HK Land

HK Land: MCL Land emerged as the top bidder for a 99 yr leasehold site near Jurong East MRT with a price of $369.4m. The other bids were in the range of $369.1m to $251.0m. The land area is approx 124.7k sf with max GFA of 523.9 sf which translates to $705.1 psf ppr. This is the 2nd highest unit price for a private non-landed resi site this yr. Break-even is expected to be approx $1200 ppr. Co currently trades at 0.55x P/B and is 50.2% owned by Jardine Strategic Hldgs.