Singapore and emerging market real estate

Royston Foo

Thematic (Sector/Industry)

Since the beginning of this current collective sale cycle in 1H 2017, developers have spent a total of S$16.4 bil replenishing their land bank. The biggest spenders in this current collective sale cycle include City Developments/Hong Leong Group, Oxley and MCL Land. On the other hand, some notable names were missing in this current collective sale cycle, such as Far East Organization and Keppel Land. A study of the share price performance of developers shows that the immediate market reaction to land acquisition announcements has turned more muted in 2018. Going forward, key drivers to share price performance are likely to be the sales performance and take-up rates of the new supply.

Since the beginning of this current collective sale cycle in 1H 2017, developers have spent a total of S$16.4 bil replenishing their land bank. The biggest spenders in this current collective sale cycle include City Developments/Hong Leong Group, Oxley and MCL Land. On the other hand, some notable names were missing in this current collective sale cycle, such as Far East Organization and Keppel Land. A study of the share price performance of developers shows that the immediate market reaction to land acquisition announcements has turned more muted in 2018. Going forward, key drivers to share price performance are likely to be the sales performance and take-up rates of the new supply.

Singapore Property - Muted Share Price Reaction to Collective Sales. What Could Be the Next Driver?

During the month of March, Singapore property market continued to deliver positive newsflow that benefited the share price performance of Singapore property developers. Some of the notable property news during the month of March includes:<ul>
<li>GuocoLand and Hong Leong acquiring Pacific Mansion for S$980 mil, setting a new high among recent collective sales</li>
<li>A 99-year mixed-use site a Holland Road attracted 15 bids, with some developers placing more than 1 bid with different concept proposals</li>
<li>The first…</li>
</ul>

During the month of March, Singapore property market continued to deliver positive newsflow that benefited the share price performance of Singapore property developers. Some of the notable property news during the month of March includes:
GuocoLand and Hong Leong acquiring Pacific Mansion for S$980 mil, setting a new high among recent collective sales
A 99-year mixed-use site a Holland Road attracted 15 bids, with some developers placing more than 1 bid with different concept proposals
The first…


Singapore Property – Large-Caps with Growth Pipeline and Strong Balance Sheet Remains in Favor

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<a href="https://www.smartkarma.com/entities/51" target="_blank" data-smartkarma-citation="entities:51:1">Wharf Holdings Ltd (4 HK)</a> went ex-entitlement on the 16th of November and adjusted by HK$46.10 per share for <a href="https://www.smartkarma.com/entities/26031" target="_blank" data-smartkarma-citation="entities:26031:1">Wharf Real Estate Investment (1997 HK)</a> (REIC). We think that the market is underestimating the value of REIC and, as a result, pricing the NAV of <a href="https://www.smartkarma.com/entities/52" target="_blank" data-smartkarma-citation="entities:52:1">Wheelock &amp; Co Ltd (20 HK)</a> at a discount that is too wide.For readers who need to understand a little more about the spin-off or the holdco itself, we recommend reading <a href="https://www.smartkarma.com/profiles/840" target="_blank" data-smartkarma-citation="accounts:840">David Blennerhassett</a> 's previous insights:<ul><li>
<a href="https://www.smartkarma.com/insights/wheelock-evaluating-wharf-s-proposed-ip-in-specie" target="_blank" data-smartkarma-citation="insights:9314">Wheelock – Evaluating Wharf’s</a>…</li></ul>

Wharf Holdings Ltd (4 HK) went ex-entitlement on the 16th of November and adjusted by HK$46.10 per share for Wharf Real Estate Investment (1997 HK) (REIC). We think that the market is underestimating the value of REIC and, as a result, pricing the NAV of Wheelock &amp; Co Ltd (20 HK) at a discount that is too wide.For readers who need to understand a little more about the spin-off or the holdco itself, we recommend reading David Blennerhassett 's previous insights:
Wheelock – Evaluating Wharf’s…

Wharf's Spin-Off Presents an Opportunity in Wheelock

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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Real Estate Managers & Developers Led the STI in 2017 YTD

Pure-Play Real Estate Broker APAC Realty Debuts on SGX

Singapore

Wheelock Properties Singapore Ltd and its subsidiaries own, develop, and manage properties such as condominiums and apartment buildings.

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Wheelock Properties (S) (WP SP)

Singapore Property – Large-Caps with Growth Pipeline and Strong Balance Sheet Remains in Favor

During the month of March, Singapore property market continued to deliver positive newsflow that benefited the share price performance of Singapore...

Royston Foo

Wharf's Spin-Off Presents an Opportunity in Wheelock

Wharf Holdings Ltd (4 HK) went ex-entitlement on the 16th of November and adjusted by HK$46.10 per share for Wharf Real Estate Investment (1997 HK)...

Zhen Zhou, Toh

Real Estate Managers & Developers Led the STI in 2017 YTD

Singapore Exchange Ltd (SGX)

Pure-Play Real Estate Broker APAC Realty Debuts on SGX

Singapore Exchange Ltd (SGX)

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52-week Range

Market Cap (USDm)

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Singapore Property - Muted Share Price Reaction to Collective Sales. What Could Be the Next Driver?

Since the beginning of this current collective sale cycle in 1H 2017, developers have spent a total of S$16.4 bil replenishing their land bank. The...

Royston Foo

Singapore Property – Large-Caps with Growth Pipeline and Strong Balance Sheet Remains in Favor

During the month of March, Singapore property market continued to deliver positive newsflow that benefited the share price performance of Singapore...

Royston Foo

Wharf's Spin-Off Presents an Opportunity in Wheelock

Wharf Holdings Ltd (4 HK) went ex-entitlement on the 16th of November and adjusted by HK$46.10 per share for Wharf Real Estate Investment (1997 HK)...

Zhen Zhou, Toh

Real Estate Managers & Developers Led the STI in 2017 YTD

Singapore Exchange Ltd (SGX)

Pure-Play Real Estate Broker APAC Realty Debuts on SGX

Singapore Exchange Ltd (SGX)