Co.

Reg No: 198700034E MICA (P) : 099/03/2012

Singapore
THEREALDEALS Ins&OutsofSingaporeRealEstate
When less is not more
Minister for National Development Mr. Khaw Boon Wan recently noted in parliament that the number of completed shoebox units (defined here as units <51 sq m) in the market is expected to grow from about 2,500 to around 9,700 units by 2015, most of which will be in the suburbs. The governments vigilance in monitoring this segment serves as an indicator that additional regulations may be introduced when necessary. Indeed, the dynamics of new shoebox unit launches have changed again since the third round of cooling measures was implemented last year. Developments with many small-sized studio apartments are now springing up in the outskirts. Data reveal that 48% of new sales of shoebox units YTD have come from the North and North East Regions. Most units are from projects such as Parc Rosewood of Fragrance Group and The Hillier that comes from a consortium consisting of Far East, Fraser Centrepoint, and Sekisui House. Shoebox units are typically bought for investment purposes, as they require a lesser capital outlay and offer expectations of relatively higher rental yields. We understand why Central Region units have higher price tags (with rental yields slightly exceeding those of larger-sized apartments at around 5%) due to their prime locations. However, we are questioning the viability of suburban shoebox units that developers are rushing to price at SGD1,5002,000 psf. First, rental yields in central locations may not be representative of the potential yields in the outskirts, simply based on geographical reasons. Second, the lack of transactions in completed units within the resale market may offer some insight into the level of difficulty in realising any capital gains on shoebox units. As the supply of completed units surge by 2015, the viability of the shoebox unit market in the suburbs will be seriously put to the test.
New sales of shoebox units from 2005 to 2012 YTD
3000 2500 2000 1500 North East Region 1000 500 0 2005 Source: URA 2006 2007 2008 2009 2010 2011 2012 West Region North Region Central Region East Region

24 May 2012

Shoebox pictures

Source: Eastwood Regency, Falcon

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

 HE EAL EALS Ins&OutsofSingaporeRealEstate

Overview on shoebox units

Price ranges of shoebox units starting 2005 to 2012 YTD (<51 sq m)
Below 200k 200-300k 300-400k 400-500k 500-600k 600-700k 700-800k 800-900k 900-1m 1-1.1m 1.1-1.2m 1.2-1.3m 1-3-1.4m 1.4-1.5m 1.5-1.6m 1.6-1.7m 1.7-1.8m Total New Sale 1 222 1655 2599 1698 881 501 234 104 88 63 46 51 33 17 8 8201 Sub Sale 19 155 362 310 136 93 72 46 61 10 3 1 3 2 1273 Resale 5 10 39 82 92 148 77 47 23 5 10 6 1 3 2 550 Total 5 11 280 1892 3053 2156 1094 641 329 155 159 79 50 55 38 19 8 10024

Primary sales market the most active. Primary sales market is the most active out of the three markets, mainly because developers have been launching many more shoebox units over the past three years. There appears to be a psychological price-barrier of SGD1m 95% of the units were sold under SGD1m. Around 5% of the total units were sold above SGD1m. Robinson Suites by Fission Development, The Laurels by Sing Holdings, and The Peak @ Cairnhill by TG Development and TEE Development commanded the highest transaction prices historically for shoebox units that were sold at over SGD1.5m (SGD2,9003,400 psf) each. Sub-sale alluring until cooling measures. Sub-sale market appears to be more active than the resale market. The most popular projects in the sub-sale market include The Clift, Alexis, Thomson V Two, Robertson Edge, and Tyrwhitt 139 all of which have had over 30 sub-sale transactions. The Clift and Tyrwhitt 139 each saw over 50% of its units resold in the sub-sale market, which suggests a mispricing by developers, thus creating opportunities for investors to flip units upon completion. All sub-sale transactions above SGD1m are located in the central parts of the island. Sub-sale capital gains
Project name Alexis The Clift Tyrwhitt 139 Thomson V Two Robertson Edge Leasehold Freehold 99 Yr (fm 2004) Freehold Freehold 999 Yr (fm 1871) Launch date 2012 2011 2009 Uncompleted 2008 New sale ($PSF) 1,109 1,535 959 928 1320 Total unit 293 213 48 122 70 Sub-sale avg PSF 1,521 1,877 1,259 1,217 1.364 No. sub-sale transactions 80 152 33 40 37 Avg capital gain
167,010 149,060 128,809 109,725 149,060

Resale markets top transactions. The resale market has had 550 transactions since 2005. We find that of the few projects that have breached the SGD1.5m mark, all are located in the Core Central District. The most popular project that has achieved the highest resale transaction price would be Vida, a freehold project completed in 2009 by Far East Organization. The most expensive unit in Vida sold for SGD2,914 psf that translates into SGD1.53m. Out of the 550 transactions, 5% are above SGD1m, just breaching the SGD1,9902,900 psf range.

24 May 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

Shoebox units contd

New-sale transactions ($ psf) by postal district

PSF 2005 2006 2007 2008 2009 2010 2011 2012* City & Southwest 730 1,083 1,523 1,088 1,159 1,841 2,016 1,882 Orchard 836 1,163 1,573 1,527 1,739 2,141 2,204 2,090 Newton/ Bukit Timah/ Clementi 1,208 1,300 1,312 1,912 1,696 1,752 1,603 Newton/ Bukit Timah/ Clementi 2 35 39 29 83 102 35 325 Balestier/ MacPherson/ Geylang 742 1,001 1,076 1,093 1,226 1,316 1,281 Balestier/ MacPherson/ Geylang 9 60 80 243 599 1,086 324 2,401 East Coast 759 955 996 1,117 1,330 1,404 1,378 Changi/ Pasir Ris Serangoon /Thomson West North Avg 827 1,098 1,302 1,256 1,279 1,494 1,517 1,228

933 814 1,161 1,141 957

897 908 940 1,221 1,326 1,316

777 1,286 1,266 1,329

1,248 1,005 989

No. of new sale units

No. of units 2005 2006 2007 2008 2009 2010 2011 2012* Total City & Southwest 1 101 146 83 322 254 445 19 1,371 Orchard 12 116 93 138 223 337 228 12 1,159 East Coast 9 45 32 140 588 454 91 1,359 Changi/ Pasir Ris Serangoon / Thomson West North Total 13 237 437 381 991 2,112 2,800 1,230 8,201

3 8 16 91 50 168

58 6 5 191 296 267 823

17 44 32 77 170

4 66 355 425

Resale transactions ($ psf) by postal district

PSF 2005 2006 2007 2008 2009 2010 2011 2012* City & Southwest 386 505 883 925 1,003 1,176 1,485 1,509 Orchard 1,003 1,187 1,307 1,320 1,389 1,742 1,879 1,985 Newton/ Bukit Timah/ Clementi 579 1,431 1,436 1,333 1,544 1,629 Balestier/ MacPherson/ Geylang 787 1,056 954 1,013 1,183 1,371 1,271 Balestier/ MacPherson/ Geylang 2 12 7 6 21 24 4 76 East Coast 607 867 1,004 1,105 1,104 1,261 1,422 1,483 Changi/ Pasir Ris 596 622 774 913 875 1,113 1,141 Serangoon / Thomson West North 465 Avg 673 932 1,099 1,060 1,158 1,419 1,552 1,588

980 1,137 1,392 1,466

783

No. of Resale units

No. of units City & Southwest Orchard Newton/ Bukit Timah/ Clementi 1 4 3 8 13 5 34 East Coast 2 1 10 7 10 33 28 8 99 Changi/ Pasir Ris 1 1 3 2 4 1 3 15 Serangoon / Thomson West North 1 Total 9 17 75 37 73 156 150 33 550

2005 2 3 2006 3 9 2007 20 26 2008 12 5 2009 24 21 2010 28 54 2011 38 43 2012* 12 8 Total 139 169 Source: URA * 2012 year-to-date data

1 6 7 1 15

2 2 1

24 May 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

Shoebox units contd

PSF price ranges from new sales
PSF range 500-600 601-700 701-800 801-900 901-1000 1001-1100 1101-1200 1201-1300 1301-1400 1401-1500 1501-1600 1601-1700 1701-1800 1801-1900 1901-2000 2001-2100 2101-2200 2201-2300 2301-2400 2401-2500 2501-2600 2601-2700 2701-2800 2801-2900 2901-3000 3001-3100 3101-3200 3200> Total City & Southwest 1 12 43 53 132 194 126 34 64 115 65 59 69 74 94 66 46 33 10 4 10 14 13 13 6 7 6 8 1371 1159 325 2401 1359 168 823 170 425 6 10 9 38 58 103 69 26 34 107 91 81 108 71 59 47 49 51 32 48 28 18 8 3 5 3 8 5 18 38 34 45 63 27 42 8 8 11 6 6 1 1 1 Orchard Newton/ Bukit Timah/ Clementi Balestier/ MacPherson/ Geylang 3 20 27 180 213 479 621 436 224 103 72 21 1 1 East Coast 2 16 41 38 36 118 349 298 317 118 20 6 3 17 43 37 34 15 14 5 13 19 50 65 134 114 241 155 31 1 1 15 61 59 12 5 10 7 26 235 147 6 11 Changi/ Pasir Ris Serangoon / Thomson West North

24 May 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

MARKET SNAPSHOT
Recent resale transactions
Criteria: shoebox units Project
MILL POINT PARC IMPERIAL KOVAN GRANDEUR LUMIERE PALM GALLERIA PARC IMPERIAL ESTILO THE SCENIC @ BRADDELL SOHO @ FARRER CASA FORTUNA D'ECOSIA PEOPLE'S PARK COMPLEX R66 APARTMENTS THE MAYLEA VIDA THE COTZ ESTILO TEMBELING RESIDENCE THE COTZ VIDA D' CASITA TYRWHITT 139 MOUNTBATTEN LODGE PEOPLE'S PARK COMPLEX THE COTZ VIDA TEMBELING RESIDENCE VIDA TYRWHITT 139 D' CASITA PARC IMPERIAL Source: URA

24 May 2012
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

Property Price Indices

Contract month May-12 May-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 Apr-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Mar-12 Feb-12 Feb-12 Feb-12 Feb-12 Feb-12 Feb-12 Feb-12 Feb-12 Feb-12

Size (sq ft) 527 495 388 506 495 398 517 527 506 506 506 409 474 527 527 398 495 420 398 527 517 484 463 409 398 527
420 517 495 538 409

Price ($psf) 1864 1717 1466 2200 1333 1758 1757 1128 1314 1492 1350 1315 1510 1574 2256 1481 1793 1656 1514 2323 1293 1327 1534 1247 1496 2123 1496 2226 1313 1171 1692

Index SRPI Overall (Mar 12) URA PPI (1Q12) HDB Resale (1Q12)

Level 165.4 206.0 191.0

Change +0.8% -0.1% +0.6%

Government Land Sales (GLS)

Recently Awarded Sites
Site Site area (k sqm) Units Awarded to Land price (S$m) $psf ppr

Kovan Road / Simon Road Jervois Road Bedok South Avenue 3 Hillview Avenue Up Serangoon View/ Up Serangoon Rd
(EC)

35.7 12.5 60.2 35.4 43.4 13.2 22.0 32.7 25.8 20.8 56.2

360 140 595 370 435 395 770 295 720 580 600

Punggol Central/ Edgefield (EC) Fernvale Lane (EC) Elias Rd/ Pasir Ris Dr 3 Woodlands Ave 5/ Woodlands Dr 16
(EC)

Hoi Hup consortium Singapore Land Far East/ Frasers/ Sekisui House Kingsford Development Ho Lee Group Pte & Evia Real Estate Qingjian Realty (South Pacific) Peak Living Pte Elitist Development Hao Yuan Investment Singxpress, Creative Inv, Kay Lim F.E Lakeside Pte
Site area (k sqm)

195 119 346 243 142 137 245 166 247 234 253

507 881 534 638 303 320 296 461 318 374 418
Tender closing

Tampines Central 7/ Tampines Ave 7/ Tampines Av 9 (EC) Tampines Avenue 10 (Parcel A)

Confirmed List
Site Boon Lay Way (Jurong Gateway) Sengkang Square/ Compassvale Drive Pasir Ris Dr 3 Buangkok Drive/ Sengkang Central Pheng Geck Avenue (Parcel B)
Units

48.7 60.7 22.3 18.3 0.49

590 710 670 620 200

29-May 31-May 5-June 12-June 28-June

Property Stocks
Disc to Company Price RNAV RNAV CapitaLand 2.46 5.03 -51% City Dev 9.93 12.62 -21% Guocoland 1.56 NA NA Ho Bee 1.17 3.18 -63% Keppel land 2.85 5.77 -51% OUE 2.07 NA NA SC Global 0.975 3.49 -72% Singapore Land 5.53 9.71 -43% UIC 2.5 NA NA UOL 4.21 NA NA Wheelock 1.645 NA NA Wing Tai 1.285 2.81 -54% N.A. = No Coverage *As at latest reported NAV /share 3.51 7.66 2.15 2.34 3.81 3.53 1.56 11.78 3.16 6.49 2.35 2.51 Disc/ Prem to NAV -30% 30% -27% -50% -25% -41% -38% -53% -21% -35% -30% -49%

Reserve List (Recently Open for Tender)

Site area (k sqm)

Farrer Drive** Jalan Jurong Kechil Stirling Road Tampines Av 10 (Parcel B) Farrer Rd Alexandra View Punggol Way/ Punggol Walk (EC) Bishan Street 14 Source: HDB, URA

10.0 14.2 88.6 47.9 2.7 41.2 18.7 11.2

Units 100 240 1045 515 40 455 560 590

**Accepted application on 11 May, site to be launched in two weeks time.

24 May 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

MARKET SNAPSHOT(CONTD)
Primary Market
Total no. of units Units sold todate Take -up rate (%) 66% 6% 69% 75% 84% 22% 73% 92% 46% 59% 55% 90% 100% 63% 93% 64% 75% 48% 66% 72% 58% 56% 72% 49% 86% 26% 65% 99% 100% 93% 75% 58% 97% 57% 40% 96% 66% 37% 53% 88% 91% 86% 66% 48% 87% 78% 85% Units sold (Apr) 87 26 14 12 19 16 46 32 23 18 15 15 244 91 27 26 19 16 15 174 153 39 35 13 13 131 106 69 68 60 54 49 35 34 33 20 13 154 51 25 24 18 36 36 15 14 13
Median

24 May 2012
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

($psf) 2,485 1,337 1,164 2,675 1,434 1,939 1,806 1,430 1,541 1,196 1,162 1,136 1,708 1,062 1,463 1,259 1,400 1,493 1,334 876 871 805 905 1,214 738 1,583 1,189 927 1,292 717 829 865 1,279 1042 1,263 1,008 1,366 1,054 1,326 705 771 1297 876 1,161 829 1529 827

City & Southwest (1-8) Eon Shenton 132 87 Seahill 454 26 Interlace 1040 718 Marina Bay Suites 221 165 Newton / Bukit Timah / Clementi (11,21) Rochelle at Newton 129 108 8 Bassein 74 16 Balestier / MacPherson / Geylang (12-14) 18 Woodsville 101 74 Smart Suites 72 66 Cradels 125 57 Idyllic Suites 71 42 Riviera 38 102 56 Vacanza @ East 473 425 East Coast (15-16) Katong Regency 244 244 Archipelago 577 361 91 Marshall 30 28 Flamingo Valley 393 252 Sycamore Tree 96 72 The Seawind 222 107 The Cristallo 74 49 Changi / Pasir Ris (17-18) Ripple Bay 679 491 Palm Isles 429 250 Tampines Trilliant 670 375 The Palette 892 643 My Manhattan 301 147 Arc at Tampines 574 492 Serangoon / Thomson (19-20) Sky Habitat 509 131 164 106 The Promenade@Pelikat 1145 1129 The Minton Thomson Grand 361 361 Twin Waterfalls 728 676 Parc Vera 452 341 Riversound Residence 590 342 36 35 Presto@Upper Serangoon 622 356 The Luxurie Bartley Residences 702 284 Terrasse 414 399 Bliss@Kovan 140 92 West (22-24) Hillsta 416 154 Natura@Hillview 193 103 Blossom Residences 602 527 The Rainforest 466 425 Qube Suites 21 18 North (25-28) The Nautical 435 286 276 133 Seletar Park Residences Eight Courtyards 654 570 The Springside 76 59 Eight Courtyards 654 555 Source: URA

District City & Southwest Orchard/Tanglin/Holland Newton/Bukit Timah/Clementi Balestier/MacPherson/Geylang East Coast Changi/Pasir Ris Serangoon/Thomson West North Source: URA

$psf Feb12 1,347 1,776 1,207 928 977 774 899 793 710

$psf Mar12 1,347 1,743 1,233 990 1,031 802 880 791 743

MoM % change 0.0 -1.9 2.2 6.7 5.5 3.7 -2.2 -0.2 4.7

Rental Market
District City & Southwest Orchard/Tanglin/Holland Newton/Bukit Timah/Clementi Balestier/MacPherson/Geylang East Coast Changi/Pasir Ris Serangoon/Thomson West North Source: URA $psf pm Feb12 4.8 4.6 3.6 3.2 3.3 2.8 3.1 2.8 3.0 $psf pm Mar12 4.6 4.5 3.5 3.1 3.2 2.7 3.1 2.8 2.6 MoM % change -5.2 -1.4 -3.2 -3.9 -2.0 -2.0 1.3 1.4 -12.9

Top 5 Resale Transactions by $psf

Project Helio Residences 8 Napier Marina Collection Nassim 9 Belle Vue Residences Source: URA Tenure Freehold Freehold 99 Yr (fm 2007) Freehold Freehold District 9 10 4 10 9 $psf 3,516 3204 2,825 2800 2,685

Bottom 5 Resale Transactions by $psf

Project Lakeside Tower Lakepoint Condo Picardy Gardens Elias Green Rosewood Source: URA Tenure 99 Yr (fm 1975) 99 Yr (fm 1983) Freehold 99 Yr (fm 1991) 99 Yr (fm 2000) District 22 22 16 18 25 $psf 460 580 599 600 603

Secondary Market
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 HE EAL EALS Ins&OutsofSingaporeRealEstate

DEVELOPERS LANDBANK
Developer District 1 3 6 9 10 10 10 10 11 17 18 18 18 19 19 19 19 23 23 Sentosa Landbank

24 May 2012
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

Tenure 99Yr 99Yr 99Yr Freehold Freehold Freehold Freehold Freehold Freehold 99Yr 99Yr 99Yr Freehold 99Yr 99Yr 99Yr 99Yr 99Yr 99Yr 99Yr

Unsold Units 20 545 118 122 203 178 1 156 5 138 249 1,517 605 135 418 785 90 41 75 207 5,608 56 620 283 307 234 94 266 1,860

City Dev

One Shenton (Marina Bay) Alexandra Road GLS site (Alexandra Road) South Beach (Beach Road) Futura (Leonie Road) Boulevard Hotel (Cuscaden Road) Lucky Tower (Grange Road) Volari (Balmoral Road) Nouvel 18 (Anderson Road) Buckley Classique (Buckley Road) Hedges Park (Flora Road) The Palette (Pasir Ris) Pasir Ris Drive 8 (4 + 5) (Pasir Ris) Tampines/Upp Changi Rd North (Tampines/Upp Changi Rd North) H2O Residences (Sengkang West Ave) Bartley Residences (Bartley Road) Mount Vernon GLS site (Bartley Road) HAUS@Serangoon Garden (Serangoon Garden Way) The Rainforest (EC) (Choa Chu Kang Drive) Blossom Residences (EC) (Segar Road) Residences at W (Sentosa Cove) Total Unsold Units Marina Bay Suites (Marina Bay) Keppel & GE Towers site (Tanjong Pagar) Reflections at Keppel Bay (Keppel Bay) Keppel Bay Plot 3 (Keppel Bay) Keppel Bay Plot 4 (Keppel Bay) Keppel Bay Plot 6 (Keppel Bay) The Luxurie (Sengkang Square) Total Unsold Units

KepLand

1 2 4 4 4 4 19

99yr Freehold 99yr 99yr 99yr 99yr 99yr

CapitaLand

3 9 9 9 10 10 15 16 20 26

The Interlace (Gillman Heights) Urban Resort (Cairnhill Rd) Orchard Residences (Orchard Road) Wharf Residence (Tong Watt Road) D'Leedon (Farrer Rd) The Nassim (Nassim Rd) Marine Point (Marine Parade) Bedok Residences (Bedok Central) Sky Habitat (Bishan Street 14) Yio Chu Kang site (Yio Chu Kang Rd) Total Unsold Units

99Yr Freehold 99Yr 999Yr 99Yr Freehold Freehold 99Yr 99Yr Freehold

322 39 15 5 1,245 55 150 68 378 140 2,277 110 357 7 467

Ho Bee

Sentosa Sentosa 11

Seascape at Sentosa Cove (Sentosa Cove) Pinnacle at Sentosa Cove (Sentosa Cove) Trilight (Newton Road) Total Unsold Units

99yr 99yr 99Yr

UOL

2 16

Spottiswoode Residences (Spottiswoode Park) Archipelago (Bedok Reservoir Rd) Total Unsold Units Skysuites @ Anson (Enggor Street) The Surrento (West Coast Road) RV Residences (River Valley) Holland Residences (Taman Warna) Riverbay (Mar Thorma Rd) Riviera 38 (Mar Thorma Rd) The Cascadia (Bukit Timah Road) Pavilion Park (Phase 1D) (Bukit Batok Road) Pavilion Park (Phase 2) (Bukit Batok Road) Total Unsold Units Scotts Square (Scotts Road) Ardmore 3 (Ardmore Park) Total Unsold Units

Freehold 99yr

33 216 249 178 131 248 5 147 46 20 2 79 856 74 84 158

Allgreen

2 5 9 10 12 12 21 23 23

99Yr Freehold 999Yr Freehold 999Yr 999Yr Freehold Freehold Freehold

Wheelock

9 10

Freehold Freehold

24 May 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

DEVELOPERS LANDBANK (CONTD)

Developer District 2 9 10 10 26 Landbank Guocoland

24 May 2012
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

Tenure 99Yr Freehold 99Yr Freehold Freehold

Unsold Units 500 2 381 76 34 993 66 54 24 88 221 80 232 70 835 249 141 21 595 92 179 107 54 52 84 1,574 14 64 38 42 157 27 265 607 32 70 65 23 188 15 370 35 203 23 35 50 31 377

Tanjong Pagar GLS white site (Peck Seah / Choon Guan) Sophia Residence (Mount Sophia) Leedon Residence (Leedon Heights) Goodwood Residence (Bukit Timah Road) The Waterline (Yio Chu Kang Rd) Total Unsold Units Skyline Residences (Telok Blangah) The Vermont on Cairnhill (Cairnhill Rd) Paterson Suites (Paterson Rd) Paterson Suites II (Paterson Rd) St Thomas Walk (St Thomas Walk) Watercove Villes (Wak Hassan Drive) Nim Road (Nim Road) Luxus Hills (Seletar Green) Total Unsold Units

Bt Sembawang

4 9 9 9 9 27 28 28

Freehold Freehold Freehold Freehold Freehold Freehold Freehold 999yr

Frasers Centrepoint

9 15 16 16 18 18 19 19 19 27

Starhub Centre (Cuppage Rd) Flamingo Valley (Siglap Rd) Waterfront Isle (Bedok Reservoir Rd) Bedok South GLS site (Bedok South Avenue 3) Seastrand (Pasir Ris Drive 3) Palm Isles (Flora Drive) Boathouse Residences (Hougang) Watertown (Punggol) Twin Waterfalls (Punggol Way / Punggol Field) Eight Courtyards (Yishun Ave 2) Total Unsold Units Ascentia Sky (Redhill) HELIOS Residence (Cairnhill Circle) Belle Vue Residences (Oxley Walk) Le Nouvel Ardmore (Ardmore Park) Anderson 18 (Ardmore Park) L'VIV (Newton Rd) Foresque Residences (Petir Road) Total Unsold Units

99yr Freehold 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr

Wing Tai

3 9 9 10 10 11 23

99yr Freehold Freehold Freehold Freehold Freehold 99yr

MCL Land

11 10 15 16 17 19

Palms @ Sixth Avenue (Six Avenue ) NOB Hill (Ewe Boon Rd) Casa Nassau (East Coast Rd) Uber 388 (Upper East Cost) Ripple Bay (Jalan Loyang Besar) Terrasse (Hougang Ave 2) Total Unsold Units

Freehold Freehold Freehold Freehold 99Yr 99Yr

SC Global

9 9 9 9 10 Sentosa

The Marq (Paterson Hill) Hilltops (Cairnhill Circle) Martin No. 38 (Martin Rd) Sculptura Ardmore (Ardmore Park) The Ardmore (Ardmore Park) Seven Palms (Sentosa Cove) Total Unsold Units

Freehold Freehold Freehold Freehold Freehold 99Yr

Grand Total Source:HDB,URA

16,417

24 May 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLOSURES AND DISCLAIMERS
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Stephanie Wong CEO, Maybank Kim Eng Research

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