Property: GS issues note on Mar property data. Developers sold 1,386 priv homes excld EC in Mar, +25.4% from 1,105 homes in Feb reversing 3 mths of declines. Take up of new projects were better compared to Feb (77% in Mar vs 51% in Feb). Mid-end sales were up 120% mom to 492 units making up 35% of new priv sales vs 20% in Feb. Prime segment was up 85% mom making up abt 19% of sales...
Mass-end declined 15%, 46% share of sales against Feb’s 67% While secondary mkt show similar positive sentiment, residential outlook for 2011-12 is expected to be soft due to signs of softness in 1Q11 rentals and risk of demand-supply imbalance in 2H12…
Price falls of 5% and 10% expected in 2011 and 2012. GS rates UOL as Conviction Buy with TP$5.80.
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