Sim Lian

Sim Lian: Co has obtained the top bid out of a total of 10 bids, paying $805.3 psf ppr for a 99 yr leasehold commercial and residential site at Bt Panjang. The site will be integrated with 3 transportation nodes (MRT/LRT/bus interchange) Site attracted 10 bids in total. URA has specified that a min of 35% and a max of 40% of the 612.1k sf max gfa for the site has to be set aside for commercial use. The bid is on the high side as property consultants had expected top bids to range from $600-700 psf. Analysts expect a target ASP of $1300psf for the residential component. Bedok Residences was recently launched at ASP of $1350 psf. Sim Lian trades at a P/B of 0.7x