Wee Hur

Wee Hur: Won the tender for a 99-yr land parcel located at Punggol for $206.2m. This is co’s first successful tender of land for residential property dev. The land parcel is abt 18k sq m and comes with a maximum GFA of 54.1k sqm, which can yield between 550 and 600 condo units. Cost is approx $354.4 psf The Group intends to launch this property dev in 2H2012. It is located adjacent to Punggol Town’s transport hub comprising Punggol MRT & LRT stations and bus interchange, also surrounded by other amenities such as schools and a future shopping mall. Wee Hur trades at approx 7x current P/E. Peers Lian Beng currently trade at approx 3.1x and Lum Chang at 6.6x.