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Author: StockFanatic   |   Latest post: Tue, 24 Apr 2018, 10:29 AM

 

Singapore Property - Physical market continues with strength; where are stocks heading?

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Tulip Garden sold for S$906.9m
Yanlord Land Group announced that a joint venture between the group and MCL Land has successfully tendered for the en-bloc sale of the freehold Tulip Garden for S$906.9m, the second-largest collective sale so far, bringing YTD collective sales done to S$6.5bn. According to Business Times, the sale price is 20% higher than the reserve price and translates to S$1,790psf per plot ratio, 5-17% higher than nearby transactions. The site could yield 670 units, up from the current 162 units. We estimate a breakeven ASP of S$2,200-2,300psf, implying a potential selling price well above S$2,500psf.
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