6 47.9 2.7 41.2 18.7 11.2

Units 100 240 1045 515 40 455 560 590

Property Stocks
Disc to Company Price RNAV RNAV CapitaLand 2.6 5.03 -48% City Dev 10.19 12.62 -19% Guocoland 1.615 NA NA Ho Bee 1.17 3.18 -63% Keppel land 2.89 5.77 -50% OUE 2.04 NA NA SC Global 0.965 3.49 -72% Singapore Land 5.61 9.71 -42% UIC 2.5 NA NA UOL 4.34 NA NA Wheelock 1.67 NA NA Wing Tai 1.3 2.81 -54% N.A. = No Coverage *As at latest reported

**Accepted application on 11 May, site to be launched in two weeks time.

17 May 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

MARKET SNAPSHOT(CONTD)
Primary Market
Total no. of units Units sold todate Take -up rate (%) 66% 6% 69% 75% 84% 22% 73% 92% 46% 59% 55% 90% 100% 63% 93% 64% 75% 48% 66% 72% 58% 56% 72% 49% 86% 26% 65% 99% 100% 93% 75% 58% 97% 57% 40% 96% 66% 37% 53% 88% 91% 86% 66% 48% 87% 78% 85% Units sold (Apr) 87 26 14 12 19 16 46 32 23 18 15 15 244 91 27 26 19 16 15 174 153 39 35 13 13 131 106 69 68 60 54 49 35 34 33 20 13 154 51 25 24 18 36 36 15 14 13
Median

17 May 2012
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

($psf) 2,485 1,337 1,164 2,675 1,434 1,939 1,806 1,430 1,541 1,196 1,162 1,136 1,708 1,062 1,463 1,259 1,400 1,493 1,334 876 871 805 905 1,214 738 1,583 1,189 927 1,292 717 829 865 1,279 1042 1,263 1,008 1,366 1,054 1,326 705 771 1297 876 1,161 829 1529 827

City & Southwest (1-8) Eon Shenton 132 87 Seahill 454 26 Interlace 1040 718 Marina Bay Suites 221 165 Newton / Bukit Timah / Clementi (11,21) Rochelle at Newton 129 108 8 Bassein 74 16 Balestier / MacPherson / Geylang (12-14) 18 Woodsville 101 74 Smart Suites 72 66 Cradels 125 57 Idyllic Suites 71 42 Riviera 38 102 56 Vacanza @ East 473 425 East Coast (15-16) Katong Regency 244 244 Archipelago 577 361 91 Marshall 30 28 Flamingo Valley 393 252 Sycamore Tree 96 72 The Seawind 222 107 The Cristallo 74 49 Changi / Pasir Ris (17-18) Ripple Bay 679 491 Palm Isles 429 250 Tampines Trilliant 670 375 The Palette 892 643 My Manhattan 301 147 Arc at Tampines 574 492 Serangoon / Thomson (19-20) Sky Habitat 509 131 164 106 The Promenade@Pelikat 1145 1129 The Minton Thomson Grand 361 361 Twin Waterfalls 728 676 Parc Vera 452 341 Riversound Residence 590 342 36 35 Presto@Upper Serangoon 622 356 The Luxurie Bartley Residences 702 284 Terrasse 414 399 Bliss@Kovan 140 92 West (22-24) Hillsta 416 154 Natura@Hillview 193 103 Blossom Residences 602 527 The Rainforest 466 425 Qube Suites 21 18 North (25-28) The Nautical 435 286 276 133 Seletar Park Residences Eight Courtyards 654 570 The Springside 76 59 Eight Courtyards 654 555 Source: URA

District City & Southwest Orchard/Tanglin/Holland Newton/Bukit Timah/Clementi Balestier/MacPherson/Geylang East Coast Changi/Pasir Ris Serangoon/Thomson West North Source: URA

$psf Feb12 1,347 1,776 1,207 928 977 774 899 793 710

$psf Mar12 1,347 1,743 1,233 990 1,031 802 880 791 743

MoM % change 0.0 -1.9 2.2 6.7 5.5 3.7 -2.2 -0.2 4.7

Rental Market
District City & Southwest Orchard/Tanglin/Holland Newton/Bukit Timah/Clementi Balestier/MacPherson/Geylang East Coast Changi/Pasir Ris Serangoon/Thomson West North Source: URA $psf pm Feb12 4.8 4.6 3.6 3.2 3.3 2.8 3.1 2.8 3.0 $psf pm Mar12 4.6 4.5 3.5 3.1 3.2 2.7 3.1 2.8 2.6 MoM % change -5.2 -1.4 -3.2 -3.9 -2.0 -2.0 1.3 1.4 -12.9

Top 5 Resale Transactions by $psf

Project Helio Residences 8 Napier Marina Collection Nassim 9 Belle Vue Residences Source: URA Tenure Freehold Freehold 99 Yr (fm 2007) Freehold Freehold District 9 10 4 10 9 $psf 3,516 3204 2,825 2800 2,685

Bottom 5 Resale Transactions by $psf

Project Lakeside Tower Lakepoint Condo Picardy Gardens Elias Green Rosewood Source: URA Tenure 99 Yr (fm 1975) 99 Yr (fm 1983) Freehold 99 Yr (fm 1991) 99 Yr (fm 2000) District 22 22 16 18 25 $psf 460 580 599 600 603

Secondary Market
17 May 2012 Page 4 of 7

 HE EAL EALS Ins&OutsofSingaporeRealEstate

DEVELOPERS LANDBANK
Developer District 1 3 6 9 10 10 10 10 11 17 18 18 18 19 19 19 19 23 23 Sentosa 1 2 4 4 4 4 19 Landbank

17 May 2012
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

Tenure 99Yr 99Yr 99Yr Freehold Freehold Freehold Freehold Freehold Freehold 99Yr 99Yr 99Yr Freehold 99Yr 99Yr 99Yr 99Yr 99Yr 99Yr 99Yr 99yr Freehold 99yr 99yr 99yr 99yr 99yr

Unsold Units 20 545 118 122 203 178 1 156 5 138 249 1,517 605 135 418 785 90 41 75 207 5,608 56 620 283 307 234 94 266 1,860

City Dev

One Shenton (Marina Bay) Alexandra Road GLS site (Alexandra Road) South Beach (Beach Road) Futura (Leonie Road) Boulevard Hotel (Cuscaden Road) Lucky Tower (Grange Road) Volari (Balmoral Road) Nouvel 18 (Anderson Road) Buckley Classique (Buckley Road) Hedges Park (Flora Road) The Palette (Pasir Ris) Pasir Ris Drive 8 (4 + 5) (Pasir Ris) Tampines/Upp Changi Rd North (Tampines/Upp Changi Rd North) H2O Residences (Sengkang West Ave) Bartley Residences (Bartley Road) Mount Vernon GLS site (Bartley Road) HAUS@Serangoon Garden (Serangoon Garden Way) The Rainforest (EC) (Choa Chu Kang Drive) Blossom Residences (EC) (Segar Road) Residences at W (Sentosa Cove) Total Unsold Units Marina Bay Suites (Marina Bay) Keppel & GE Towers site (Tanjong Pagar) Reflections at Keppel Bay (Keppel Bay) Keppel Bay Plot 3 (Keppel Bay) Keppel Bay Plot 4 (Keppel Bay) Keppel Bay Plot 6 (Keppel Bay) The Luxurie (Sengkang Square) Total Unsold Units

KepLand

CapitaLand

3 9 9 9 10 10 15 16 20 26 Sentosa Sentosa 11

The Interlace (Gillman Heights) Urban Resort (Cairnhill Rd) Orchard Residences (Orchard Road) Wharf Residence (Tong Watt Road) D'Leedon (Farrer Rd) The Nassim (Nassim Rd) Marine Point (Marine Parade) Bedok Residences (Bedok Central) Sky Habitat (Bishan Street 14) Yio Chu Kang site (Yio Chu Kang Rd) Total Unsold Units Seascape at Sentosa Cove (Sentosa Cove) Pinnacle at Sentosa Cove (Sentosa Cove) Trilight (Newton Road) Total Unsold Units

99Yr Freehold 99Yr 999Yr 99Yr Freehold Freehold 99Yr 99Yr Freehold 99yr 99yr 99Yr

322 39 15 5 1,245 55 150 68 378 140 2,277 110 357 7 467

Ho Bee

UOL

2 16 2 5 9 10 12 12 21 23 23 9 10

Spottiswoode Residences (Spottiswoode Park) Archipelago (Bedok Reservoir Rd) Total Unsold Units Skysuites @ Anson (Enggor Street) The Surrento (West Coast Road) RV Residences (River Valley) Holland Residences (Taman Warna) Riverbay (Mar Thorma Rd) Riviera 38 (Mar Thorma Rd) The Cascadia (Bukit Timah Road) Pavilion Park (Phase 1D) (Bukit Batok Road) Pavilion Park (Phase 2) (Bukit Batok Road) Total Unsold Units Scotts Square (Scotts Road) Ardmore 3 (Ardmore Park) Total Unsold Units

Freehold 99yr 99Yr Freehold 999Yr Freehold 999Yr 999Yr Freehold Freehold Freehold Freehold Freehold

33 216 249 178 131 248 5 147 46 20 2 79 856 74 84 158

Allgreen

Wheelock

17 May 2012

Page 5 of 7

 HE EAL EALS Ins&OutsofSingaporeRealEstate

DEVELOPERS LANDBANK (CONTD)

Developer District 2 9 10 10 26 4 9 9 9 9 27 28 28 9 15 16 16 18 18 19 19 19 27 3 9 9 10 10 11 23 11 10 15 16 17 19 9 9 9 9 10 Sentosa Landbank Guocoland

17 May 2012
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

Tenure 99Yr Freehold 99Yr Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold 999yr Total Unsold Units 99yr Freehold 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr Freehold Freehold Freehold Freehold Freehold 99yr Total Unsold Units Freehold Freehold Freehold Freehold 99Yr 99Yr Total Unsold Units Freehold Freehold Freehold Freehold Freehold 99Yr Total Unsold Units

Unsold Units 500 2 381 76 34 993 66 54 24 88 221 80 232 70 835 249 141 21 595 92 179 107 54 52 84 1,574 14 64 38 42 157 27 265 607 32 70 65 23 188 15 370 35 203 23 35 50 31 377

Tanjong Pagar GLS white site (Peck Seah / Choon Guan) Sophia Residence (Mount Sophia) Leedon Residence (Leedon Heights) Goodwood Residence (Bukit Timah Road) The Waterline (Yio Chu Kang Rd) Total Unsold Units Skyline Residences (Telok Blangah) The Vermont on Cairnhill (Cairnhill Rd) Paterson Suites (Paterson Rd) Paterson Suites II (Paterson Rd) St Thomas Walk (St Thomas Walk) Watercove Villes (Wak Hassan Drive) Nim Road (Nim Road) Luxus Hills (Seletar Green) Starhub Centre (Cuppage Rd) Flamingo Valley (Siglap Rd) Waterfront Isle (Bedok Reservoir Rd) Bedok South GLS site (Bedok South Avenue 3) Seastrand (Pasir Ris Drive 3) Palm Isles (Flora Drive) Boathouse Residences (Hougang) Watertown (Punggol) Twin Waterfalls (Punggol Way / Punggol Field) Eight Courtyards (Yishun Ave 2) Total Unsold Units Ascentia Sky (Redhill) HELIOS Residence (Cairnhill Circle) Belle Vue Residences (Oxley Walk) Le Nouvel Ardmore (Ardmore Park) Anderson 18 (Ardmore Park) L'VIV (Newton Rd) Foresque Residences (Petir Road) Palms @ Sixth Avenue (Six Avenue ) NOB Hill (Ewe Boon Rd) Casa Nassau (East Coast Rd) Uber 388 (Upper East Cost) Ripple Bay (Jalan Loyang Besar) Terrasse (Hougang Ave 2) The Marq (Paterson Hill) Hilltops (Cairnhill Circle) Martin No. 38 (Martin Rd) Sculptura Ardmore (Ardmore Park) The Ardmore (Ardmore Park) Seven Palms (Sentosa Cove)

Bt Sembawang

Frasers Centrepoint

Wing Tai

MCL Land

SC Global

Grand Total Source:HDB,URA

16,417

17 May 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLOSURES AND DISCLAIMERS
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www.maybank-ke.com | www.kimengreseach.com.sg 17 May 2012 Page 7 of 7