Sing Land

Sing Land: Inline 2Q13 results. Core net profit of $48.3m (-3% q/q, +14% y/y), after excluding net revaluation gains of $98.9m. On a q/q basis, SingLand reported relatively flat growth in rental and hotel income. Outlook for the office and hotel segments is expected to remain muted. Any bright spark is likely to come from its retail exposure, though the extension wing at Marina Square is scheduled to be completed only in 4Q14. Meanwhile, residential sales have been weak, with only 10 units sold out of the 22 units launched at its 109-unit Mon Jervois project, at an ASP of ~$2,100 psf. SingLand is expected to launch another two projects in this year, namely the 445-unit JV with UOL at Bright Hill Drive called Thomson Three (est ASP $1,500 psf) and its own devt at Farrer Drive to be known as Pollen & Bleu (est ASP of $1,800 psf). Maybank KE keeps at Hold with TP $9.75 (from $9.60), due to lack of near term catalysts. Nevertheless the house notes SingLand as a possible privatisation candidate, given that its parent, UIC continues to inch its stake up to 80.3%. SingLand’s free float now stands at 11.5%, a mere 1.5% away from the required 10% minimum free float to remain listed.