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Author: kimeng   |   Latest post: Thu, 19 Jul 2018, 09:51 AM

 

Singapore Residential Property: Stronger Pipeline in 2H2017 GLS

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In response to stronger buyer demand and declining unsold inventories from developers, the authorities announced yesterday that they will increase the supply of land up for tender under the government land sales program in 2H2017. The confirmed list of sites will yield 2,840 private housing units, which is 20% higher (510 units) than the 2,330 units put out in 1H2017.

By putting out a stronger supply, we see the authorities signalling that they remain cognizant of the risks for an unsustainable surge in home prices at this junction. In addition, MAS Managing Director Ravi Menon also stated that adjustments to measures earlier this year do not signal the start of the unwinding of property cooling measures.

We believe it is a positive that the government has put out an increased supply of land, particularly as developers are finding it challenging to replenish their dwindling land bank in a competitive land acquisition environment. Given improving fundamentals in the sector, we continue to forecast for an inflection point in physical home prices by 2018 and have an OVERWEIGHT rating on developers.

Our top picks are CapitaLand [BUY, FV: S$4.07], Wheelock SG [BUY, FV:S$2.27] and Wing Tai [BUY, FV:S$2.37].

Source: OCBC Research - 30 Jun 2017

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Related Stocks

Chart Stock Name Last Change Volume 
CapitaLand 3.19 +0.02 (0.63%) 10,654,300 
Wheelock Prop 2.22 +0.04 (1.83%) 11,518,700 
Wing Tai 2.11 0.00 (0.00%) 1,871,600 

Market Buzz

Stock Date Type Subject
CapitaLand 20-Jul-2018 Announcement Asset Acquisitions and Disposals::Increase in shareholding in a subsidiary
CapitaLand 20-Jul-2018 Announcement Disclosure of Interest/ Changes in Interest
CapitaLand 20-Jul-2018 Announcement Financial Statements and Related Announcement::Second Quarter and/ or Half Yearly Results
CapitaLand 20-Jul-2018 Announcement Notice of Valuation of Real Assets::CapitaLand Mall Trust - Asset Valuation
CapitaLand 19-Jul-2018 Announcement Financial Statements and Related Announcement::Second Quarter and/ or Half Yearly Results
CapitaLand 19-Jul-2018 Announcement Notice of Valuation of Real Assets::CapitaLand Commercial Trust - "Asset Valuation"
CapitaLand 19-Jul-2018 Announcement Notice of Valuation of Real Assets::CapitaLand Mall Trust - Asset Valuation
CapitaLand 18-Jul-2018 Announcement General Announcement::CapitaLand receives the most wins at Singapore Corporate Awards for the second consecutive year
CapitaLand 18-Jul-2018 Announcement Change - Change in Corporate Information::Dissolution of Dormant Wholly Owned Subsidiary - CapitaRetail Gurney Sdn. Bhd.
Wheelock Prop 19-Jul-2018 Price Target Wheelock Properties (S) Ltd: Voluntary Unconditional GO; Offer Price of S$2.10 in Cash
Source : OCBC, Price Call : BUY, Price Target : 2.34
Last Price : 2.22, Upside/Downside : +0.12(5.41%)
Wheelock Prop 20-Jul-2018 Blog Wheelock Properties (S) Ltd - I'm Un"Wheel"ing to Accept
Wheelock Prop 19-Jul-2018 Blog Phillip Capital Morning Note
Wheelock Prop 19-Jul-2018 Announcement Tender/ Acquisition/ Takeover/ Purchase Offer::Voluntary
Wheelock Prop 19-Jul-2018 Announcement Request for Lifting of Trading Halt::Request for Lifting of Trading Halt
Wheelock Prop 19-Jul-2018 Announcement General Announcement::VOLUNTARY UNCONDITIONAL GENERAL OFFER FOR WHEELOCK PROPERTIES (SINGAPORE) LIMITED
Wheelock Prop 16-Jul-2018 Announcement Request for Trading Halt::Request for Trading Halt
Wing Tai 17-Jul-2018 Announcement General Announcement::Routine Quarterly Report on MTN Programme

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