Keppel Land: reported strong response for Riviera Point ahead of public launch with over 70% of 193 units released being sold. Apts at Riviera Point are priced US$1.4k psm and is targeted at the middle-income market. The initial collection of homes at Riviera Point comprises 549 units and is on track with completion expected in 2014. The entire waterfront development consists of a total of 2,400 units spread across 18 residential towers...
Stock currently trades at 5.4X P/E, 1.4X P/B. Street is largely bullish, TP$5.09 - $5.90
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