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THEREALDEALS

Ins&OutsofSingaporeRealEstate

Pushingtheboundary
Withthelastexecutivecondominium(EC)sitefortheyearsuccessfullysoldtoMCCLand,itseemslikeanopportune
timetotakestockofthisincreasinglypopularsegment.AltogethereightECsitesweresoldlastyearandlaunched
between OctoberlastyearandSeptemberthisyear.Theyspawnednearly 4,200new units,ofwhichastaggering
87%hasbeensnappedupatanaveragepriceof$700psf.TheASPrecordof$765psfiscurrentlyheldbythe573
unitEsparinaResidencesrightnexttotheBuangkokMRTStation.Butwethinkthisrecordisatriskofbeingbroken.

Thisyear,atotaloffiveECsiteswithapotentialyieldof3,000unitsweresold.Nonehasbeenlaunchedyet.Ofnote
istheoneintheheartofoneofSingaporesthreeregionalcentres,ie,thedenselypopulatedTampines.Thesitewas
soldforarecordpriceof$392.4psfpprtodeveloperSimLianinAprilthisyearandisexpectedtoyield660units.
SimLianhasexperiencedevelopingtwoDBSSprojectsadjacenttothesite,ThePremier@TampinesandCentrale8
atTampines.WeunderstandthelaunchistargetedforJanuarynextyearandunitswillbepricedabove$750psfto
capitaliseontherecentlyraisedhouseholdincomeceilingforECfrom$10,000to$12,000andthestrongresponse
seenforARCatTampines,Thelatterhasachievedamedianpriceof$730psfandatakeuprateof66%inlessthan
twomonths.Atalandcostof$392.4psfppr,weestimateSimLiansbreakevenisapproximately$690psf.

LocationoftheupcomingECatTampines

Source:www.streetdirectory.com.sg

Co.RegNo:198700034E
MICA(P):090/11/2009

SEEAPPENDIXIFORIMPORTANTDISCLOSURESANDANALYSTCERTIFICATIONS

EXECUTIVECONDO

TheRealDeals17November2011
Analyst:OOIYiTung6564335712ooiyitung@kimeng.com

ECnewsaleprices
900

800

700

600

500

EsparinaResidences
BlossomResidences

400

ARCatTampines
Prive

AustvilleResidences
RiverparcResidence

Belysa
TheCanopy

300
19Sep10

08Nov10

28Dec10

16Feb11

07Apr11

27May11

16Jul11

04Sep11

24Oct11

Source:URA

BasedonthenumberofECsitesalreadysold,thereareanestimated3,000unitstobelaunchedinthenext
12months.Weexpectpricestostaywithinthe$700720psfrange,exceptwherethelandparcelisneara
majortransportnodewithgoodretailaccess.AnexampleisthesiteatTampinesCentral7tobedeveloped
bySimLian.Togetherwiththe4,200unitsalreadylaunched,thetotalsupplyofnewECsisnearly7,200,
rampinguptheexistingstockof10,430unitsby70%.Weexpectthegovernmenttocontinuerollingout
newECsitesnextyearinresponsetothestrongdemand.

ECmonthlytakeuprate
ARCatTampines
AustvilleResidences
Belysa
BlossomResidences
EsparinaResidences
Prive
RiverparcResidence
TheCanopy
Total

Oct
10

425

105
530

Nov
10

92

85
177

Dec
10

19
326

22
367

Jan
11

95

12
217

21
345

Feb
11

63

8
41

15
127

Mar
11

44

12
63

38
157

Apr
11

31

14
34

34
113

May
11

34
162

13
20

21
250

Jun
11

28
153

4
4

23
212

Jul Aug
11
11

29
26
2
4
192 176
1
2
13
1
322
72
9
9
568 290

Sep
11
233
39
1
52
3
1
90
14
433

Oct
11
149
33
1
37


20
11
251

Dec
10

770
704

656

Jan
11

719

773
694

657

Feb
11

721

770
689

640

Mar
11

707

761
687

656

Apr
11

709

769
682

659

May
11

719
691

766
700

662

Jun
11

713
700

751
702

653

Jul Aug
11
11

728 713
532 622
702 706
813 731
693 683
694 686
672 661

Sep
11
734
710
705
706
784
689
685
664

Oct
11
729
705
726
697

665
676

Source:URA,KimEng

ECmonthlymedianprice
ARCatTampines
AustvilleResidences
Belysa
BlossomResidences
EsparinaResidences
Prive
RiverparcResidence
TheCanopy

Oct
10

761

657

Nov
10

757

652

Source:URA,KimEng

EXECUTIVECONDO

TheRealDeals17November2011
Analyst:OOIYiTung6564335712ooiyitung@kimeng.com

NewECsupply
Project
Launched
EsparinaResidences
TheCanopy
AustvilleResidences
Prive
Belysa
RiverparcResidence
BlossomResidences
ARCatTampines

Pendinglaunch
ChoaChuKangDrive
TampinesCentral7
PunggolWay/PunggolField
PasirRisDr3/PasirRisRise
YishunAve7/CanberraDr

District

Buangkok
Yishun
Sengkang
Punggol
PasirRis
Punggol
BukitPanjang
Tampines

ChoaChuKang
Tampines
Punggol
PasirRis
Yishun

Developer

Frasers/LumChang
MCCLand
UE/LeeMetal
NTUC/ChipEngSeng
NTUC/ChipEngSeng
Qingdao
CDL
HoiHup/Sunway/SCWong
Subtotal

CDL
SimLian
Frasers/KeongHong
EVIA/UE/HoLee/GPS
MCCLand
Subtotal
Total

Source:URA,HDB,KimEng

ExistingECsupply
Project
BishanLoft
Chestervale
Eastvale
LaCasa
Lilydale
Northoaks
Nuovo
ParkGreen
Pinevale
SimeiGreen
Summerdale
TheDew
TheEden
TheEsparis
TheFloravale
TheFlorida
TheQuintet
TheRivervale
Westmere
Whitewater
Windermere
Woodsvale
YewMeiGreen

Location
BishanStreet11
BangkitRoad
PasirRisDrive3
WoodlandsDrive16
YishunAvenue6
WoodlandsCrescent
AngMoKioAvenue9
RivervaleLink
TampinesStreet73
SimeiStreet4
BoonLayDrive
BukitBatokStreet21
TampinesStreet34
PasirRisDrive4
WestwoodAvenue
HougangAvenue7
ChoaChuKangStreet64
RivervaleLink
JurongEastStreet13
PasirRisStreet72
ChoaChuKangStreet64
WoodandsDrive72
ChoaChuKangNorth6

Source:URA,HDB,KimEng

TOPdate
Sep2003
Mar1999
Jan1999
Feb2008
Mar2003
Oct2000
Aug2004
Sep2004
Jul1999
Apr1999
Sep2000
Jul2003
Apr2003
Jun2005
Oct2000
Feb/May2000
Oct2006
Jun2000
Feb1999
Jan/Mar2005
Sep1999
Aug2000
Sep2000

Units
384
396
312
444
318
720
297
391
322
602
432
248
430
274
754
496
459
671
280
397
395
696
712
10,430

Units

573
406
540
680
315
504
602
574
4,194

490
660
720
390
725
2,985
7.179

Sold

572
385
372
680
315
500
446
378
3,648

Unsold ASP($psf)

1
765
21
660
168
720

700

695
4
690
156
700
196
730
546

MARKETSNAPSHOT

TheRealDeals17November2011
Analyst:OOIYiTung6564335712ooiyitung@kimeng.com

UpcomingVVIPLaunches
TheHillier(District23)
A development nestled in Hilllview Avenue, a
private residential enclave overlooking Bukit
Timah Hill and the Bukit Timah Nature Reserve.
Features SOHOconcept residences sited above a
commercialpodium.

*Shhh... if you have not yet been invited, you are


probablynotaVVIP.Waitforthepubliclaunch.

ECresaletransactions
Project
ParkGreen
TheEsparis
Windermere
Northoaks
TheEsparis
TheQuintet
TheQuintet
Northoaks
Northoaks
TheFlorida
Northoaks
Chestervale
TheQuintet
TheQuintet
BishanLoft
Chestervale
Whitewater
TheQuintet
BishanLoft
Whitewater
Windermere
TheFlorida

Size
(sqm)
112
139
137
116
120
120
118
115
116
120
116
117
117
121
130
133
111
117
136
112
135
121

Price
($psf)
738
625
600
669
724
712
587
662
615
697
653
699
715
691
950
615
737
715
1004
776
632
691

TOP
2004
2005
1999
2000
2005
2006
2006
2000
2000
2000
2000
1999
2006
2006
2003
1999
2005
2006
2003
2005
1999
2000

Planningarea
Sengkang
PasirRis
ChoaChuKang
Woodlands
PasirRis
ChoaChuKang
ChoaChuKang
Woodlands
Woodlands
Hougang
Woodlands
BukitPanjang
ChoaChuKang
ChoaChuKang
Bishan
BukitPanjang
PasirRis
ChoaChuKang
Bishan
PasirRis
ChoaChuKang
Hougang

Source:URA

PropertyStocks
Name
CapitaLand
CityDev
HoBee
HPL
KepLand
SCGlobal
SingLand
UOL
Wheelock
WingTai

Price
2.66
10.26
1.245
2.00
2.66
1.15
5.90
4.47
1.625
1.19

RNAV
3.92
13.00
2.69
4.39
5.08
4.74
9.82
N.A.
N.A.
2.85

Disc/
Prem
to
RNAV
32%
21%
54%
54%
48%
76%
40%
N.A.
N.A.
58%

N.A.=NoCoverage*Asatlatestreported

Disc/
Premto
NTA/share* NTA/share
3.18
16%
7.31
40%
2.22
44%
2.70
26%
2.78
4%
1.60
28%
10.74
45%
6.43
30%
2.35
31%
2.49
52%

PropertyPriceIndices

Index
SRPIOverall(Sep11)
RESIComposite(2Q11)
URAPPI(3Q11)
HDBResale(3Q11)

Change
+0.1%
0.5
+1.3%
+3.8%

Level
166.2
4.5
205.7
187.2

GovernmentLandSales(GLS)
RecentlyAwardedSites
Punggol Field / Punggol Walk (48.8k sqm, 550 units)
Awarded to Capital Development / ZACD for $169.6m
($323psfppr)
Upper Serangoon Crescent / Upper Serangoon Road
(86.2ksqm,860units)AwardedtoAllgreenfor$270.3m
($291.4psfppr)
Jalan Loyang Besar / Pasir Ris Rise (36.3k sqm, 355
units) Awarded to Hoi Hup, Sunway and Straits
Constructionfor$141m($361psfppr)
Pasir Ris Drive 3 / Pasir Ris Link, EC (39.0k sqm, 390
units)AwardedtoHoLee/UnitedEngineersfor$122m
($291psfppr)
Flora Drive (41.9k sqm, 415 units) Awarded to Koh
Brothersfor$163m($361.2psfppr)
YishunCentral7/CanberraDrive,EC(67.9ksqm,725
units) Awarded to MCC Land for $213.8m ($292.6 psf
ppr)
Punggol Central / Edgedale Plains (60.8k sqm, 610
units)AwardedtoQingjianfor$218.9m($334.6psfppr)
YishunAve1/MiltoniaClose(35.5ksqm,355units)
Highestbidof$138.9m$363.6psfppr)fromTGDev

ConfirmedList(RecentlyOpenforTender)
Chestnut Ave (39.3k sqm, 380 units) Tender closing
on24November
AlexandraRoad(48.8ksqm,545units)Tenderclosing
on6December
Chestnut Ave / Almond Ave (12.9k sqm, 35 landed
units)Tenderclosingon8December
Punggol Central / Punggol Place (54.1k sqm, 540
units)Tenderclosingon15December

ReserveList(RecentlyOpenforTender)
JalanJurongKechil(14.2ksqm,240units)
BuangkokDr/SengkangCentral(55ksqm,495units)
TanahMerahKechilRd(39.2ksqm,470units)
StirlingRoadA(44.5ksqm,445units)
StirlingRoadB(44.1sqm,445units)
EliasRd/PasirRisDr3(32.7ksqm,295units)
HillviewAve(35.4ksqm,405units)
SengkangSquare(64.4ksqm,710units)
Upper Serangoon View/ Upper Serangoon Road, EC
(43.3ksqm,420units)
Source:HDB,URA

TheRealDeals17November2011

MARKETSNAPSHOT

Analyst:AlisonFOK6564325745alisonfok@kimeng.com

PrimaryMarket

Total
no.of
units

SecondaryMarket
Units
sold
to
date

Take
up
rate
(%)

Units
sold
(Oct)

Median
($psf)

District

City&Southwest(18)
Rangoon88
ReflectionsatKeppel
Bay
SkylineResidences

48

35

72.9

35

1,461

1129

831

73.6

1,739

283

186

65.7

2,010

451

26.3

10

1,577

Orchard/Tanglin/Holland(910)
D'Leedon

1715

Balestier/MacPherson/Geylang(1214)
RegentResidences
Rezi26
EuHabitat
TheSeawind
Vacanza@East
Riviera38
Suites28

180
106
748
222
473
102
74

128
90
612
39
378
11
35

71.1
84.9
81.8
17.6
79.9
10.8
47.3

128
90
61
39
17
11
10

1,321
1,161
1,207
1,462
1,119
1,154
1,096

561

503

89.7

15

1,055

378
333
572

65.9
70.4
82.2

149
41
9

729
952
892

452
882
1145

190
777
774

42.0
88.1
67.6

144
103
49

840
914
914

493

309

62.7

36

947

EastCoast(1516)
WaterfrontIsle

Changi/PasirRis(1718)
ARCatTampines
Seastrand
Waterview

574
473
696

Serangoon/Thomson(1920)
ParcVera
ATreasureTrove
TheMinton
Boathouse
Residences
AustvilleResidences
Bliss@Kovan
TheLuxurie
RiverparcResidences
ThomsonGrand
Suites@PayaLebar
Terrasse

540
140
622
504
361
99
414

372
56
236
500
159
40
318

68.9
40.0
37.9
99.2
44.0
40.4
76.8

33
26
26
20
20
13
11

705
1,383
1,059
665
1,214
1,343
890

602

446

74.1

37

697

629

619

98.4

11

1079

121
288
337

121
217
238

100.0
75.3
70.6

121
21
19

614
1,517
1,030

410

319

77.8

17

855

406

385

94.8

11

676

West(2224)
BlossomResidences
TheLakefront
Residences

North(2528)
EsteVilla
LuxusHills
Woodhaven
TheMiltonia
Residences
TheCanopy
Source:URA

$psf
Sep11

MoM%
Change

1,470
1,727
1,229
970
1,023
778
918
755
739

1,431
1,719
1,225
985
1,057
788
921
758
727

2.7
0.5
0.3
1.5
3.3
1.3
0.3
0.4
1.6

Source:URA

RentalMarket
$psfpm
Aug11

District

City&Southwest
Orchard/Tanglin/Holland
Newton/BukitTimah/Clementi
Balestier/MacPherson/Geylang
EastCoast
Changi/PasirRis
Serangoon/Thomson
West
North

Yield $psfpm Yield


% Sep11
%

5.3
4.4
3.3
3.1
3.1
2.8
2.7
2.9
2.5

4.3
3.1
3.2
3.8
3.6
4.3
3.5
4.6
4.1

4.6
4.4
3.5
3.1
3.2
2.8
2.9
2.8
2.6

3.9
3.1
3.4
3.8
3.7
4.2
3.8
4.5
4.3

Source:URA

Top5ResaleTransactionsby$psf
Project

ParkviewEclat
ArdmorePark
PatersonSuites
St.ThomasSuites
St.RegisResidences

Tenure

District

$psf

Freehold
Freehold
Freehold
Freehold
999yr(fm1995)

10
10
9
9
10

3,513
3,085
3,000
2,905
2,776

Source:URA

Bottom5ResaleTransactionsby$psf
Project

LakesideTower
SembawangCottage
LakesideApartments
TheSunflower
Lakepoint
Condominium
Source:URA

City&Southwest
Orchard/Tanglin/Holland
Newton/BukitTimah/Clementi
Balestier/MacPherson/Geylang
EastCoast
Changi/PasirRis
Serangoon/Thomson
West
North

$psf
Aug11

Tenure

District

$psf

99yr(fm1975)
Freehold
99yr(fm1977)
Freehold

22
27
22
14

454
514
530
530

99yr(fm1983)

22

558

DEVELOPERSLANDBANK
Developer

District
06
09
10
10
11
17
18
18
18
18
19
19
23
23
Sentosa

CityDev

KepLand

CapitaLand

HoBee

UOL

Allgreen

Wheelock

TheRealDeals17November2011
Analyst:OOIYiTung6564335712ooiyitung@kimeng.com

Landbank
SouthBeach(BeachRoad)
Futura(LeonieRoad)
BoulevardHotel(CuscadenRoad)
LuckyTower(GrangeRoad)
BuckleyClassique(BuckleyRoad)
HedgesPark(FloraRoad)
NVResidences(PasirRis)
PasirRisGrove,parcel3+stateland(PasirRis)
PasirRisDrive8,parcels4+5(PasirRis)
Tampines/UppChangiRdNorth
H2OResidences(SengkangWestAve)
BartleyRoadGLS(BartleyRoad)
ChoaChukangGLS(EC)(ChoaChuKangDrive)
SegarRoadGLS(EC)(SegarRoad)
ResidencesatW(SentosaCove)
TotalUnsoldUnits

MarinaBaySuites(MarinaBay)
Keppel&GETowerssite(TanjongPagar)
ReflectionsatKeppelBay(KeppelBay)
KeppelBayPlot3(KeppelBay)
KeppelBayPlot4(KeppelBay)
KeppelBayPlot5(KeppelBay)
SengkangGLSsite(SengkangSquare)
TheLakesideResidences(LakesideDrive)
TotalUnsoldUnits

TheInterlace(GillmanHeights)
UrbanResort(CairnhillRd)
Dleedon(FarrerRd)
TheNassim(NassimRd)
MarinePoint(MarineParade)
BedokTownCentreSite(BedokCentral)
BishanGLSsite(BishanStreet14)
YioChuKangsite(YioChuKangRd)
TotalUnsoldUnits

SeascapeatSentosaCove(SentosaCove)
PinnacleatSentosaCove(SentosaCove)
TotalUnsoldUnits

SpottiswoodeResidences(SpottiswoodePark)
BedokReservoir(BedokReservoirRd)
TotalUnsoldUnits

Skysuites@Anson(EnggorStreet)
ProjectatWestCoastRd(WestCoastRoad)
RVResidences(RiverValley)
RiverBay(MarThomaRd)
Riviera38(MarThomaRd)
TheCascadia(BukitTimahRoad)
TotalUnsoldUnits

ScottsSquare(ScottsRoad)
Ardmore3(ArdmorePark)
TotalUnsoldUnits

01
02
04
04
04
04
19
22

03
09
10
10
15
16
20
26

Sentosa
Sentosa

02
16

02
05
09
12
12
21

09
10

Tenure
99
Freehold
Freehold
Freehold
Freehold
99
99
99
99
Freehold
99
99
99
99
99

99
Freehold
99
99
99
99
99
99

99
Freehold
99
Freehold
Freehold
99
99
Freehold

99
99

Freehold
99

99
Freehold
999
999
999
Freehold

Freehold
Freehold

Unsold
Units
119
122
203
178
22
181
36
752
1,517
605
153
560
490
237
207
5,381

77
620
313
307
234
94
471
24
2,140

351
40
1,280
55
150
469
650
140
3,135

112
357
469

35
640
675

194
80
248
147
102
25
796

91
84
175

DEVELOPERSLANDBANK(contd)
Developer
Guocoland

BtSembawang

FrasersCentrepoint

WingTai

MCLLand

SCGlobal

District
02
10
26

09
09
09

09
15
16
16
18
18
19
19
19
27

03
09
09
10
10
11
23

10
15
17
19

9
9
9
10
Sentosa

Source:HDB,URA

Analyst:OOIYiTung6564335712ooiyitung@kimeng.com

Landbank
Tenure
TanjongPagarGLSwhitesite(PeckSeah/ChoonGuan)
99
LeedonResidence(LeedonHeights)
99
TheWaterline(YioChuKangRd)
Freehold
TotalUnsoldUnits

TheVermontonCairnhill(CairnhillRd)
Freehold
PatersonSuites(PatersonRd)
Freehold
StThomasWalk(StThomasWalk)
Freehold
TotalUnsoldUnits

StarHubCentre
99
FlamingoValley(SiglapRd)
Freehold
WaterfrontGold(BedokReservoirRd)
99
WaterfrontIsle(BedokReservoirRd)
99
Seastrand(PasirRisDrive3)
99
PasirRisGLSsite(FloraDrive)
99
BoathouseResidences(UpperSerangoonRoad)
99
EsparinaResidences(Sengkang)
99
PunggolGLSmixedsite(PunggolCentral)
99
EightCourtyards(YishunAve2)
99
TotalUnsoldUnits

AscentiaSky(Redhill)
99
HELIOSResidence(CairnhillCircle)
Freehold
BelleVueResidences(OxleyWalk)
Freehold
LeNouvelArdmore(ArdmorePark)
Freehold
Anderson18(ArdmorePark)
Freehold
L'VIV(NewtonRd)
Freehold
ForesqueResidences(PetirRoad)
99
TotalUnsoldUnits

NOBHill(EweBoonRd)
Freehold
CasaNassau(EastCoastRd)
Freehold
PasirRisGLSsite(JalanLoyangBesar)
99
Terrasse(HougangAve2)
99
TotalUnsoldUnits

TheMarq(PatersonHill)
Freehold
Hilltops(CairnhillCircle)
Freehold
MartinNo.38(MartinRd)
Freehold
TheArdmore(ArdmoreRoad)
Freehold
SevenPalms(SentosaCove)
99
TotalUnsoldUnits

GrandTotal

TheRealDeals17November2011
Unsold
Units
500
424
40
964

66
24
221
311

240
220
4
81
215
380
291
1
685
141
2,258

47
64
38
42
157
40
299
687

70
65
580
122
837

37
208
23
50
31
349

18,177

SINGAPOREDISTRICTMAP

TheRealDeals17November2011
Analyst:OOIYiTung6564335712ooiyitung@kimeng.com

01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28

BoatQuay,Chinatown,HavelockRoad,MarinaSquare,RafflesPlace,SuntecCity
AnsonRoad,Chinatown,NeilRoad,RafflesPlace,ShentonWay,TanjongPagar
AlexandraRoad,TiongBahru,Queenstown
Keppel,MountFaber,Sentosa,TelokBlangah
BuonaVista,Dover,PasirPanjang,WestCoast
CityHall,HighStreet,NorthBridgeRoad
BeachRoad,BencoolenRoad,Bugis,Rochor
LittleIndia,FarrerPark,SerangoonRoad
Cairnhill,Killiney,LeonieHill,Orchard,Oxley
Balmoral,BukitTimah,GrangeRoad,Holland,OrchardBoulevard,RiverValley,TanglinRoad
Chancery,BukitTimah,DunearnRoad,Newton
Balestier,Moulmein,Novena,ToaPayoh
PotongPasir,Macpherson
Eunos,Geylang,Kembangan,PayaLebar
Katong,MarineParade,Siglap,TanjongRhu
Bayshore,Bedok,ChaiChee
Changi,Loyang,PasirRis
PasirRis,Simei,Tampines
Hougang,Punggol,Sengkang
AngMoKio,Bishan,BraddellRoad,Thomson
Clementi,UpperBukitTimah,HumeAvenue
BoonLay,Jurong,Tuas
BukitBatok,ChoaChuKang,HillviewAvenue,UpperBukitTimah
Kranji,LimChuKang,SungeiGedong,Tengah
Admiralty,Woodlands
Tagore,YioChuKang
Admiralty,Sembawang,Yishun
Seletar,YioChuKang

Source:expats2singapore.com

TheRealDeals

17November2011

APPENDIXI:TERMSFORPROVISIONOFREPORT,DISCLOSURES
AND
DISCLAIMERS

Thisreport,andanyelectronicaccesstoit,isrestrictedtoandintendedonlyforclientsofKimEngResearchPte.Ltd.("KER")ora
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Person")andissubjecttothetermsanddisclaimersbelow.

IFYOUARENOTANAUTHORISEDPERSONORDONOTAGREETOBEBOUNDBYTHETERMSANDDISCLAIMERSSETOUTBELOW,
YOUSHOULDDISREGARDTHISREPORTINITSENTIRETYANDLETKERORITSRELATEDENTITY(ASRELEVANT)KNOWTHATYOUNO
LONGERWISHTORECEIVESUCHREPORTS.

Thisreportprovidesinformationandopinionsasreferenceresourceonly.Thisreportisnotintendedtobeanddoesnotconstitute
financialadvice,investmentadvice,tradingadviceoranyotheradvice.Itisnottobeconstruedasasolicitationoranoffertobuy
orsellanysecuritiesorrelatedfinancialproducts.Theinformationandcommentariesarealsonotmeanttobeendorsementsor
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Thereporthasbeenpreparedwithoutregardtotheindividualfinancialcircumstances,needsorobjectivesofpersonswhoreceive
it.Thesecuritiesdiscussedinthisreportmaynotbesuitableforallinvestors.Readersshouldnotrelyonanyoftheinformation
hereinasauthoritativeorsubstitutefortheexerciseoftheirownskillandjudgmentinmakinganyinvestmentorotherdecision.
Readersshouldindependentlyevaluateparticularinvestmentsandstrategies,andareencouragedtoseektheadviceofafinancial
adviserbeforemakinganyinvestmentorenteringintoanytransactioninrelationtothesecuritiesmentionedinthisreport.The
appropriatenessofanyparticularinvestmentorstrategywhetheropinedonorreferredtointhisreportorotherwisewilldepend
onaninvestorsindividualcircumstancesandobjectivesandshouldbeconfirmedbysuchinvestorwithhisadvisersindependently
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understandthatyouareusingthisreportATYOUROWNRISK.

This report is being disseminated to or allowed access by Authorised Persons in their respective jurisdictions by the Kim Eng
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TheRealDeals

17November2011

Additionalinformationonmentionedsecuritiesisavailableonrequest.

JurisdictionSpecificAdditionalDisclaimers:

THISRESEARCHREPORTISSTRICTLYCONFIDENTIALTOTHERECIPIENT,MAYNOTBEDISTRIBUTEDTOTHEPRESSOROTHERMEDIA,
AND MAY NOT BE REPRODUCED IN ANY FORM AND MAY NOT BE TAKEN OR TRANSMITTED INTO THE REPUBLIC OF KOREA, OR
PROVIDED OR TRANSMITTED TO ANY KOREAN PERSON. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF SECURITIES LAWS IN THE REPUBLIC OF KOREA. BY ACCEPTING THIS REPORT, YOU AGREE TO BE BOUND BY THE
FOREGOINGLIMITATIONS.

THISRESEARCHREPORTISSTRICTLYCONFIDENTIALTOTHERECIPIENT,MAYNOTBEDISTRIBUTEDTOTHEPRESSOROTHERMEDIA,
AND MAY NOT BE REPRODUCED IN ANY FORM AND MAY NOT BE TAKEN OR TRANSMITTED INTO MALAYSIA OR PROVIDED OR
TRANSMITTED TO ANY MALAYSIAN PERSON. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF
SECURITIESLAWSINMALAYSIA.BYACCEPTINGTHISREPORT,YOUAGREETOBEBOUNDBYTHEFOREGOINGLIMITATIONS.

Withoutprejudicetotheforegoing,thereaderistonotethatadditionaldisclaimers,warningsorqualificationsmayapplyifthe
readerisreceivingoraccessingthisreportinorfromotherthanSingapore.

AnalystCertification:

The views expressed in this research report accurately reflect the analyst's personal views about any and all of the subject
securities or issuers; and no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the
specificrecommendationsorviewsexpressedinthereport.

2011 Kim Eng Research Pte Ltd. All rights reserved. Except as specifically permitted, no part of this presentation may be
reproducedordistributedinanymannerwithoutthepriorwrittenpermissionofKimEngResearchPte.Ltd.KimEngResearchPte.
Ltd.acceptsnoliabilitywhatsoeverfortheactionsofthirdpartiesinthisrespect.

StephanieWong
CEO,KimEngResearch