City Dev: Partnership between City Dev, Hong Leong Hldgs and Japan’s Mitsui Fudosan has submitted the top bid for a 99 yr private condo site nxt to Bartley MRT. Its bid at $413.3m at $620.61 psf was 0.8% higher than the next highest by Keppel Land out of 8 bidders. This compares with a site near Potong Pasir MRT which went for $607 psf last June, now launched at $1,250 psf on avg...
The plan is to build 700 units if awarded, targeted at young families, professionals and upgraders. Co now trades at 1.7x P/B, compared to KepLand at 1.5x and Capitaland at 1.0x. UBS maintains Neutral with TP$11.05 noting that co has won 2 bids in 2 wks and this acq will add 4% accretion to RNAV...
House maintains a cautious view on residential sector in line with 29 Mar MS property which notes record high prices since 1Q2008 but declining volumes.
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