Capitaland

Capitaland: To sell 1700 private resi units this yr out of existing inventory of 2500 homes. Developments to contribute to sales are d’Leedon, The Interlace, Urban Resort and The Nassim, and a Bedok Town Centre dev, 4 out of 5 are of the high-end segment which co expects a 10-15% growth in 2011. An expected 750 out of 1715 units from d’Leedon will be launched this year with 300 units expected to be launched nxt wk after 93% of 250 units were sold last month…

Co sold 15,025 units in 1st 11mths with avg sales value of $2.3m per unit, a total sales value of $1.9b in 2010 compared with $1.2b in 2009. In 4Q10, URA estimates that priv resi prices were up 2.7%qoq in 4Q10 and is on the rise since bottoming out in 2Q09…

DBS, OCBC and HSBC have issued reports last wk rating co as Buy. Most recent, GS has rated co as Buy at TP $4.95 due to valuations. Near-term catalysts expected are upcoming quarter results and further analyst calls.