Monday, November 15, 2010

Keppel Land

Keppel Land: +1.9% at $4.90. Sold 80% of its 400 units released from The Lakefront Residences project over the weekend. The 99-yr development located next to the Lakeside MRT station and near Jurong Lake, comprises 629 units ranging from 484sf for a one-bedder to 3000sf for the penthouse. 65% of the development comprise 2 and 3 bedroom units. ASP avg $1020psf, within mkt expectations, and higher than the prices achieved at neighbouring Caspian project of $700-800psf…

KepLand acquired the site earlier this year at a land cost of $303m or $499psf. Based on the achieved selling price and est breakeven cost of $880-900psf, KepLand may generate a margin of 13-15% from this development.

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