F&N: property unit Frasers Centrepoint and Far East have jointly put in top bid $151.4m ($335 psf ppr) for a residential site at junction of Pasir Ris Drive 3 and 4. Project to have 400-450 units, expected to be completed in 5 yrs. Breakeven cost est at $650-$680 psf, while selling price est at $800 psf, slightly higher vs recently transacted prices in the vicinity - NV residences ($720-840 psf), Oasis@Elias (99Y, $650-740 psf), Bluewaters2 (999Y, $800-850 psf)…
Deutsche views acquisition as positive, expects it to be mildly NAV accretive. Raises target to $6.75 from $6.55, maintains Buy. Stock makes new all-time high of $6.58 in early trade.
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