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Singapore Property - EC – a space to watch

Written By Stock Fanatic on Tuesday, March 6, 2012 | 6.3.12

A closer look reveals a less bullish picture

EC: a space to watch
While the top bid of S$303psfppr submitted for the Upper Serangoon EC site was hailed as bullish by the market, a closer look at the numbers reveals a less bullish picture: 1) four of the seven bids were in fact closerto the lower end of consultants’ forecast; 2) the 51.5% difference between the top and bottom bids suggests a wider divergence in developers’ outlook; and 3) slower take-up of EC projects launched. While the EC market is relatively small, it is a better indication of genuine home buyers’ demand, in our view, and the slower market is a head-scratcher, particularly because the income ceiling has been raised since August and there is supposedly negligible impact from the latest cooling measures.

This week: GLS tender for condo site next to Hillier closes
The GLS tender for a condo site next to one of January’s top-performing projects, The Hillier, closes on 6 March. The market is expecting eight to 13 bids to be submitted for this tender, with the highest bid estimated at S$500-550psfppr, which is lower than the S$673psfppr that Far East paid for The Hillier site last April.

Key news
 Business park, high-tech space rents jump
 Boom in home launches in first two months of year
 Sales of new homes remain robust
 Prime office rents in S'pore fall in Q4
 Resale home prices fall for 2nd straight month
 Average DC rate cut for non-landed residential use (Read full report)

Source : Nomura Equity Research


Posted on Tuesday, March 6, 2012 | 6.3.12


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