Co.

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

Singapore
THEREALDEALS Ins&OutsofSingaporeRealEstate
Heed the 6th Year Mark
Executive Condominiums (ECs) are treated as government housing at the start, whereby buyers are subject to similar conditions as HDB estates such as family nucleus. Income ceiling is adjusted slightly higher at SGD12,000 compared to SGD10,000. Once purchased, the unit must be held and stayed in within a 5-year MOP period. At the start of the 6th year, eligibility conditions become more relaxed: buyers need not form a family nucleus to buy an EC from the resale market and purchasing power falls exclusively to Singaporeans and PRs. However, buyers will not be eligible for CPF Housing Grants as it will be treated as private housing. Based on the past analysis of trends on ECs, selling prices were found to rise in tandem with private condominium resale prices after the 10th-year mark is crossed. So, are there any discrepancies between EC resale prices verses private condos after the 5th year? Currently, there are eight projects on the market, which are still within the 6th10th year mark. We find that in certain ECs, prices appear to have already caught up to private resale prices in their vicinity; yet, there are still some opportunities for eligible buyers. For example, units above 1,500sq ft appear to be sold at a steeper discount than smaller units. We highlight three fairly new projects in the resale market.
Figure 1: ECs within the 6th10th year mark No. Project name TOP years Address The Quintet 2006 6 Choa Chu Kang Street 64 Whitewater 2005 7 Pasir Ris Street 72 The Esparis 2006 6 Pasir Ris Drive 4 Nuovo 2004 8 Ang Mo Kio Ave 6/ Ave 9 The Dew 2004 8 Bukit Batok Street 21 Bishan Loft 2004 8 Bishan St 11 The Eden 2004 8 Tampines Street 34 Lilydale 2003 9 Yishun Avenue 6
Source: company data * listed on propertyguru.com

23 August 2012

Units 459 397 274 297 248 384 430 318

Land cost ($ psf) 160 139 135 160 149 212 160 139

Launch price (psf) 366 377 370 388 385 423 400 361

Rental (psf pm)* 2.8 3.2 2.8 3.0 2.0 3.7 2.6 2.6

Figure 2: The Quintet

800 700 600 500 400 300 200 Nov-01 Source: URA Aug-04 Apr-07 Jan-10 Oct-12

Figure 3: Whitewater
900 800 700 600 500 400 300 Sep-02 Source: URA May-05 Feb-08 Nov-10

Figure 4: The Esparis

800 700 600 500 400 300 Apr-01 Source: URA Jan-04 Oct-06 Jul-09 Apr-12

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

 HE EAL EALS Ins&OutsofSingaporeRealEstate

WHITEWATER & ESPARIS

Rising ahead of new sales. Whitewater is situated in the heart of Pasir Ris HDB estates, across from Pasir Ris West Plaza. The closest private condos and ECs would be Belysa, NV Residences, Ris Grandeur, and The Palette. Whitewater is selling at a 16.6% discount to Ris Grandeur, which TOPed on the same year. The newly-launched EC, Belysa, is selling at a 12.8% discount to Whitewater.
Figure 5: Within Whitewaters (EC) vicinity TOP Belysa (EC) NV Residences Ris Grandeur The Palette Whitewater (EC)
Source: URA

Units 315 642 453 892 397

Developer NTUC Choice Home & CEL Development CDL FCL Tampines CDL, Hong Realty, Hong Leong Far East

Leasehold 99 Yr 99 Yr Freehold 99 Yr 99 Yr

$ PSF(YTD) 658 861 880 921 755

% difference -12.8% 14.0% 16.6% 22.0%

2014 2014 2005 2015 2005

Figure 6: Location map

Whitewater

Figure 7: Whitewater resale prices vs. Belysa new sale prices

850 800 750 700 Belysa Whitewater

Ris Grandeur Belysa NV Residences

650 600 550 500 Jan-10 Aug-10 Feb-11 Sep-11 Apr-12

The Palette

Source: onemap.sg

Source: URA

Older private projects run ahead of ECs. Esparis is also located in the Pasir Ris district. Esparis is selling at a slight discount of 11%, compared to Eastvale, an older estate in the vicinity. Loyang Valley that TOP in 1985 is selling at a discount of only 8% discount compared to Esparis. The newly-launched EC, Watercolours, is selling at a premium of only 4% to the older EC.
Figure 8: Within The Esparis (EC) vicinity TOP Watercolours (EC) Seastrand Eastvale Loyang Valley Esparis (EC)
Source: URA

Units 416 472 312 362 274

Developer Ho Lee Group, Maxdin, GPS, EVIA Far East Capitaland Loyang Valley City Development

Leasehold 99 Yr 99 Yr 99 yr 99 yr 99 Yr

$ PSF(YTD) 715 947 759 630 686

% difference 4% 38% 11% -8%

2016 2014 1998 1985 2006

23 August 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

& QUINTET
Bright side of ECs for buyers. The Quintet has fared well against private condos located right next to its plot. In fact, all three plots, Regent Grove, Windermere and Quintet, are trading within a similar price range with a 510% difference among one another. We also find that there are still hidden gems in ECs larger units (>1,800 sq ft) that are found to command prices below SGD600 psf.
Figure 9: Within Quintets (EC) vicinity TOP Regent Grove Windermere Quintet
Source: URA

Units 553 395 459

Developer Orchard Parade Holdings Capitaland Fraser Centrepoint Homes

Leasehold 99 Yr 99 Yr 99 Yr

$ PSF(YTD) 729 629 694

% difference 5% -9%

2000 2000 2006

Figure 10: Location map

Figure 11: Resale transactions

Quintet 850 Regent Grove Windermere

Regent Grove

800 750 700 The Quintet 650 600 550 Windermere 500 Nov-10 Source: URA

Jun-11

Dec-11

Jul-12

Source: onemap.sg

Figure 12: Quintet transaction prices of units > 1,500 sq ft Date $ PSF SQFT Feb 2012 528 1,798 Feb 2012 546 2,142 May 2012 556 1,798 Apr 2012 565 2,142 Mar 2012 570 4,747 Dec 2011 579 2,508 Jan 2011 580 1,270 Nov 2011 584 1,798
Source: URA

23 August 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

MARKET SNAPSHOT
Property Price Indices
Index SRPI Overall (Jun 12) URA PPI (2Q12) HDB Resale (2Q12) Level 168.2 206.9 194.0 Change +1.4% +0.4% +1.3% Reserve List

23 August 2012
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

Site Jalan Jurong Kechil Stirling Road Tampines Av 10 (Parcel B) Kim Tian Road

Site area (Ha) 1.0 2.1 1.7 0.6 1.7 0.9 2.3 1.6 1.9 2.7

Units 240 1045 515 500 na 495 680 470 600 595

Status Available Available Available Available Available Avail. in Sept Avail. in Oct Avail. in Oct Avail. in Nov Avail. in Dec

Government Land Sales (GLS)

Recently Awarded Sites
Site Units Elias Rd/ Pasir Ris Dr 3 295 Woodlands Ave 5/ 720 Woodlands Dr 16 (EC) Tampines Central 7/ Tampines Ave 7/ 580 Tampines Av 9 (EC) Sengkang Square/ Compassvale Drive Tampines Avenue 10 (Parcel A) Boon Lay Way (Jurong Gateway) Pasir Ris Drive 3/ Pasir Ris Drive 10 Buangkok Drive/ Sengkang Central Pheng Geck Avenue (Parcel B) Tanah Merah Kechil Road/ Tanah Perah Kechil Link 710 600 590 495 620 200 415 Awarded Elitist Dev. Hao Yuan Inv. Singxpress, Creative Inv, Kay Lim EL Dev. F.E Lakeside Pte MCL Land Capital Dev. White Haven Prop. Santarli Corp. Fragrance Group & World Class Land Land price (S$m) 166 247 234 $psf ppr 461 318 374

Sengkang West Way Alexandra Road/ Alexandra View (Parcel B) Tampines Avenue 10 (Parcel C) Tampines Avenue 10 (Parcel D) Jurong West Street 41/ Boon Lay Way (Parcel B) New Upper Changi Road / Bedok South Avenue 3 (Parcel B)

Source: HDB, URA *to be launched in two weeks (11-Jul)

383 253 370 210 301 115 285 528

Collective sales
418 706 417 508 202 676 Site Westvale Novena Ville Jade Towers Bartley Grove Awarded to Roxy Pacific Fragrance Group Roxy Pacific Top Global Site Chancery Garden Chateau Eliza

Pending for offer

Land Area(k Sqm) 2.7 5.4 Land Price (S$m) 45 108 Land area(k sqm) 5.8 4.7 8.6 6.1 $psf ppr 1527 1925 Land price (S$m) 77.5 132 106 74 Tender closes 23-Aug 14-Aug

Successful en-blocs
$psf ppr 883 1730 807 810

Confirmed List
Site Tai Thong Crescent (Parcel C) Farrer Road Prince Charles Crescent Bright Hill Drive Punggol Way/ Punggol Walk (EC) Dairy Farm Road Woodlands Avenue 6/ Woodlands Drive 16 (EC) New Upper Changi Road/ Bedok Road (Parcel A) Sengkang West Way/ Fernvale Link (Parcel B) (EC) Pasir Ris Drive 3/ Pasir Ris Rise (EC) Bishan Street 14 Sembawang Crescent/ Sembawang Drive (EC) Punggol Field Walk/ Punggol East (EC) Ang Mo Kio Avenue 2/ Ang Mo Kio Street 13 Jurong West Street 41/ Boon Lay Way (Parcel A) Commonwealth Avenue Source: HDB, URA *last day of Tender Site area (Ha) 0.8 0.2 2.4 1.3 1.9 1.8 1.7 3.2 1.4 2.8 1.1 2.3 1.5 1.8 2.2 1.2 Est. Launch Units date 265 40 N/A 405 560 390 465 540 420 590 645 650 435 680 825 700 6-Sep* 28-Aug* Accept 7-Aug Jul-12 Jul-12 Aug-12 Aug-12 Sept-12 Sept-12 Oct-12 Oct-12 Oct-12 Nov-12 Nov-12 Dec-12

Property Stocks
Disc to Company Price RNAV RNAV CapitaLand 2.96 5.03 -41% City Dev 11.9 12.62 -6% Guocoland 1.7 NA NA Ho Bee 1.225 2.98 -59% Keppel land 3.48 5.78 -40% OUE 2.39 NA NA SC Global 0.975 3.71 -74% Singapore Land 5.97 9.71 -39% UIC 2.78 NA NA UOL 5.1 NA NA Wheelock 1.83 NA NA Wing Tai 1.38 2.81 -51% N.A. = No Coverage *As at latest reported NAV /share 3.66 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 -19% 55% -21% -48% -9% -32% -38% -49% -12% -21% -22% -45%

23 August 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

MARKET SNAPSHOT(CONTD)
Primary Market
Total no. of units Units sold todate Takeup rate (%) 28% 54% 30% 33% 30% 84% 29% 54% 72% 86% 82% 10% 93% 84% 42% 82% 71% 84% 73% 52% 86% 84% 80% 57% 56% 71% 44% 68% 87% 96% 82% 96% 98% 63% 95% 48% 51% 81% 100% 92% 38% 93% 78% 97% 53%
Units sold (Jul)
Media n

23 August 2012
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

Secondary 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 May12 1,547 1,931 1,396 1,286 1,234 873 1,142 877 944 $psf Jun12 1,483 1,739 1,302 1,025 1,041 792 937 823 782 MoM % change -4.1 -9.9 -6.7 -20.3 -15.6 -9.3 -18.0 -6.2 -17.2

($psf) 2,061 1,530 1,393 2,077 1,527 1,549 1,400 1,352 1,348 1,252 1,270 2,238 1,248 1,107 874 880 806 899 1,155 732 905 902 924 836 1,343 812 1,492 1,071 904 1,069 1,100 727 733 857 710 1,095 1,119 1,318 485 721 720 820 884 865 1,151

City & Southwest (1-8) V on Shenton 510 144 Seahill 454 244 Cityscape @ Farrer Park 250 76 Orchard/Tanglin/Holland (9-10) Stellar RV 120 40 D'Leedon 1715 517 Newton / Bukit Timah / Clementi (11,21) Nottinghill Suites 124 104 Balestier / MacPherson / Geylang (12-14) Eight Riversuites 862 251 M66 70 38 Tropika East 105 76 Idyllic Suites 71 61 Flamingo Valley 393 321 East Coast (15-16) 130 13 The Line @ Tanjong Rhu Sycamore Tree 96 89 Changi / Pasir Ris (17-18) Archipelago 577 485 Parc Olympia 486 204 Sea Easta 376 308 The Tampines Trilliant 670 475 The Palette 892 745 My Manhattan 301 220 Watercolours 416 218 Ripple Bay 679 583 Seastrand 473 397 Serangoon / Thomson (19-20) Parc Centros 618 492 River Isles 610 346 Bartley Residences 702 392 Flo Residences 530 378
Haus@Serangoon Garden

144 12 9 19 10 12 33 28 18 11 29 13 9 49 204 59 37 31 24 19 16 11 492 86 59 57 43 24 21 14 11 10 8 8 17 15 11 11 18 9 21 20 17 15 9

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 May12 4.7 4.4 3.4 3.3 3.1 2.7 2.8 2.9 2.5 $psf pm Jun12 5.1 4.5 3.3 3.1 3.1 2.8 2.8 2.8 2.6 MoM % Change 8.2 1.9 -2.4 -6.7 0.8 3.7 0.2 -2.1 3.0

Top 5 Resale Transactions by $psf

Project Helios Residences Helios Residences Orchard View The Clift The Clift Source: URA Tenure Freehold Freehold Freehold Freehold Freehold District 9 9 9 1 1 $psf 3,827 3,502 3,171 2,807 2,765

The Luxurie Parc Vera

The Promenade@Pelikat

The Waterline Austville Residences Twin Waterfalls Riversound Residence West (22-24) Blossom Residences Hillsta Foresque Residences Natura @ Hillview North (25-28) The Woods Parc Rosewood 1 Canberra Eight Courtyard The Nautical The Miltonia Residences Seletar Park Residences Source: URA

97 622 452 164 103 540 728 590 602 416 496 193 93 689 665 654 435 410 276

43 420 391 158 84 517 717 372 569 200 255 157 93 633 255 609 339 396 147

Bottom 5 Resale Transactions by $psf

Project Lakeside Tower Lakeside Tower Lakeside Apartments Lakepoint Condo Loyang Valley Source: URA Tenure 99 Yr (fm 1975) 99 Yr (fm 1975) 99 Yr (fm 1977) 99 Yr (fm 1983) 99 Yr (fm 1982) District 22 22 22 22 17 $psf 465 487 577 586 578

23 August 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

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

23 August 2012
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

Tenure 99 99 99 Freehold 99/103 Freehold Freehold Freehold Freehold 99 99 99 99 Freehold 99 99 99 99 99 99 Freehold

Unsold Units 20 560 118 122 54 203 178 156 4 122 147 624 912 605 131 310 785 54 50 207

City Dev

One Shenton (Marina Bay) Alexandra Road GLS site (Alexandra Road) South Beach (Beach Road) Futura (Leonie Road) Up @ Robertson Quay (Robertson Quay) Boulevard Hotel (Cuscaden Road) Lucky Tower (Grange Road) Nouvel 18 (Anderson Road) Buckley Classique (Buckley Road) Hedges Park (Flora Road) The Palette (Pasir Ris) NV Residences (Pasir Ris) Pasir Ris Drive 8 (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) Blossom Residences (EC) (Segar Road) Residences at W (Sentosa Cove) 15, 19 & 21 Swiss Road (Swiss Club Road) Total Unsold Units

5,362 99yr Freehold 99yr 99yr 99yr 99yr 99yr 50 590 275 367 234 94 202 1,812 306 39 13 5 1,198 55 150 63 379 140 2,348 110 357 6 473 Freehold 99yr 33 92 203 174 131 248 5 147 33 20 2 79 839 72 84 156

KepLand

1 2 4 4 4 4 19

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 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

CapitaLand

3 9 9 9 10 10 15 16 20 26

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

Ho Bee

Sentosa Sentosa 11

Seascape at Sentosa Cove (Sentosa Cove) Pinnacle at Sentosa Cove (Sentosa Cove) Trilight (Newton Road) Total Unsold Units

99yr 99yr 99Yr

UOL

2 16

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

Allgreen

2 5 9 10 12 12 21 23 23

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

Wheelock

9 10

Freehold Freehold

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

DEVELOPERS LANDBANK (CONTD)

Developer District 2 9 10 10 26 Landbank Guocoland

23 August 2012
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

Tenure 99Yr Freehold 99Yr Freehold Freehold

Unsold Units 500 2 381 76 19 978 57 48 24 88 221 80 232 68 818 249 72 18 595 76 117 96 46 11 45 1,325 6 64 38 42 157 27 241 156 731 32 70 65 23 96 590 876 35 200 22 35 31 323

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) Total Unsold Units

Bt Sembawang

4 9 9 9 9 27 28 28

Freehold Freehold Freehold Freehold Freehold Freehold Freehold 999yr

Frasers Centrepoint

9 15 16 16 18 18 19 19 19 27

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) Nouvel 18 (Anderson Road) Total Unsold Units

99yr Freehold 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr

Wing Tai

3 9 9 10 10 11 23 10

99yr Freehold Freehold Freehold Freehold Freehold 99yr Freehold

MCL Land

11 10 15 16 17 22

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) Boon Lay (Jurong East) Total Unsold Units

Freehold Freehold Freehold Freehold 99Yr 99Yr

SC Global

9 9 9 9 Sentosa

The Marq (Paterson Hill) Hilltops (Cairnhill Circle) Martin No. 38 (Martin Rd) Sculptura Ardmore (Ardmore Park) Seven Palms (Sentosa Cove) Total Unsold Units

Freehold Freehold Freehold Freehold 99Yr

Grand Total Source:HDB,URA

16166

23 August 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES
DISCLAIMERS This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as an offer to sell or a solicitation of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate and that each securitys price or value may rise or fall. Opinions or recommendations contained herein are in form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from the relevant jurisdictions stock exchange in the equity analysis. Accordingly, investors returns may be less than the original sum invested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment advice and does not take into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report. Investors should therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report. The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank Investment Bank Berhad, its subsidiary and affiliates (collectively, MKE) and consequently no representation is made as to the accuracy or completeness of this report by MKE and it should not be relied upon as such. Accordingly, MKE and its officers, directors, associates, connected parties and/or employees (collectively, Representatives) shall not be liable for any direct, indirect or consequential losses or damages that may arise from the use or reliance of this report. Any information, opinions or recommendations contained herein are subject to change at any time, without prior notice. This report may contain forward looking statements which are often but not always identified by the use of words such as anticipate, believe, estimate, intend, plan, expect, forecast, predict and project and statements that an event or result may, will, can, should, could or might occur or be achieved and other similar expressions. Such forward looking statements are based on assumptions made and information currently available to us and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed in any forward looking statements. Readers are cautioned not to place undue relevance on these forward-looking statements. MKE expressly disclaims any obligation to update or revise any such forward looking statements to reflect new information, events or circumstances after the date of this publication or to reflect the occurrence of unanticipated events. MKE and its officers, directors and employees, including persons involved in the preparation or issuance of this report, may, to the extent permitted by law, from time to time participate or invest in financing transactions with the issuer(s) of the securities mentioned in this report, perform services for or solicit business from such issuers, and/or have a position or holding, or other material interest, or effect transactions, in such securities or options thereon, or other investments related thereto. In addition, it may make markets in the securities mentioned in the material presented in this report. MKE may, to the extent permitted by law, act upon or use the information presented herein, or the research or analysis on which they are based, before the material is published. One or more directors, officers and/or employees of MKE may be a director of the issuers of the securities mentioned in this report. This report is prepared for the use of MKEs clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in whole or in part in any form or manner without the prior express written consent of MKE and MKE and its Representatives accepts no liability whatsoever for the actions of third parties in this respect. This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. This report is for distribution only under such circumstances as may be permitted by applicable law. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply based on geographical location of the person or entity receiving this report. Malaysia Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from Bursa Malaysia Securities Berhad in the equity analysis. Singapore This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Kim Eng Research Pte. Ltd. (Maybank KERPL) in Singapore has no obligation to update such information for any recipient. For distribution in Singapore, recipients of this report are to contact Maybank KERPL in Singapore in respect of any matters arising from, or in connection with, this report. If the recipient of this report is not an accredited investor, expert investor or institutional investor (as defined under Section 4A of the Singapore Securities and Futures Act), Maybank KERPL shall be legally liable for the contents of this report, with such liability being limited to the extent (if any) as permitted by law. Thailand The disclosure of the survey result of the Thai Institute of Directors Association (IOD) regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based on inside information.The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey may be changed after that date. Maybank Kim Eng Securities (Thailand) Public Company Limited (MBKET) does not confirm nor certify the accuracy of such survey result. Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of MBKET. MBKET accepts no liability whatsoever for the actions of third parties in this respect. US This research report prepared by MKE is distributed in the United States (US) to Major US Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended) only by Maybank Kim Eng Securities USA Inc (Maybank KESUSA), a broker-dealer registered in the US (registered under Section 15 of the Securities Exchange Act of 1934, as amended). All responsibility for the distribution of this report by Maybank KESUSA in the US shall be borne by Maybank KESUSA. All resulting transactions by a US person or entity should be effected through a registered broker-dealer in the US. This report is not directed at you if MKE is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material concerning investments to you under relevant legislation and regulations. UK This document is being distributed by Maybank Kim Eng Securities (London) Ltd (Maybank KESL) which is authorized and regulated, by the Financial Services Authority and is for Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial Services and Markets Act 2000 within the UK. Any inclusion of a third party link is for the recipients convenience only, and that the firm does not take any responsibility for its comments or accuracy, and that access to such links is at the individuals own risk. Nothing in this report should be considered as constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own independent tax advisers.

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

DISCLOSURES
Legal Entities Disclosures Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938-H) which is a Participating Organization of Bursa Malaysia Berhad and a holder of Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This material is issued and distributed in Singapore by Maybank KERPL (Co. Reg No 197201256N) which is regulated by the Monetary Authority of Singapore. Indonesia: PT Kim Eng Securities (PTKES) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. Thailand: MBKET (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission.Philippines:MATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities and Exchange Commission. Vietnam: Kim Eng Vietnam Securities Company (KEVS) (License Number: 71/UBCK-GP) is licensed under the StateSecuritiesCommission of Vietnam.Hong Kong: KESHK (Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: Kim Eng Securities India Private Limited (KESI) is a participant of the National Stock Exchange of India Limited (Reg No: INF/INB 231452435) and the Bombay Stock Exchange (Reg. No. INF/INB 011452431) and is regulated by Securities and Exchange Board of India. KESI is also registered with SEBI as Category 1 Merchant Banker (Reg. No. INM 000011708) US: Maybank KESUSA is a member of/ and is authorized and regulated by the FINRA Broker ID 27861. UK: Maybank KESL (Reg No 2377538) is authorized and regulated by the Financial Services Authority.

Disclosure of Interest
Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further act as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment banking services, advisory and other services for or relating to those companies. Singapore: As of 23 August 2012, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report. Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the research report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report. Hong Kong: KESHK may have financial interests in relation to an issuer or a new listing applicant referred to as defined by the requirements under Paragraph 16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission. As of 23 August 2012, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report. MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment.

OTHERS
Analyst Certification of Independence The views expressed in this research report accurately reflect the analysts personal views about any and all of the subject securities or issuers; and no part of the research analysts compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report. Reminder Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.

Stephanie Wong CEO, Maybank Kim Eng Research

23 August 2012

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