It's a 500-unit project.
According to OCBC Investment Research, Keppel Land could launch Tiong Bahru site in 1H14.
The group sold 370 residential units in Singapore over FY13, mostly derived from Corals at Keppel Bay and The Glades, and is down 14%. We expect another muted year in Singapore, given the uncertain residential outlook currently, and the bulk of KPLD’s FY14 sales would likely come from its 500-unit Tiong Bahru project (to be launched in 1H14).
MBFC Tower 3 is now 95% committed with an average WALE of eight years. We understand that management is comfortable with conditions in the CBD office market currently, and would be willing to divest and recycle capital when the right offer comes along.
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