Chiwayland: (S$0.105) Acquires 7th development site in Australia
- Bought 114,270 sqm land parcel in Penrith, Sydney Australia, for A$40m.
- Well-located site next to University of Western Sydney's Penrith campus; suburb expected to benefit from increased accessibility with the establishment of a high-speed rail linking to the second Sydney Airport.
- Group to invest A$320m into the development, slated for completion by 2020.
- From a low base, home price in Penrith has surged at a CAGR of 13.5% in the last five years, caused by the shift towards the west as local buyers shun the inner Sydney price boom.
- Stock currently trading at a significantly discounted 0.34x P/B.