UOL's Changfeng project launch delayed until 2014

It was supposed to be released this year.

According to Nomura, UOL's residential property sales in FY12 were chiefly driven by Katong Regency (244 units sold during the year; fully sold) and Archipelago (473 units sold during the year; fully sold).

St. Patrick’s Garden redevelopment (186 units) and the Bright Hill Drive project (445 units) are scheduled to be launched in the near term.

Here's more from Nomura:

Overseas property sales in FY12 were led by The Esplanade in Tianjin (188 units out of total 522 units sold during the year). While the take-up was more robust than what we had projected, the ASP achieved of c.RMB17,000psm was lower than our expectation.

On the other hand, the Changfeng project in Shanghai is now scheduled to be launched only in 2014F (vs. 2013 previously).

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