CDL: JV with TID has won the top bid for a EC plot in Choa Chu Kang for $170.1m or $320.9 psf. The bid for the 99-yr plot seen as supporting the pricing for another upcoming EC project to be launched in a few mths. The tender was 7% higher than the 2nd bid by Fraser Centrepoint out of a total of 6 bidders but was not excessive compared to Esparina EC in Buangkok which went for $315psf...
Site is 530.1k sf gfa within walking dist from Choa Chu Kang MRT and can accommodate 490 units. Breakeven is est at $660psf by Deutsche implying a 13% margin based on Esparina’s ASP. Co’s current resi landbank is now 3.9m sf up 7% after the acq. Deutsche maintains Sell on cautious view to residential mkt with TP$10.67
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