It could bring in $57m profit.
Agents anticipate the launch of Sing Holdings’ 735-unit private residential project, Parc Botania, at Fernvale Road to sell well, KGI reported.
"Going by the recent upturn in new property sales transactions, we expect its upcoming launch to be able to sell well," KGI said.
Currently, Sing Hong holds a 70% interest in the development, whilst the rest is handled by Wee Hur.
Profit is expected to hit $103 psf over the saleable area of 555,288 sq ft, a total of $57m.
High Park Residences, which is right next to Sing Holding's project, sold 1,399 units for $988 psf in 20 months despite low property sales in 2015 and 2016.
Other projects near Fernvale Road sell from $970 to $1060 psf.
Here's more from KGI:
Singapore property prices have declined for consecutive 15 quarters, with home prices lower by around 12% from their peak in 2013.
However, sentiments have started to improve lately, going by the increased transactions and slower decline of property prices in the last two quarters.
Singapore developers have sold a total of more than 7,000 private homes in the first seven months of 2017, a 50% YoY increase.
We estimate Sing Holding’s RNAV to be S$0.77 following the sale of its BizTech Centre, Robin Residences, and its private residential project at Fernvale Road.
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