Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911" rel="noopener">Sabana Industrial REIT (SSREIT SP)</a> 2H21 DPU fell 31.4% YoY; Delivering on turnaround story  </li><li>Oakwood plans to open 20 new properties in 2022; Targets to double portfolio by 2025</li><li><a href="https://www.smartkarma.com/entities/hong-lai-huat-group-ltd" target="_blank" data-smartkarma-citation="entities:9115" rel="noopener">HLH Group (HLHG SP)</a> optimistic on Cambodian market recovery in 2022</li></ul>

Sabana Industrial REIT (SSREIT SP) 2H21 DPU fell 31.4% YoY; Delivering on turnaround story  Oakwood plans to open 20 new properties in 2022; Targets to double portfolio by 2025HLH Group (HLHG SP) optimistic on Cambodian market recovery in 2022

ASEAN Builder's Scoop (20Jan22) - SSREIT Delivering on Turnaround Story

<h2>Singapore</h2><h3>Jul 21 new private home sales surge 82% MoM; On track for a record year (since 2013)</h3><ul><li>Sales of new private homes surged in Jul21 with developers selling 1,589 units, up 82% MoM from 872 units in Jun21. On a YoY basis, sales were up 47% from 1,080 units in Jul20. Including ECs sold, developers moved 1,744 new homes last month, 81% higher MoM and 53% higher YoY</li><li>Developers launched 1,104 units in Jul21, up 36% MoM and 27% YoY higher. There were no new ECs launched in Jun21. Jul21 take-up rate was robust at 144% (from 107% in Jun21 and 124% in Jul20). Pasir Ris 8 was the top seller last month, moving 418 units, or 86% of its 487 units, with median price of S$1,624psf</li><li>Sales in Jul21 were driven by Pasir Ris 8, followed by Normanton Park, which sold 125 units, Midwood, which sold 91 units and Sengkang Grand Residences, which sold 89 units. Excluding EC, sales volume in Jul21 was highest in OCR followed by RCR and CCR, respectively. The sales volume was 1,012 (64%), 438 (28%) and 139 (9%) units, respectively</li><li>Almost 50% of sales last month were priced below S$1.5m, 29% were between S$1.5-2m, and 21.5% were above S$2m. The average price paid for a unit last month was S$1.7m. In the first seven months of 2021, developers have sold an estimated 8,004 units. Barring new cooling measures, total new private home sales is on course to exceed 11,000 units (excluding ECs) by the end of 2021, locking in the highest annual new sales figure since 2013, which saw 14,948 new sales.</li></ul>

SingaporeJul 21 new private home sales surge 82% MoM; On track for a record year (since 2013)Sales of new private homes surged in Jul21 with developers selling 1,589 units, up 82% MoM from 872 units in Jun21. On a YoY basis, sales were up 47% from 1,080 units in Jul20. Including ECs sold, developers moved 1,744 new homes last month, 81% higher MoM and 53% higher YoYDevelopers launched 1,104 units in Jul21, up 36% MoM and 27% YoY higher. There were no new ECs launched in Jun21. Jul21 take-up rate was robust at 144% (from 107% in Jun21 and 124% in Jul20). Pasir Ris 8 was the top seller last month, moving 418 units, or 86% of its 487 units, with median price of S$1,624psfSales in Jul21 were driven by Pasir Ris 8, followed by Normanton Park, which sold 125 units, Midwood, which sold 91 units and Sengkang Grand Residences, which sold 89 units. Excluding EC, sales volume in Jul21 was highest in OCR followed by RCR and CCR, respectively. The sales volume was 1,012 (64%), 438 (28%) and 139 (9%) units, respectivelyAlmost 50% of sales last month were priced below S$1.5m, 29% were between S$1.5-2m, and 21.5% were above S$2m. The average price paid for a unit last month was S$1.7m. In the first seven months of 2021, developers have sold an estimated 8,004 units. Barring new cooling measures, total new private home sales is on course to exceed 11,000 units (excluding ECs) by the end of 2021, locking in the highest annual new sales figure since 2013, which saw 14,948 new sales.

Thailand

Noble Development Public Company Limited develops property ranging from single detached houses to low-rise and high-rise condominiums.  The Company also provides housing construction and project management services.

Noble Development (NOBLE TB)

ASEAN Builder's Scoop (20Jan22) - SSREIT Delivering on Turnaround Story

SSREIT delivering on turnaround story; Oakwood targets double portfolio by 2025; HLHG bullish on Cambodia; MEG buys 2.2ha MJC property for...

SCCM Asia Research

ASEAN Builder's Scoop (17Aug21)

SG new home sales on track for a record year; OHL SG resi >90% sold; FLI supported by resi recovery; FILRT focuses on BPO tenants; NOBLE shifts...

SCCM Asia Research