Capitaland: Won tender for Bishan residential site with bid of $550m ($869psf GFA), 27% above 2nd highest bid from KepLand, with total of 19 bidders. This is the 1st site released after 4th round of measures and both the number of bidders and price of the bid indicates confidence of developers…
Site is attractive located, within walking distance to Bishan MRT & Junction 8 and co plans to build a 600-unit dev. Estimates put the avg selling price at approx $1.4k psf, a bullish figure, 30% higher than the resale mkt ($720-890psf) and higher than Clover by the Park ($900-1000 psf)...
Co land bank is now at $2.7m and increases low-end exposure which is seeing more demand lately but may be viewed cautiously given bid’s high price. Deutsche maintains Buy with TP$4.87 and CIMB maintains Neutral with TP$3.27.
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