OUE junks idea of expanding into Australia, Europe for now

It's looking at tier-3 China cities.

According to Maybank Kim Eng, OUE sees limited growth opportunities in Singapore in the next 2-3 years, especially with existing high property prices.

Following the attempted acquisition, OUE has been receiving many acquisition offers from overseas.

It cited that land costs in some US cities are one-tenth in Singapore, and value of properties could double or triple in the coming years as the economy pick ups.

Here's more from Maybank Kim Eng:

OUE is also looking at assets in tier-3 cities in China for its next engine of growth. Australia and Europe are citied as countries that OUE probably will not be venturing into in the near term.

The company also revealed that there is possibility of the Meritus brand expanding into Chonqing and Mandarin gallery venturing into Beijing.

It remains cautious on the Iskander development, opining that there will be winners and losers in the properties build-up, as not all landparcels are equally favorable.

Those land tracts facing the water-front are more attractive, but their prices have since also escalated.

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