OUE: (S$1.68) Offloading units at Twin Peaks before QC charges kick in
- Latest marketing campaign for high-end condo project Twin Peaks sees dire pricing, with steep discounts and creative schemes to offload residential units.
- To-date, OUE has ~382 units remaining in the 462-unit development, which will face extension charges under the qualifying-certificate conditions in Feb 2017.
- Maybank's last rating on OUE is a Hold with TP at $2.04. Although valuations are cheap relative to history, house believes the stock is unlikely to perform given unrelenting headwinds for its residential project and large exposure to Singapore's prime office oversupply.
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