Keppel Land: Completed non deal roadshow with Deutsche. Most investors were positive on the MBFC divestment transaction with S$2,400psf pricing. Positive residential sales momentum, in both Spore and China. In particular, sales in China remain firm in township projects with 1,600 units sold in 3Q (> 3k units YTD) on track to meet 4k-unit target this year….
More than 90% of the 220 units released in Seasons Park, Tianjin Eco-City taken up in the recent launch at better-than expected RMB11,000psm. Mgmt targets to sell 5,000 units in China next year. With 3Q10 pro-forma gearing of 0.13x post-divestment, mgmt is on the lookout for acquisition opportunities and is comfortable gearing up to 0.5x…
Recently, Kep Land has proposed the issue of $500m 1.875% of convertible bonds mainly to fund future acquisitions and invested in Vietnam and China, Chendu residential dev.
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