UOL to launch residential component of The Esplanade in 2012

Nomura only expects three projects to contribute to UOL's earnings beyond FY13.

According to a research by Nomura:

In terms of the company’s residential land bank in Singapore, there are currently only three projects that we expect will contribute to earnings beyond FY13F – Katong Regency (FH, 244 units fully sold at SGD1,600psf on average), Archipelago (99-yr LH, 577 units; 66% sold at SGD1,000psf on average) and the St Patrick Garden project (FH, around 180 units; likely to be launched only next year).

Therefore, we believe, the company is looking to replenish its land bank, albeit only at reasonable prices as demonstrated by its track record of disciplined acquisitions.

Catalysts: Land bank options abundant; limited launches in FY13
Management expects the government’s stance on housing supply to remain unchanged, with the National Development Minister having already articulated a plan to build more public housing ahead of demand. On the other hand, with home prices showing signs of softening, the risk of further policy tightening is reduced, in our view.

Besides the St Patrick Garden project, the residential component of UOL’s mixed development in Changfeng, Shanghai, is also scheduled for launch next year. For the remainder of 2012, UOL plans to launch just the residential component of its mixed development, The Esplanade, in Tianjin (522 units) at an average price of around RMB20,000psm.

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