Co.

Reg No: 198700034E MICA (P) : 090/11/2009

Singapore
THEREALDEALS Ins&OutsofSingaporeRealEstate
MRT station at your doorstep
The market expects mass market property prices to drop in the wake of the governments cooling measures last month. Based on recent land tenders, developers appear to be also pricing in a possible slide of about 20%. We share a similar negative view. In fact, we argue that price cuts are already underway on some projects whose selling prices are evidently short of what nearby comparables achieved before the last round of cooling moves. However, we believe that prices for well-located projects will hold their own. In the mass market segment, this means having amenities and transport infrastructures nearby. Apart from the integrated development Watertown in Sengkang, there will be two new launches with MRT stations at their doorsteps. Bartley Residences, located next to the Bartley MRT Station, is expected to be launched in 1Q12 after the Chinese New Year. The 702-unit condominium project is developed by a joint venture comprising City Developments Limited, Hong Leong Holdings and TID, which bought the 665,915-sq-ft site for $621 psf ppr last April. We estimate the developers breakeven to be about $1,000 psf and expect a selling price of $1,200 psf. The second widely anticipated project sits next to the Potong Pasir MRT Station. Tuan Sing Holdings bought the 326,397-sq-ft site for $567 psf ppr last August. Expected to be launch-ready in 2H12, the projects breakeven for the developer is around $950 psf and we estimate a selling price of $1,200 psf. Though both projects boast proximity to train transport nodes, we do note the lack of other amenities nearby.
Development site at Barley Bartley Residences

12 January 2012

Development site at Potong Pasir

Source: onemap.sg Kim Eng Research is a subsidiary of Malayan Banking Berhad

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

 HE EAL EALS Ins&OutsofSingaporeRealEstate

A projects location next to an MRT station is a definite plus. We look at three launches in the past 12 months and note that their selling prices have roughly averaged $1,100-1,300 psf. Units at Nin Residence, which is more centrally located compared to The Luxurie and My Manhattan, are priced at a higher premium.
Transaction prices for The Luxurie (near Sengkang MRT Station, launched in August 2011)
1,600 1,500 1,400 1,300 1,200 1,100 1,000 900 800 01-Dec-10 Source: URA 26-Jan-11 23-Mar-11 18-May-11 13-Jul-11 07-Sep-11 02-Nov-11 28-Dec-11

Transaction prices for My Manhattan (near Simei MRT Station, launched in February 2011)
1,600 1,500 1,400 1,300 1,200 1,100 1,000 900 800 01-Dec-10 Source: URA 26-Jan-11 23-Mar-11 18-May-11 13-Jul-11 07-Sep-11 02-Nov-11 28-Dec-11

Transaction prices for Nin Residence (near Potong Pasir MRT Station, launched in December 2010)
1,600 1,500 1,400 1,300 1,200 1,100 1,000 900 800 01-Dec-10 Source: URA 26-Jan-11 23-Mar-11 18-May-11 13-Jul-11 07-Sep-11 02-Nov-11 28-Dec-11

12 January 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

MARKET SNAPSHOT
Recent resale transactions
Project Moro Mansions Maysprings Goldenhill Park Condo Parc Haven The Raintree Balestier Plaza Cherryhill The Pearl The Esta The Waterina The Lakeshore N.A. Vistaya View Parc Vista The Quartz Regent Heights Parbury Hill Condo Aalto Hong Heng Mansions Meadowlodge The Imperial Estella Gardens Suites @ Kovan Bayville Condominium Teresa Ville Lumiere Casa Fortuna Simsville Mill Point Evergreen Park Mountbatten Regency Citylights Maplewoods Haig Court
Source: URA

12 January 2011
Analyst: OOI Yi Tung 65-6433 5712 ooiyitung@kimeng.com

Property Price Indices

Planning area Geylang Bukit Panjang Serangoon Novena Bukit Panjang Novena Serangoon Bukit Merah Marine Parade Geylang Jurong West Geylang Geylang Jurong West Sengkang Bukit Batok Bedok Marine Parade Yishun Bukit Timah Museum Pasir Ris Hougang Queenstown Bukit Merah Downtown Core Novena Geylang Tanglin Hougang Marine Parade Kallang Bukit Timah Marine Parade

Size (sq m) 87 124 122 137 118 127 135 129 148 151 103 220 81 98 112 95 135 134 121 113 178 120 34 87 126 61 100 142 85 94 105 67 235 100

Price ($psf) 801 727 1142 1153 957 936 819 1041 1370 984 974 549 1124 830 929 792 895 1676 664 1102 1957 759 1435 1014 1091 2086 1208 752 1492 818 1106 1456 1226 1106

Index SRPI Overall (Nov 11) URA PPI (4Q11) HDB Resale (4Q11)

Level 168.1 206.2 190.4

Change +1.0% +0.2% +1.7%

Government Land Sales (GLS)

Recently Awarded Sites Jalan Loyang Besar / Pasir Ris Rise (36.3k sqm, 355 units) Awarded to Hoi Hup, Sunway and Straits Construction for $141m ($361 psf ppr) Pasir Ris Drive 3 / Pasir Ris Link, EC (39.0k sqm, 390 units) Awarded to Ho Lee / United Engineers for $122m ($291 psf ppr) Flora Drive (41.9k sqm, 415 units) Awarded to Koh Brothers for $163m ($361.2 psf ppr) Yishun Central 7 / Canberra Drive, EC (67.9k sqm, 725 units) Awarded to MCC Land for $213.8m ($292.6 psf ppr) Punggol Central / Edgedale Plains (60.8k sqm, 610 units) Awarded to Qingjian for $218.9m ($334.6 psf ppr) Yishun Ave 1 / Miltonia Close (35.5k sqm, 355 units) Awarded to TG Dev for $138.9m ($363.6 psf ppr) Chestnut Ave (39.3k sqm, 380 units) Awarded to SP Setia for $180m ($425.8 psf ppr) Alexandra Road (48.8k sqm, 545 units) Awarded to CDL / Hong Leong for $396m ($754.4 psf ppr) Chestnut Ave / Almond Ave (12.9k sqm, 35 landed units) Awarded to SCB Terraform for $70.8m ($510.4 psf ppr) Punggol Central / Punggol Place (54.1k sqm, 540 units) Awarded to Wee Hur for $206.2m ($354.4 psf ppr) Mount Vernon (72.8k sqm, 785 units) Highest bid of $388.1m ($495 psf ppr) from CDL / Hong Leong / TID Confirmed List (Recently Open for Tender) Jalan Lempeng (68.4k sqm, 685 units) Tender closing on 12 January 2012 Kovan Road / Simon Road (35.7k sqm, 360 units) Tender closing on 18 January 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) Elias Rd / Pasir Ris Dr 3 (32.7k sqm, 295 units) Hillview Ave (35.4k sqm, 405 units) Sengkang Square (64.4k sqm, 710 units) Upper Serangoon View/ Upper Serangoon Road, EC (43.3k sqm, 420 units)
Source: HDB, URA

Property Stocks
Name Price CapitaLand 2.34 CityDev 9.21 Ho Bee 1.01 HPL 1.78 KepLand 2.45 SC Global 0.98 SingLand 5.70 UOL 4.11 Wheelock 1.53 Wing Tai 1.005 N.A. = No Coverage Disc/ Prem to RNAV RNAV NTA/share* 4.01 -42% 3.18 12.5 -26% 7.31 2.53 -60% 2.22 4.39 -59% 2.7 5.08 -52% 2.78 3.49 -72% 1.6 9.82 -42% 10.74 N.A. N.A. 6.43 N.A. N.A. 2.35 2.79 -64% 2.49 *As at latest reported Disc/ Prem to NTA/share -26% 26% -55% -34% -12% -39% -47% -36% -35% -60%

12 January 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

MARKET SNAPSHOT(CONTD)
Primary Market
Total no. of units Units sold todate Takeup rate (%) 77.8 91.7 13.4 26.7 Units sold (Nov) 11 6 31 7 46 9 70 30 19 11 10 6 6 5 477 27 22 11 11 7 6 367 12 73 36 35 23 18 15 13 12 9 7 7 28 17 10 9 6 Median ($psf) 4,334 1,350 3,263 1,677 1,628 2,158 1,267 1,100 1,362 1,544 1,104 1,189 1,115 1,257 1,359 690 1,502 682 1,006 1,327 1,474 895 888 744 1,348 916 1,269 506 993 922 1,427 1,420 1,057 1,322 707 1,041 660 866 838

12 January 2011
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

Secondary Market
District City & Southwest Orchard/Tanglin/Holland Newton/Bukit Timah/Clementi Balestier/MacPherson/Geylang East Coast Changi/Pasir Ris Serangoon/Thomson West North Source: URA $psf Oct11 1,432 1,757 1,179 1,040 1,031 782 910 748 742 $psf Nov11 1,379 1,812 1,175 975 1,042 745 895 772 764 MoM % Change -3.7 3.1 -0.3 -6.2 1.1 -4.8 -1.7 3.2 2.9

City & Southwest (1-8) Scott Square 338 263 Ascentia Sky 373 342 Orchard/ Tanglin/ Holland (9-10) The Scotts Tower 231 31 D'Leedon 1715 458 Newton / Bukit Timah / Clementi (11, 21)

Suites at Bukit Timah 71 46 64.8 Suites @ Newton 67 9 13.4 Balestier / MacPherson / Geylang (12-14) D'Weave 71 70 98.6 Central Imperial 63 30 47.6 Regent Residences 180 144 80.0 Studio 8 28 11 39.3 Vacanza @ East 473 387 81.8 Suites 28 64 41 64.1 Rezi 26 106 94 88.7 Le Regal 88 24 27.3 East Coast (15-16) Bedok Residences 583 477 81.8 ( C) Austville Residences 540 394 73.0 ( C)Seawind The 222 58 26.1 Riverparc Residence 504 504 100.0 ( C) Waterfront Isle 561 513 91.4 Parc Bleu 55 45 81.8 The Shore 408 393 96.3 Changi / Pasir Ris (17-18) The Palette 892 367 41.1 Waterview 696 584 83.9 Serangoon / Thomson (19-20) Arc at Tampines (EC) 574 450 78.4 Cardiff Residence 163 36 22.1 The Minton 1145 809 70.7 Thomson Grand 361 183 50.7 Charlton Residences 21 18 85.7 Terrasse 414 331 80.0 A Treasure Trove 882 785 89.0 Centro Residences 329 250 76.0 Bliss @ Kovan 140 63 45.0 The Luxurie 622 242 38.9 Suites @ Paya Lebar 99 47 47.5 West (22-24) Blossom Residences 602 471 78.2 ( C) North (25-28) Woodhaven 337 253 75.1 The Canopy (EC) 406 393 96.8 Miltonia Residences 410 326 79.5 Eight Courtyards (EC) 654 533 81.5 Source: URA

Rental Market
District City & Southwest Orchard/Tanglin/Holland Newton/Bukit Timah/Clementi Balestier/MacPherson/Geylang East Coast Changi/Pasir Ris Serangoon/Thomson West North Source: URA $psf pm Oct11 5.6 4.5 3.5 3.1 3.2 2.7 2.9 3 2.6 $psf pm Nov11 4.8 4.2 3.3 2.9 3.3 2.9 3.1 3.1 2.6 MoM % Change -15.2 -5.7 -6.4 -6.0 1.7 5.6 6.9 3.2 -1.1

Top 5 Resale Transactions by $psf

Project Marina Collection Ardmore II Richmond Park Marina Bay Residences Grange Residences Source: URA Tenure 99 Yr (fm 2007) Freehold Freehold 99 Yr (fm 2005) 99 Yr (fm 2005) District 4 10 9 1 1 $psf 2,750 2,574 2,570 2,480 2,361

Bottom 5 Resale Transactions by $psf

Project Kismis Court Phoenix Heights Tampines Court Wing Fong Court Elias Green Source: URA Tenure 99 Yr (fm 1981) 99 Yr (fm 1969) 101 Yr (fm 1985) Freehold 99 Yr (fm 1991) District 21 23 18 14 18 $psf 434 547 576 619 624

12 January 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

DEVELOPERS LANDBANK
Developer District 6 9 10 10 11 17 18 18 18 18 19 19 23 23 Sentosa Landbank

12 January 2011
Analyst: OOI Yi Tung 65-6433 5712 ooiyitung@kimeng.com

Tenure 99yr Freehold Freehold Freehold Freehold 99yr 99yr 99yr 99yr Freehold 99yr 99yr 99yr 99yr 99yr

Unsold Units 119 122 203 178 22 166 27 525 1,517 605 148 560 490 131 207 5,019 69 620 295 307 234 94 380 9 2,008 345 39 1,257 55 150 106 509 140 2,601 110 357 467 34 640 674 189 80 248 147 87 21 772 75 84 159

City Dev

South Beach (Beach Road) Futura (Leonie Road) Boulevard Hotel (Cuscaden Road) Lucky Tower (Grange Road) Buckley Classique (Buckley Road) Hedges Park (Flora Road) NV Residences (Pasir Ris) Pasir Ris Grove, parcel 3 + state land (Pasir Ris) Pasir Ris Drive 8, parcels 4 + 5 (Pasir Ris) Tampines/Upp Changi Rd North H2O Residences (Sengkang West Ave) Bartley Road GLS (Bartley Road) Choa Chu kang GLS (EC) (Choa Chu Kang Drive) Segar Road GLS (EC) (Segar Road) Residences at W (Sentosa Cove) Total Unsold Units Marina Bay Suites (Marina Bay) Keppel & GE Towers site (Tanjong Pagar) Reflections at Keppel Bay (Keppel Bay) Keppel Bay Plot 3 (Keppel Bay) Keppel Bay Plot 4 (Keppel Bay) Keppel Bay Plot 5 (Keppel Bay) Sengkang GLS site (Sengkang Square) The Lakeside Residences (Lakeside Drive) Total Unsold Units The Interlace (Gillman Heights) Urban Resort (Cairnhill Rd) Dleedon (Farrer Rd) The Nassim (Nassim Rd) Marine Point (Marine Parade) Bedok Town Centre Site (Bedok Central) Bishan GLS site (Bishan Street 14) Yio Chu Kang site (Yio Chu Kang Rd) Total Unsold Units Seascape at Sentosa Cove (Sentosa Cove) Pinnacle at Sentosa Cove (Sentosa Cove) Total Unsold Units Spottiswoode Residences (Spottiswoode Park) Bedok Reservoir (Bedok Reservoir Rd) Total Unsold Units Skysuites @ Anson (Enggor Street) Project at West Coast Rd (West Coast Road) RV Residences (River Valley) RiverBay (Mar Thoma Rd) Riviera 38 (Mar Thoma Rd) The Cascadia (Bukit Timah Road) Total Unsold Units Scotts Square (Scotts Road) Ardmore 3 (Ardmore Park) Total Unsold Units

KepLand

1 2 4 4 4 4 19 22

99yr Freehold 99yr 99yr 99yr 99yr 99yr 99yr

CapitaLand

3 9 10 10 15 16 20 26

99yr Freehold 99yr Freehold Freehold 99yr 99yr Freehold

Ho Bee

Sentosa Sentosa

99yr 99yr

UOL

2 16

Freehold 99yr

Allgreen

2 5 9 12 12 21

99yr Freehold 999yr 999yr 999yr Freehold

Wheelock

9 10

Freehold Freehold

12 January 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

DEVELOPERS LANDBANK (CONTD)

Developer District 2 10 26 Landbank Guocoland

12 January 2011
Analyst: OOI Yi Tung 65-6433 5712 ooiyitung@kimeng.com

Tenure 99yr 99yr Freehold

Unsold Units 500 424 37 961 95 61 24 88 221 80 232 746 1,547 249 202 48 121 380 161 1 949 691 121 2,923 31 64 38 42 157 36 287 655 70 65 580 106 821 35 208 23 50 31 347 18,954

Tanjong Pagar GLS white site (Peck Seah/Choon Guan) Leedon Residence (Leedon Heights) The Waterline (Yio Chu Kang Rd) Total Unsold Units Skyline Residences The Vermont on Cairnhill Paterson Suites Paterson Suites II St Thomas Walk Watercove Villes Nim Road Luxus Hills Phase 5-25 Total Unsold Units

Bt Sembawang

4 9 9 9 9 27 28 28

Freehold Freehold Freehold Freehold Freehold Freehold Freehold Freehold

Frasers Centrepoint

9 15 16 18 18 19 19 19 19 27

StarHub Centre Flamingo Valley (Siglap Rd) Waterfront Isle (Bedok Reservoir Rd) Seastrand (Pasir Ris Drive 3) Pasir Ris GLS site (Flora Drive) Boathouse Residences (Upper Serangoon Road) Esparina Residences (Sengkang) Watertown (Punggol Central) Punggol GLS site Eight Courtyards (Yishun Ave 2) Total Unsold Units Ascentia Sky (Redhill) HELIOS Residence (Cairnhill Circle) Belle Vue Residences (Oxley Walk) Le Nouvel Ardmore (Ardmore Park) Anderson 18 (Ardmore Park) L'VIV (Newton Rd) Foresque Residences (Petir Road) Total Unsold Units

99yr Freehold 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr

Wing Tai

3 9 9 10 10 11 23

99yr Freehold Freehold Freehold Freehold Freehold 99yr

MCL Land

10 15 17 19

NOB Hill (Ewe Boon Rd) Casa Nassau (East Coast Rd) Pasir Ris GLS site (Jalan Loyang Besar) Terrasse (Hougang Ave 2) Total Unsold Units

Freehold Freehold 99yr 99yr

SC Global

9 9 9 10 Sentosa

The Marq (Paterson Hill) Hilltops (Cairnhill Circle) Martin No. 38 (Martin Rd) The Ardmore (Ardmore Road) Seven Palms (Sentosa Cove) Total Unsold Units Grand Total

Freehold Freehold Freehold Freehold 99yr

Source:HDB,URA

12 January 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLOSURES AND DISCLAIMERS
This report, and any electronic access to it, is restricted to and intended only for clients of Kim Eng Research Pte. Ltd. ("KER") or a related entity to KER (as the case may be) who are institutional investors (for the purposes of both the Singapore Securities and Futures Act (SFA) and the Singapore Financial Advisers Act (FAA)) and who are allowed access thereto (each an "Authorised Person") and is subject to the terms and disclaimers below. IF YOU ARE NOT AN AUTHORISED PERSON OR DO NOT AGREE TO BE BOUND BY THE TERMS AND DISCLAIMERS SET OUT BELOW, YOU SHOULD DISREGARD THIS REPORT IN ITS ENTIRETY AND LET KER OR ITS RELATED ENTITY (AS RELEVANT) KNOW THAT YOU NO LONGER WISH TO RECEIVE SUCH REPORTS. This report provides information and opinions as reference resource only. This report is not intended to be and does not constitute financial advice, investment advice, trading advice or any other advice. It is not to be construed as a solicitation or an offer to buy or sell any securities or related financial products. The information and commentaries are also not meant to be endorsements or offerings of any securities, options, stocks or other investment vehicles. The report has been prepared without regard to the individual financial circumstances, needs or objectives of persons who receive it. The securities discussed in this report may not be suitable for all investors. Readers should not rely on any of the information herein as authoritative or substitute for the exercise of their own skill and judgment in making any investment or other decision. Readers should independently evaluate particular investments and strategies, and are encouraged to seek the advice of a financial adviser before making any investment or entering into any transaction in relation to the securities mentioned in this report. The appropriateness of any particular investment or strategy whether opined on or referred to in this report or otherwise will depend on an investors individual circumstances and objectives and should be confirmed by such investor with his advisers independently before adoption or implementation (either as is or varied). You agree that any and all use of this report which you make, is solely at your own risk and without any recourse whatsoever to KER, its related and affiliate companies and/or their employees. You understand that you are using this report AT YOUR OWN RISK. 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Additional information on mentioned securities is available on request. Jurisdiction Specific Additional Disclaimers: THIS RESEARCH REPORT IS STRICTLY CONFIDENTIAL TO THE RECIPIENT, MAY NOT BE DISTRIBUTED TO THE PRESS OR OTHER MEDIA, AND MAY NOT BE REPRODUCED IN ANY FORM AND MAY NOT BE TAKEN OR TRANSMITTED INTO THE REPUBLIC OF KOREA, OR PROVIDED OR TRANSMITTED TO ANY KOREAN PERSON. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF SECURITIES LAWS IN THE REPUBLIC OF KOREA. BY ACCEPTING THIS REPORT, YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS. THIS RESEARCH REPORT IS STRICTLY CONFIDENTIAL TO THE RECIPIENT, MAY NOT BE DISTRIBUTED TO THE PRESS OR OTHER MEDIA, AND MAY NOT BE REPRODUCED IN ANY FORM AND MAY NOT BE TAKEN OR TRANSMITTED INTO MALAYSIA OR PROVIDED OR TRANSMITTED TO ANY MALAYSIAN PERSON. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF SECURITIES LAWS IN MALAYSIA. BY ACCEPTING THIS REPORT, YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply if the reader is receiving or accessing this report in or from other than Singapore. As of 22 December 2011, Kim Eng Research Pte. Ltd. and the covering analyst do not have any interest in the stocks mentioned. Analyst Certification: The views expressed in this research report accurately reflect the analyst's personal views about any and all of the subject securities or issuers; and no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in the report. 2012 Kim Eng Research Pte Ltd. All rights reserved. Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of Kim Eng Research Pte. Ltd. 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www.maybank-ke.com | www.kimengreseach.com.sg 12 January 2012 Page 7 of 7