See the expected average selling prices for Keppel Land's Tiong Bahru site

Based on OCBC estimates.

In a comment after Keppel Land relased its 3Q13 results, OCBC Investment Research said that the property firm's Tiong Bahru site will likely launch in FY14 and will probably have breakeven prices and average selling prices of S$1,750 psf and S$1,950 psf, respectively.

Here's the full analysis from OCBC:

The group sold about 310 residential units in Singapore over 9M13, mostly from The Glades at Tanah Merah (89 units out of 726 total units sold, S$1,518 psf ASP), Corals at Keppel Bay (158 units out of 366 total units sold, S$2,170 psf ASP) and the Luxurie which is by now fully sold. Looking ahead, we expect the 500-unit condominium development in Tiong Bahru to be launched in FY14.

The site was acquired in April earlier in the year for S$550.3m and we estimate breakeven prices and average selling prices of S$1,750 psf and S$1,950 psf, respectively. In China, KPLD sold a fairly impressive 3,070 units in 9M13 which we note is up three times over the 970 units rate over 9M12. We understand the group completed 1,800 homes in China over 9M13 and will take an opportunistic stance in launching its new projects in the pipeline, i.e. Seasons Residences in Shanghai, Hill Crest Villa in Chengdu and Water Residence in Nantong.

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