FNN

FNN: DB maintains Buy with TP$7.66 on the launch of residential development of Palm Isles. 125 out of 492 units were sold by Sunday afternoon with robust turnout at the show flat. Avg prices were approx $830psf. The buyers were locals from the surrounding area with demand skewed to 2 and 3 bedroom units. For reference, Hong Leong’s Hedges Park launched in Apr 2011 currently cost $870 psf and has over 100 units left. Pricing was broadly in line with house’s forecast and house remains positive on co with TP at 26% disc to RNAV.