Property

Property: URA private home statistics show highest supply pipeline since 1999 even as prices climb. Of 68.9k uncompleted private units in the pipeline, approx 34.2k were unsold (3 yrs worth of inventory, avg annual being 11.4k sold). Prices also rose with mass-mkt up 3.1%qoq, mid up 2.0% and prime up 1.1%...

Of note prices are now higher than peaks in 1Q/2Q08. Developer sales remained healthy at 3.6k units 15% below 4Q10 but value of sales at total of $2.9b was 44% lower than 4Q10 with smaller units in focus. GS recommends Buy UOL (TP $4.95) and CAPL (TP $4.88) as sector top picks. CIMB rates sector as Underweight with key Underperforms as CityDev and Allgreen..

Of note prices are now higher than peaks in 1Q/2Q08. Developer sales remained healthy at 3.6k units 15% below 4Q10 but value of sales at total of $2.9b was 44% lower than 4Q10 with smaller units in focus. GS recommends Buy UOL (TP $4.95) and CAPL (TP $4.88 ) as sector top picks. CIMB rates sector as Underweight with key Underperforms as CityDev and Allgreen.