THEREALDEALS

Ins&OutsofSingaporeRealEstate

Winwinprojects
Propertypricesaregettingalittlepeakish.Investorswhoboughtnewunitsinearly2008mustnowmakeadecision. Their projects have either just received the Temporary Occupation Permit (TOP) or are expected to soon. Before long,theremaining40%oftheirbankloanwillbedrawndownandloanservicingwillbegininearnest.Withprice upside likely to be capped in the near term, investors who are already in the money might be more inclined to offloadtheirunitstotakeprofitinsteadofkeepingthemforrentalincome.Iftheseunitsareputoutforsaleatthe sametime,thesurgeinsupplymayprovideanopportunityforagoodbargain,awinwinforbothpartiesbuyer getsaunitwithgoodrentalyieldandsellergetstotakeprofitatareasonablelevel. Inthisissue,wehandpickthreeprojectswithgoodpotentialrentalyield.CloverbytheParkbySimLianGrouphas just obtained its TOP, while Woodsville 28 and Waterfront Waves, both by Frasers Centrepoint, are expected to receive their TOP soon. Using the median rental of nearby completed projects as a gauge, the said projects can expectagrossrentalyieldofabove4%.WaterfrontWaves,whichisjointlydevelopedbyFrasersCentrepointandFar East Organization, ranks top with 4.45%. Woodsville 28 appears to be rather attractive as well. Apart from an estimatedgrossrentalyieldof4.17%,itislocatedrightnexttothePotongPasirMRTStationtwostopsawayfrom Serangoon,whereaninterchangestationfortwomajortrainlinesandthebiggestsuburbanretailmallare,andjust fourstationsawayfromDhobyGhaut,alongSingaporesrenownedOrchardRoadshoppingbelt. Featuredprojectswithgoodpotentialrentalyields
Location Tenure CloverbythePark Bishan 99yr Woodsville28 PotongPasir 99yr Frasers Centrepoint 116,649 3Q11 110 110 $1,140psf Woodsville Mansion,Leicester Lodge,One Leicester,Parc Aston,Intero, PlatinumEdge $3.44psfpm $3.96 psfpm 4.17% WaterfrontWaves Bedok 99yr Frasers Centrepointand FarEast 550,000 4Q11 405 405 $990psf

Developer GFA(sqft) ExpectedTOP Totalnumberofunits No.ofunitssold Averagesellingpriceinsecondary marketinAugust2011

SimLian 825,646 July2011 616 609 $1,110psf

Nearbycompletedprojects Medianrentalfornearby completedprojectsinAugust2011 Estimatedrental(15%premium) Yield

BishanParkCondo, TheGardensat Bishan $3.23psfpm $3.71psfpm 4.01%

Source:URA,KimEng

Baywater,The Clearwater, Aquariusbythe Park $3.19psfpm $3.67psfpm 4.45%

Co.RegNo:198700034E MICA(P):090/11/2009

SEEAPPENDIXIFORIMPORTANTDISCLOSURESANDANALYSTCERTIFICATIONS

WINWINPROJECTS

TheRealDeals29September2011
Analyst:OOIYiTung6564335712ooiyitung@kimeng.com

CloverbythePark
Transactionprices
1,400 1,200 1,000 800 600 400 200 0 14Nov07
Source:URA

Primarymarket Secondarymarket

01Jun08

18Dec08

06Jul09

22Jan10

10Aug10

26Feb11

14Sep11

01Apr12

The616unitCloverbytheParkisdevelopedbySimLianGroup,acontractorturneddeveloper.The99year leasehold site was bought in June 2007 for $310m, or $376 psfppr, through the Government Land Sales (GLS)programme.Theprojectis99%soldandthedeveloperachievedanoverallASPof$780psf.According todatafromtheUrbanRedevelopmentAuthority(URA),lastmonthsawsixresaletransactionsforClover atanASPof$1,110psfandamedianrentalof$3.23psfpmforcompletedprojectsinBishansuchasBishan ParkCondo(TOP1994)andTheGardensatBishan(TOP2004).AssumingthenewunitsatCloverareable tofetcha15%premiuminrental,thegrossyieldwillbe4.01%. Locationmap

Source:onemap.sg

WINWINPROJECTS

TheRealDeals29September2011
Analyst:OOIYiTung6564335712ooiyitung@kimeng.com

Woodsville28
Transactionprices
1,400 1,200 1,000 800 600 400 200 0 24Nov07
Source:URA

Primarymarket Secondarymarket

11Jun08

28Dec08

16Jul09

01Feb10

20Aug10

08Mar11

24Sep11

Woodsville28isdevelopedbyFrasersCentrepoint.Inatenderwhichsaweightbids,Frasersemergedtops with$50.7m,or$434.5psfppr.The110unitprojectislocatednexttothePotongPasirMRTstation.Itwas launchedinJuly2008andhasbeenfullysoldatanaveragepriceof$727psf.DatafromURAshowsthata unit was sold in the resale market last month at $1,140 psf, and nearby completed projects achieved a medianrentalof$3.19psfpm.AssumingunitsatWoodsville28cancommanda15%rentalpremiumdue toitsproximitytoatransportnode,buyerscanexpectagrossyieldof4.17%. Locationmap

Source:onemap.sg

WINWINPROJECTS

TheRealDeals29September2011
Analyst:OOIYiTung6564335712ooiyitung@kimeng.com

WaterfrontWaves
Transactionprices
1,400 1,200 1,000 800 600 400 200 0 10Oct06 28Apr07 14Nov07 01Jun08 18Dec08 06Jul09 22Jan10 10Aug10 26Feb11 14Sep11 01Apr12
Source:URA

Primarymarket Secondarymarket

WaterfrontWavesisthefirstphaseoftheredevelopmentofWaterfrontView,alargeHUDCprojectona sprawlinglandof809,000sqftthatwassoldtoFrasersCentrepointandFarEastOrganizationfor$385min May2006.SubsequentphaseswereWaterfrontKey,WaterfrontGoldandWaterfrontIsle.Allfourphases were very wellreceived. Out of the 1,764 units from all four phases, 1,673 have been sold, a takeup of 95%.Thelatestphase,WaterfrontIsle,launchedinJanuarythisyear,hasachievedmorethan85%takeup. Thefirstphaseisexpectedtocompleteconstructionbyyearend.AccordingtoURAdata,averagepricesin the resale market stood at $990 psf for last month. Nearby completed projects, such as Baywater (TOP 2006),TheClearwater(TOP2002)andAquariusbythePark(TOP2002),sawamedianrentalof$3.19psf pmduringthesameperiod.At$990psf,rentalyieldisanattractive4.45%. Locationmap

Source:onemap.sg

MARKETSNAPSHOT

TheRealDeals29September2011
Analyst:OOIYiTung6564335712ooiyitung@kimeng.com

UpcomingVVIPLaunches ThreeBalmoral(District10)
A 40unit freehold development by Tong Eng locatedintheheartofthecity.Allunitsenjoy unobstructed panoramic view of the pristine GoodwoodHill.

PropertyPriceIndices
Index SRPIOverall(July11) RESIComposite(2Q11) URAPPI(2Q11) HDBResale(2Q11)

Change +0.2% 0.5 +2.0% +3.1%

Level 166.6 4.5 203.0 180.3

*Shhh... if you have not yet been invited, you are probablynotaVVIP.Waitforthepubliclaunch.

GovernmentLandSales(GLS)
RecentlyAwardedSites West Coast Link / West Coast Crescent (35.5k sqm, 360units)AwardedtoFarEastfor$175.8m,($460.6psf ppr) ChoaChuKangRoad/PhoenixRoad(32.3ksqm,335 units) Awarded to Far East and China Construction for $142.8m($410.5psfppr) Punggol Way / Punggol Field, EC (75.5k sqm, 720 units)AwardedtoFrasersCentrepointandKeongHong Constructionfor$219.5($270psfppr) Upper Serangoon Road / Pheng Geck Avenue (30.3k sqm, 330 units) Awarded to Tuan Sing for $185.2m ($567.3psfppr) Serangoon Garden Way (28.4k sqm, 80 units) AwardedtoCDL/HongLeongfor$105m($343.5psf) Punggol Field / Punggol Walk (48.8k sqm, 550 units) Awarded to Capital Development / ZACD for $169.6m ($323psfppr) Upper Serangoon Crescent / Upper Serangoon Road (86.2ksqm,860units)AwardedtoAllgreenfor$270.3m ($291.4psfppr) ConfirmedList(RecentlyOpenforTender) Jalan Loyang Besar / Pasir Ris Rise (36.3k sqm, 355 units)Tenderclosingon4October Pasir Ris Drive 3 / Pasir Ris Link, EC (39.0k sqm, 390 units)Tenderclosingon11October Flora Drive (41.9k sqm, 415 units) Tender closing on 19October YishunCentral7/CanberraDrive,EC(67.9ksqm,725 units)Tenderclosingon25October ReserveList(RecentlyOpenforTender) JalanJurongKechil(14.2ksqm,240units) BuangkokDr/SengkangCentral(55ksqm,495units) TanahMerahKechilRd(39.2ksqm,470units) StirlingRoadA(44.5ksqm,445units) StirlingRoadB(44.1sqm,445units) EliasRd/PasirRisDr3(32.7ksqm,295units) HillviewAve(35.4ksqm,405units) SengkangSquare(64.4ksqm,710units) Upper Serangoon View/ Upper Serangoon Road, EC (43.3ksqm,420units)
Source:HDB,URA

Recenttransactions
Project WaterfrontWaves CloverByThePark WaterfrontWaves CloverByThePark CloverByThePark Woodsville28 CloverByThePark CloverByThePark WaterfrontWaves WaterfrontWaves WaterfrontWaves CloverByThePark CloverByThePark CloverByThePark CloverByThePark WaterfrontWaves WaterfrontWaves CloverByThePark CloverByThePark CloverByThePark CloverByThePark CloverByThePark Woodsville28 Woodsville28
Source:URA

Tenure 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr

Price ($psf) 1,010 948 929 1,200 1,077 1,140 1,111 1,076 1,029 975 1,028 820 1,249 1,200 1,013 1,005 1,005 1,100 1,005 1,177 1,010 1,151 1,123 1,200

Planningarea Bedok Bishan Bedok Bishan Bishan ToaPayoh Bishan Bishan Bedok Bedok Bedok Bishan Bishan Bishan Bishan Bedok Bedok Bishan Bishan Bishan Bishan Bishan ToaPayoh ToaPayoh

PropertyStocks
Name CapitaLand CityDev HoBee HPL KepLand SingLand UOL Wheelock WingTai

Price 2.49 9.69 1.34 2.06 2.61 6.08 4.34 1.625 1.225

RNAV 3.97 13.27 2.76 4.41 5.25 10.42 N.A. N.A. 3.03

Disc/ Prem to RNAV 37% 27% 51% 53% 50% 42% N.A. N.A. 60%

Disc/ Premto NTA/share* NTA/share 3.18 22% 7.18 35% 2.13 37% 2.63 22% 2.72 4% 10.57 42% 6.39 32% 2.32 30% 2.25 46%

N.A.=NoCoverage*Asatlatestreported

DEVELOPERSLANDBANK
Developer District 06 09 10 10 11 17 18 18 18 18 19 19 23 23 Sentosa 01 02 04 04 04 04 19 22 03 09 10 10 15 16 20 26 Sentosa Sentosa 02 16 02 05 09 12 12 21 09 10

TheRealDeals29September2011
Analyst:OOIYiTung6564335712ooiyitung@kimeng.com

CityDev

KepLand

CapitaLand

HoBee UOL Allgreen Wheelock

Landbank SouthBeach(BeachRoad) Futura(LeonieRoad) BoulevardHotel(CuscadenRoad) LuckyTower(GrangeRoad) BuckleyClassique(BuckleyRoad) HedgesPark(FloraRoad) NVResidences(PasirRis) PasirRisGrove,parcel3+stateland(PasirRis) PasirRisDrive8,parcels4+5(PasirRis) Tampines/UppChangiRdNorth H2OResidences(SengkangWestAve) BartleyRoadGLS(BartleyRoad) ChoaChukangGLS(EC)(ChoaChuKangDrive) SegarRoadGLS(EC)(SegarRoad) ResidencesatW(SentosaCove) TotalUnsoldUnits MarinaBaySuites(MarinaBay) Keppel&GETowerssite(TanjongPagar) ReflectionsatKeppelBay(KeppelBay) KeppelBayPlot3(KeppelBay) KeppelBayPlot4(KeppelBay) KeppelBayPlot5(KeppelBay) SengkangGLSsite(SengkangSquare) TheLakesideResidences(LakesideDrive) TotalUnsoldUnits TheInterlace(GillmanHeights) UrbanResort(CairnhillRd) Dleedon(FarrerRd) TheNassim(NassimRd) MarinePoint(MarineParade) BedokTownCentreSite(BedokCentral) BishanGLSsite(BishanStreet14) YioChuKangsite(YioChuKangRd) TotalUnsoldUnits SeascapeatSentosaCove(SentosaCove) PinnacleatSentosaCove(SentosaCove) TotalUnsoldUnits SpottiswoodeResidences(SpottiswoodePark) BedokReservoir(BedokReservoirRd) TotalUnsoldUnits Skysuites@Anson(EnggorStreet) ProjectatWestCoastRd(WestCoastRoad) RVResidences(RiverValley) RiverBay(MarThomaRd) Riviera38(MarThomaRd) TheCascadia(BukitTimahRoad) TotalUnsoldUnits ScottsSquare(ScottsRoad) Ardmore3(ArdmorePark) TotalUnsoldUnits

Tenure 99 Freehold Freehold Freehold Freehold 99 99 99 99 Freehold 99 99 99 99 99

99 Freehold 99 99 99 99 99 99

99 Freehold 99 Freehold Freehold 99 99 Freehold

99 99

Freehold 99

99 Freehold 999 999 999 Freehold

Freehold Freehold

Unsold Units 119 122 203 178 22 181 36 752 1,517 605 153 560 490 237 207 5,381 77 620 313 307 234 94 471 24 2,140 351 40 1,280 55 150 469 650 140 3,135 112 357 469 35 640 675 194 80 248 147 102 25 796 91 84 175

DEVELOPERSLANDBANK(contd)
Developer Guocoland BtSembawang District 02 10 26 09 09 09 09 15 16 16 18 18 19 19 19 27 03 09 09 10 10 11 23 10 15 17 19 9 9 9 10 Sentosa

TheRealDeals29September2011
Analyst:OOIYiTung6564335712ooiyitung@kimeng.com

FrasersCentrepoint

WingTai

MCLLand

SCGlobal

Source:HDB,URA

Landbank Tenure TanjongPagarGLSwhitesite(PeckSeah/ChoonGuan) 99 LeedonResidence(LeedonHeights) 99 TheWaterline(YioChuKangRd) Freehold TotalUnsoldUnits TheVermontonCairnhill(CairnhillRd) Freehold PatersonSuites(PatersonRd) Freehold StThomasWalk(StThomasWalk) Freehold TotalUnsoldUnits StarHubCentre 99 FlamingoValley(SiglapRd) Freehold WaterfrontGold(BedokReservoirRd) 99 WaterfrontIsle(BedokReservoirRd) 99 Seastrand(PasirRisDrive3) 99 PasirRisGLSsite(FloraDrive) 99 BoathouseResidences(UpperSerangoonRoad) 99 EsparinaResidences(Sengkang) 99 PunggolGLSmixedsite(PunggolCentral) 99 EightCourtyards(YishunAve2) 99 TotalUnsoldUnits AscentiaSky(Redhill) 99 HELIOSResidence(CairnhillCircle) Freehold BelleVueResidences(OxleyWalk) Freehold LeNouvelArdmore(ArdmorePark) Freehold Anderson18(ArdmorePark) Freehold L'VIV(NewtonRd) Freehold ForesqueResidences(PetirRoad) 99 TotalUnsoldUnits NOBHill(EweBoonRd) Freehold CasaNassau(EastCoastRd) Freehold PasirRisGLSsite(JalanLoyangBesar) 99 Terrasse(HougangAve2) 99 TotalUnsoldUnits TheMarq(PatersonHill) Freehold Hilltops(CairnhillCircle) Freehold MartinNo.38(MartinRd) Freehold TheArdmore(ArdmoreRoad) Freehold SevenPalms(SentosaCove) 99 TotalUnsoldUnits GrandTotal

Unsold Units 500 424 40 964 66 24 221 311 240 220 4 81 215 380 291 1 685 141 2,258 47 64 38 42 157 40 299 687 70 65 580 122 837 37 208 23 50 31 349 18,177

SINGAPOREDISTRICTMAP

TheRealDeals29September2011
Analyst:OOIYiTung6564335712ooiyitung@kimeng.com

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 BoatQuay,Chinatown,HavelockRoad,MarinaSquare,RafflesPlace,SuntecCity AnsonRoad,Chinatown,NeilRoad,RafflesPlace,ShentonWay,TanjongPagar AlexandraRoad,TiongBahru,Queenstown Keppel,MountFaber,Sentosa,TelokBlangah BuonaVista,Dover,PasirPanjang,WestCoast CityHall,HighStreet,NorthBridgeRoad BeachRoad,BencoolenRoad,Bugis,Rochor LittleIndia,FarrerPark,SerangoonRoad Cairnhill,Killiney,LeonieHill,Orchard,Oxley Balmoral,BukitTimah,GrangeRoad,Holland,OrchardBoulevard,RiverValley,TanglinRoad Chancery,BukitTimah,DunearnRoad,Newton Balestier,Moulmein,Novena,ToaPayoh PotongPasir,Macpherson Eunos,Geylang,Kembangan,PayaLebar Katong,MarineParade,Siglap,TanjongRhu Bayshore,Bedok,ChaiChee Changi,Loyang,PasirRis PasirRis,Simei,Tampines Hougang,Punggol,Sengkang AngMoKio,Bishan,BraddellRoad,Thomson Clementi,UpperBukitTimah,HumeAvenue BoonLay,Jurong,Tuas BukitBatok,ChoaChuKang,HillviewAvenue,UpperBukitTimah Kranji,LimChuKang,SungeiGedong,Tengah Admiralty,Woodlands Tagore,YioChuKang Admiralty,Sembawang,Yishun Seletar,YioChuKang

Source:expats2singapore.com

TheRealDeals

29September2011

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TheRealDeals

29September2011

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