CDL: Had a preview of H20 Residences in Sengkang, its mass mkt project which sold approx 136 units out of 521 units (26% take up). Co released approx half of its total units and buyers were mainly locals. The avg price was btwn S$900-930psf. As a comparison, resale prices of Quartz are $830-880psf and Esparina EC was S$760psf at end of last year…
Deustche’s view is that the take-up appears respectable with units sold higher than that of Canberra and Waterfront which reflects relatively resilient demand from occupiers and first-time buyers. House remains cautious on CDL due to large SG residential exposure with a Sell at TP$10.67.
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