the real deals (29-03-2012)

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1/7SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

THEREALDEALS Ins&OutsofSingaporeRealEstateSingapore

Co. Reg No: 198700034EMICA (P) : 099/03/2012

29 March 2012

From A t o H and t hen P

Three new developments in the suburban neighbourhood will be launched by the end of this week. They areNatura at Hillview Terrace by Macly Group and Roxy-Pacific Holdings, Ripple Bay in Pasir Ris by MCL Land,and Palm Isles in Flora Drive by Frasers Centrepoint Homes. Except for Natura, the other two are 99-yearleasehold projects.

With its name beginning with the letter P, Palm Isles may be the odd one out among the cluster of homes inFlora Drive that has hitherto been named in alphabetical order. It was a legacy of Hong Leong and CityDevelopments. Azalea Park was the first to be launched in 1993, followed by Ballota Park in 1996, Carissain 1999, Dahlia in 2000, Edelweiss Park in 2002, Ferraria Park in 2006, The Gale in 2009, and Hedges Parkin April last year. Units at Hedges Park sold for an average of $890 psf, 20% higher than The Gales $727

psf. Frasers has announced the price range for Palm Isles $909 psf for a one-bedroom unit, $839 psf for atwo-bedroom unit, $767 psf for a three-bedroom unit and $730 psf for a garden home. On average, the unitsare priced just slightly lower than Hedges Parks, possibly factoring in the abundant supply in the area.

Another project may be launched in Flora Drive in the second half of the year as the original land parcelunder the Government Land Sales (GLS) programme was split into two. The second plot of land wasawarded to Realty Consortium, a subsidiary of Koh Brothers, in October last year. This site was sold for just11% higher than the price for Palm Isles. It is projected to hold 415 units, bringing the total number of unitsalong Flora Drive to 4,171.

Residential projects along Flora Drive/Flora Road

Source: onemap.sg

Azalea Park Condo (999-Yr)ASP: $562 psf

Ballota Park CondoASP: $573 psf

Edelweiss Park CondoASP: $638 psf

Hedges Park Condo (99-yr)ASP:

Dahlia Park CondoASP: $633 sf

Carissa Park CondoASP: $674 psf

The Gale (99-yr)TOP 2014

Ferraria Park CondoASP: $904 psf

Palm IslesTOP 2015

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29 March 2012 Page 2 of 7

THEREALDEALSIns&OutsofSingaporeRealEstate

A-H sales

No. of resaleunits Averageprice ($psf)

2007 154 507.22008 81 586.82009 166 583.82010 243 583.82011 213 797.82012 14 785.9

Avg($ psf)

No. ofunits

Azalea Park 676 316Ballota Park 653 365

Carissa Park 805 528Dahlia Park 759 299Edelweiss Park 790 517Ferraria Park 950 472The Gale 727 329Hedges Park 890 501

Lowest($psf)

Highest($psf)

Azalea Park 590 820Ballota Park 512 769Carissa Park 624 1,089Dahlia Park 679 849Edelweiss Park 547 957Ferraria Park 815 1,146The Gale 564 848Hedges Park 789 983

Source: URA

The average selling price for the individual condominiums largely tracks their launch dates, with the oldest Azalea Parkselling at $676 psf and the newest Hedges Park at $890 psf. Hedges Parks take-up was relatively strong, with 224units sold in the first month of launch. This could be due to its attractive pricing similar to The Gale. So far in thesubsales, we noticed that those who sell their units prior to the award of the Temporary Occupation Permit (TOP) make

an average of 20% gain from the original pricing. Units on the top and bottom floors can fetch as much as 25% gain,while those on the third to fifth floors make a 10% gain. There were a total of 28 subsales for The Gale as of now.

Prevailing rental yields (excluding The Gale and Hedges Park)

Project Name Tenure District

25thpercentile($psf pm)

Median($psf pm)

75thpercentile($psf pm)

Grossyield

(%)Azalea Park Condominium 999-Yr 17 2.0 2.3 2.6 4.1%Ballota Park Condominium Freehold 17 2.1 2.2 2.3 4.0%Carissa Park Condominium Freehold 17 2.6 2.8 3.0 4.2%Dahlia Park Condominium Freehold 17 2.4 2.5 2.6 4.0%Edelweiss Park Condominium Freehold 17 2.8 3.0 3.3 4.6%Ferraria Park Condominium Freehold 17 2.5 3.0 3.0 3.8%

Overall 2.4 2.7 2.8 4.3%Source: URA

480

580

680

780

880

980

1080

1180

Nov-10 Feb-11 Jun-11 Sep-11 Dec-11 Apr-12

AvaC

B

D

E

F

600

650

700

750

800

850

900

950

1000

Jul-09 Nov-10 Apr-12

hedgesparkgale

In a lphabet ic a l o rder

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MARKET SNAPSHOT 29 March 2012Analyst: Alison FOK 65-6433 5745 [email protected]

Recent resa le t ransact ions

ProjectSize

(sq m)Price($psf)

Contractmonth

Rosewood 255 546 Mar-12

Woodsvale 126 596 Mar-12

Northoaks 116 663 Mar-12

Northoaks 231 440 Mar-12

Woodsvale 114 634 Feb-12

Northoaks 116 621 Feb-12

Casablanca 110 811 Feb-12

Woodgrove Condo 199 607 Feb-12

Northoaks 120 636 Feb-12Woodgrove Condo 110 655 Feb-12

Northoaks 116 638 Feb-12

La Casa 111 737 Dec-11

Rosewood 94 779 Dec-11

Northoaks 116 625 Dec-11


Rosewood 109 739 Dec-11

Woodvale 122 588 Dec-11

Casablanca 103 766 Dec-11

Casablanca 122 685 Dec-11

Woodsvale 120 648 Dec-11

Woodsvale 114 667 Dec-11Northoaks 115 679 Dec-11

Woodsvale 119 646 Dec-11


Casablanca 104 791 Nov-11

Rosewood 137 665 Nov-11

Northoaks 115 644 Nov-11

Woodsvale 114 668 Nov-11

Woodsvale 119 644 Nov-11



Woodgrove Condo 200 604 Nov-11

Northoaks 116 645 Nov-11Source: URA

Proper ty Stoc ks

Name Price RNAV

Disc/Prem

toRNAV NTA/share*

Disc/Prem to

NTA/shareCapitaLand 3.05 4.95 -38% 3.51 -13%CityDev 11.25 12.4 -9% 7.51 50%Ho Bee 1.385 3.18 -56% 2.34 -41%HPL 1.915 4.39 -56% 2.7 -29%KepLand 3.41 5.7 -40% 3.64 -6%SC Global 1.055 3.6 -71% 1.59 -34%SingLand 5.89 9.82 -40% 10.74 -45%UOL 4.76 N.A. N.A. 6.43 -26%Wheelock 1.8 N.A. N.A. 2.35 -23%Wing Tai 1.275 2.81 -55% 2.47 -48%

N.A. = No Coverage *As at latest reported

Proper ty Pr ice Ind ic es Index Level ChangeSRPI Overall (Dec 11) 169.2 -0.8%URA PPI (4Q11) 206.2 +0.2%HDB Resale (4Q11) 190.4 +1.7%

Government Land Sales (GLS)Recently Awarded Sites

Chestnut Ave / Almond Ave (12.9k sqm, 35 landedunits) Awarded to SCB Terraform for $70.8m ($510.4 psfppr)

Punggol Central / Punggol Place (54.1k sqm, 540units) Awarded to Wee Hur for $206.2m ($354.4 psf ppr)Mount Vernon (72.8k sqm, 785 units) Awarded to CDL

/ Hong Leong / TID for $388.1m ($495 psf ppr)Jalan Lempeng (68.4k sqm, 685 units) Awarded to IOI

Corp for $408m ($554.4 psf ppr)Kovan Road / Simon Road (35.7k sqm, 360 units)

Awarded to Hoi Hups consortium for $194.6m ($506.6psf ppr)

Jervois Road (12.5k sqm, 140 units) Awarded toSingapore Land for $118.9m ($880.7 psf ppr)

Bedok South Avenue 3 (60.2k sqm, 595 units)Awarded to Far East Organisation / Frasers / Sekisui

House for $345.9m ($534.2 psf ppr)Hillview Avenue (35.4k sqm, 370 units) Awarded toKingsford Development for $243.2m ($638 psf ppr)

Upper Serangoon View / Upper Serangoon Road, EC(43.4k sqm, 435 units) Ho Lee Group Pte & Evia RealEstate for $141.8m ($303 psf ppr)

Confirmed List (Recently open for tender)Punggol Central/ Edgefield EC (13.2k sqm, 395 units)

Tender closing 29 March 2012Fernvale Lane EC (22.0k, 770 units) Tender closing 3

April 2012Elias Rd / Pasir Ris Dr 3 (32.7k sqm, 295 units) Tender

closing 11 April 2012Woodland Avenue 5/Woodlands Drive 16 (25.8k sqm,720 units) Tender closing 3 May 2012

Tampines Central 7/ Tampines Avenue 7/ TampinesAvenue 9 (20.8k sqm, 580 units) Tender closing 10 May2012

Tampines Avenue 10 (Parcel A) (56.2k sqm, 600 units)Tender closing 17

thMay 2012

Reserve List (Recently Open for Tender)Jalan Jurong Kechil (14.2k sqm, 240 units)Buangkok Dr / Sengkang Central (55k sqm, 495 units)Tanah Merah Kechil Rd (39.2k sqm, 470 units)

Stirling Road A (44.5k sqm, 445 units)Stirling Road B (44.1 sqm, 445 units)Sengkang Square (64.4k sqm, 710 units)Tampines Avenue 10 (Parcel B)(47.9k sqm, 515

units)Source: HDB, URA

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Pr imary Mark et

Totalno. ofunits

Unitssold

to-date

Take-up

rate(%)

Unitssold

(Feb)Median($psf)

Orchard/ Tanglin/ Holland (9-10)

Aspen Linq 18 17 94% 17 1,951Newton / Bukit Timah / Clementi (11,21)

Thomson Grand 361 242 67% 51 1,305

Nottinghill Suites 124 75 60% 21 1,580

Suites at Bukit Timah 71 67 94% 16 1,631

Balestier / MacPherson / Geylang (12-14)

Guillemard Edge 275 275 100% 275 1,215

Centra Residences 78 48 62% 36 1,353

Euhabitat 748 653 87% 14 1,201

Suites 28 64 51 80% 9 765

Studio 8 28 25 89% 8 1,421

Vacanza @ East 473 401 85% 8 1,145

Silverscape 45 8 18% 8 1,122

East Coast (15-16)

Archipelago 577 178 31% 43 1,159

Bedok Residences 583 507 87% 33 1,359

Treescape 32 25 78% 25 1,401

The Seawind 222 85 38% 11 1,484

The Vanderlint 20 10 50% 10 1,484

Changi / Pasir Ris (17-18)

The Palette 892 539 60% 102 906

Waterview 696 613 88% 22 872

Arc at Tampines (EC) 574 479 83% 20 723

NV Residences 642 630 98% 9 852

Hedge Park Condo 501 344 69% 8 873Serangoon / Thomson (19-20)

Twin Waterfall (EC) 728 257 35% 257 727

Watertown 992 924 93% 182 1341

Bartley Residences 702 174 25% 174 1,260

Casa Cambio 198 155 78% 155 1393

Riversound Residences 590 198 34% 126 859

The Minton 1145 947 83% 116 879

Austville Residences (EC) 540 461 85% 57 709

Cardiff Residences 163 105 64% 28 1,270

Parc Vera 452 251 56% 22 827

The Luxurie 622 275 44% 21 1031

Terrasse 414 356 86% 18 1,010

Boathouse Residences 493 357 72% 17 902

A Treasure Trove 882 811 92% 13 970West (22-24)

The Rainforest (EC) 466 355 76% 186 752

The Hillier 528 427 81% 90 1,393

Blossom Residences(EC) 602 492 82% 14 705

North (25-28)

Parc Rosewood 689 577 84% 380 994

Tampines Trilliant (EC) 670 187 28% 187 803

The Nautical 435 211 49% 52 878

Suites @ Paya Lebar 99 73 74% 14 1,359

The Greenwich 319 307 96% 13 1355

Wood Haven 337 276 82% 10 1056

Luxus Hills 320 240 75% 10 707

The Miltonia Residences 410 344 84% 9 864

Eight Courtyards 654 543 83% 8 827Source: URA

Secondary Mark et

District$psf

Jan12$psf

Feb12MoM %Change

City & Southwest 1,252 1,347 7.6

Orchard/Tanglin/Holland 1,744 1,776 1.8

Newton/Bukit Timah/Clementi 1,119 1,207 7.9

Balestier/MacPherson/Geylang 1,020 928 -9.1

East Coast 1,017 977 -4.0

Changi/Pasir Ris 778 774 -0.5

Serangoon/Thomson 876 899 2.6

West 764 793 3.8

North 752 710 -5.7

Source: URA

Renta l Mark et

District

$psf pm

Jan12

$psf pm

Feb12

MoM %

ChangeCity & Southwest 4.8 4.8 -0.5

Orchard/Tanglin/Holland 4.6 4.6 0.2

Newton/Bukit Timah/Clementi 3.2 3.6 -11.7

Balestier/MacPherson/Geylang 3.2 3.2 -0.4

East Coast 3.2 3.3 -2.1

Changi/Pasir Ris 2.9 2.8 3.1

Serangoon/Thomson 3.1 3.1 1.6

West 2.9 2.8 1.2

North 2.7 3.0 -9.4Source: URA

Top 5 Resa le T ransact ions by $psf

Project Tenure District $psfArdmore Park Freehold 10 3,640Marina Bay 99 Yr (fm 2005) 1 3,198

Marina Collection 99 Yr (fm 2007) 4 2,800

Vida Freehold 9 2,712

Ying Mansions Freehold 10 2,602Source: URA

Bot t om 5 Resa le T ransact ions by $psf

Project Tenure District $psf

Phoenix Heights 99 Yr (fm 1969) 23 536

Baywater 99 Yr (fm 2001) 16 547

Chestervale 99 Yr (fm 1997) 23 557

Park View Mansion 99 Yr (fm 1976) 22 571

Loyang Valley 99 Yr (fm 1982) 17 589Source: URA

MARKET SNAPSHOT (CONTD) 29 March 2012Analyst: Alison FOK 65-6433 5745 [email protected]

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DEVELOPERS LANDBANK 29 March 2012Analyst: Alison FOK 65-6433 5745 [email protected]

Developer District Landbank Tenure Unsold Units

City Dev

3 Alexandra Road GLS site 99yr 5456 South Beach (Beach Road) 99yr 1199 Futura (Leonie Road) Freehold 122

10 Boulevard Hotel (Cuscaden Road) Freehold 20310 Lucky Tower (Grange Road) Freehold 17811 Buckley Classique (Buckley Road) Freehold 517 Hedges Park (Flora Road) 99yr 15718 NV Residences (Pasir Ris) 99yr 1218 The Palette (Pasir Ris) 99yr 35318 Pasir Ris Drive 8 (4 + 5) (Pasir Ris) 99yr 1,51718 Tampines/Upp Changi Rd North Freehold 60519 H2O Residences (Sengkang West Ave) 99yr 14319 Bartley Residences (Bartley Road) 99yr 52819 Mount Vernon GLS site (Bartley) 99yr 78523 The Rainforest (EC) (Choa Chu Kang Drive) 99yr 11123 Blossom Residences (EC) (Segar Road) 99yr 110

Sentosa Residences at W (Sentosa Cove) 99yr 207Total Unsold Units 5,699

KepLand 1 Marina Bay Suites (Marina Bay) 99yr 682 Keppel & GE Towers site (Tanjong Pagar) Freehold 6204 Reflections at Keppel Bay (Keppel Bay) 99yr 2904 Keppel Bay Plot 3 (Keppel Bay) 99yr 3074 Keppel Bay Plot 4 (Keppel Bay) 99yr 2344 Keppel Bay Plot 5 (Keppel Bay) 99yr 94

19 Sengkang GLS site (Sengkang Square) 99yr 34722 The Lakeside Residences (Lakeside Drive) 99yr 6

Total Unsold Units 1,966

CapitaLand

3 The Interlace (Gillman Heights) 99yr 3429 Urban Resort (Cairnhill Rd) Freehold 39

10 Dleedon (Farrer Rd) 99yr 1,24910 The Nassim (Nassim Rd) Freehold 5515 Marine Point (Marine Parade) Freehold 15016 Bedok Residences(Bedok Central) 99yr 76

20 Sky Habitat (Bishan Street 14) 99yr 50926 Yio Chu Kang site (Yio Chu Kang Rd) Freehold 140


Ho Bee Sentosa Seascape at Sentosa Cove (Sentosa Cove) 99yr 110Sentosa Pinnacle at Sentosa Cove (Sentosa Cove) 99yr 357

Total Unsold Units 467

UOL 2 Spottiswoode Residences (Spottiswoode Park) Freehold 3416 Archipelago (Bedok Reservoir Rd) 99yr 339


Allgreen 2 Skysuites @ Anson (Enggor Street) 99yr 1875 The Surrento (West Coast Road) Freehold 1319 RV Residences (River Valley) 999yr 248

12 RiverBay (Mar Thoma Rd) 999yr 147

12 Riviera 38 (Mar Thoma Rd) 999yr 8021 The Cascadia (Bukit Timah Road) Freehold 20


Wheelock 9 Scotts Square (Scotts Road) Freehold 7410 Ardmore 3 (Ardmore Park) Freehold 84


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DEVELOPERS LANDBANK (CONTD) 29 March 2012Analyst: Alison FOK 65-6433 5745 [email protected]

Developer District Landbank Tenure Unsold Units

Guocoland2 Tanjong Pagar GLS white site (Peck Seah/Choon Guan) 99yr 500

10 Leedon Residence (Leedon Heights) 99yr 38126 The Waterline (Yio Chu Kang Rd) Freehold 36


Bt Sembawang

4 Skyline Residences (Telok Blangah) Freehold 899 The Vermont on Cairnhill (Cairnhill Rd) Freehold 599 Paterson Suites (Paterson Rd) Freehold 249 Paterson Suites II (Paterson Rd) Freehold 889 St Thomas Walk (St Thomas Walk) Freehold 221

27 Watercove Villes (Wak Hassan Drive) Freehold 8028 Nim Road (Nim Road) Freehold 23228 Luxus Hills (Seletar Green) 999yr 80


Frasers Centrepoint

9 Starhub Centre (Cuppage Rd) 99yr 24915 Flamingo Valley (Siglap Rd) Freehold 19716 Waterfront Isle (Bedok Reservoir Rd) 99yr 2716 Bedok South GLS site (Bedok South Avenue 3) 99yr 59518 Seastrand (Pasir Ris Drive 3) 99yr 10318 Palm Isles (Flora Drive) 99yr 38019 Boathouse Residences (Hougang) 99yr 13619 Esparina Residences (Sengkang) 99yr 119 Watertown (Punggol) 99yr 6819 Twin Waterfalls (Punggol Way / Punggol Field) 99yr 47127 Eight Courtyards (Yishun Ave 2) 99yr 111


Wing Tai

3 Ascentia Sky (Redhill) 99yr 209 HELIOS Residence (Cairnhill Circle) Freehold 649 Belle Vue Residences (Oxley Walk) Freehold 38

10 Le Nouvel Ardmore (Ardmore Park) Freehold 4210 Anderson 18 (Ardmore Park) Freehold 15711 L'VIV (Newton Rd) Freehold 3523 Foresque Residences (Petir Road) 99yr 285


MCL Land

10 NOB Hill (Ewe Boon Rd) Freehold 7015 Casa Nassau (East Coast Rd) Freehold 6517 Ripple Bay (Jalan Loyang Besar) 99yr 58019 Terrasse (Hougang Ave 2) 99yr 58


SC Global

9 The Marq (Paterson Hill) Freehold 359 Hilltops (Cairnhill Circle) Freehold 2089 Martin No. 38 (Martin Rd) Freehold 23

10 The Ardmore (Ardmore Road) Freehold 50Sentosa Seven Palms (Sentosa Cove) 99yr 31


Grand Total 17,925

Source:HDB,URA

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the real deals (29-03-2012)

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