BUY, TP@ $4.71 pegged at 10% premium to RNAV. Kepland recently clinched a 1.6 ha site at Jurong Lake District (near Lakeside MRT). KepLand is paying $499 psf ppr. With about 550 unit to be ready to launch by end 2010, estimated breakeven price is $870 psf and ASP ~ $1,100 psf.
Pre-leasing activity at Ocean Financial Centre is also reportedly progressing well, ahead of its completion in 2011. Financial institution ANZ and legal firm Drew & Napier are expected to lease about 200,000 sq ft and 93,000 sq ft resepectively, bringing total pre-commitment to about 65%.
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