KepLand: Emerged as top bidder for the Sengkang Square residential tender with a bid of $286.8m ($502psf GFA).Site is located adjacent to Sengkang Town, which houses the MRT, LRT and Compass point. Bid surpassed market expectations of 350-380psf GFA, reflecting attractiveness of the site…..
Deutsche maintains Buy of grp with $5.08 TP. Estimate a small 3c/shr accretion to RNAV of $5.08. Add that acquisition helps boost its low-end residential exposure and augments its overall SG residential landbank from 52% from 1.1m to 1.7m sf GFA. Valuations attractive at a 19% discount to RNAV after pullback.
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