Freelance Research Analyst

Tay Hock Meng

Thematic (Sector/Industry)

Chip Eng Seng Corporation Limited (CES) was declared as the winner for the 262,577 sq ft land site at New Upper Changi Road/Bedok South Avenue 3 (Parcel B) after beating out seven other competitors with a bid of $419.38 million, or $761 psf per plot ratio (psf ppr). However, when facing an existing supply of 2,056 units coming mainly from three relatively new condominium projects, including Eco, Urban Vista, and The Glades, CES might need to price the units that will at least allow them to at least breakeven, or earn a small profit.

Chip Eng Seng Corporation Limited (CES) was declared as the winner for the 262,577 sq ft land site at New Upper Changi Road/Bedok South Avenue 3 (Parcel B) after beating out seven other competitors with a bid of $419.38 million, or $761 psf per plot ratio (psf ppr). However, when facing an existing supply of 2,056 units coming mainly from three relatively new condominium projects, including Eco, Urban Vista, and The Glades, CES might need to price the units that will at least allow them to at least breakeven, or earn a small profit.

Chip Eng Seng Wins Site at New Upper Changi Road

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

<ul><li class="p1">Our fair value estimate for City Development is SG$11.00</li><li class="p1">Revenue from property sales is volatile, depending on the completion of development projects. Tightening measures to curb the recent sharp increase in Singapore property prices are unlikely to be relaxed in the medium term.</li><li class="p1">For the hotel business, we anticipate that ongoing supply additions in Singapore in the medium term will weigh on rents.</li></ul>Analyst: Michael Wu

Our fair value estimate for City Development is SG$11.00Revenue from property sales is volatile, depending on the completion of development projects. Tightening measures to curb the recent sharp increase in Singapore property prices are unlikely to be relaxed in the medium term.For the hotel business, we anticipate that ongoing supply additions in Singapore in the medium term will weigh on rents.Analyst: Michael Wu

City Development's Investment Properties and Hotel Business Offsets Slower Residential Growth.

Despite the huge pipeline supply of land for executive condominium (EC) construction, developers appear to be unfazed by the lack of demand and are looking to replenish their land bank. The latest EC tender exercise is no different with ten bidders coming in with quite competitive tender prices, but a homegrown private developer, Hoi Hup Realty came in a sole bid that triumphed the rest.

Despite the huge pipeline supply of land for executive condominium (EC) construction, developers appear to be unfazed by the lack of demand and are looking to replenish their land bank. The latest EC tender exercise is no different with ten bidders coming in with quite competitive tender prices, but a homegrown private developer, Hoi Hup Realty came in a sole bid that triumphed the rest.

Hoi Hup Emerged as Top Bidder for Yio Chu Kang EC Land Site

Asia's Leading Online Property Group, PropertyGuru

Bjorn Sprengers

Asia's Leading Online Property Group

PropertyGuru

PropertyGuru Pte Ltd owns and operates a real estate property information website. The Company offers facilities to search for condominiums, apartments, Housing and Development Board (HDB) flats, serviced apartments, houses, and commercial properties to rent and buy in Singapore.

With the global economy poised for a slowdown, 2016 might not be the best year for commercial real estate. We take a closer look at the office and industrial segments, and give you the Guru View. <ul><li>Weak macroeconomic outlook has led to falling demand for both office and industrial space</li><li>Prices are on the decline while vacancy rates are likely to increase over the course of 2016</li><li>Investors need to have strong holding power, and should try not to rely to heavily on rents to cover their loan payments</li></ul>

With the global economy poised for a slowdown, 2016 might not be the best year for commercial real estate. We take a closer look at the office and industrial segments, and give you the Guru View. Weak macroeconomic outlook has led to falling demand for both office and industrial spacePrices are on the decline while vacancy rates are likely to increase over the course of 2016Investors need to have strong holding power, and should try not to rely to heavily on rents to cover their loan payments

The latest SRX property price index for non-landed private residential rentals showed slight increase of 0.2% in January 2016 as compared to December 2015, while HDB rents rose by 0.7% in January 2016 as compared to December 2015. However, despite the mild positive increases in rentals for both the private and HDB property, not many analysts are calling for a definite end in consecutive rental declines since the property cooling measures were in place in 2012. This is due to a mix of residential completions, plus curbs on foreign immigrants coming to Singapore which forms the majority of the tenant pool.

The latest SRX property price index for non-landed private residential rentals showed slight increase of 0.2% in January 2016 as compared to December 2015, while HDB rents rose by 0.7% in January 2016 as compared to December 2015. However, despite the mild positive increases in rentals for both the private and HDB property, not many analysts are calling for a definite end in consecutive rental declines since the property cooling measures were in place in 2012. This is due to a mix of residential completions, plus curbs on foreign immigrants coming to Singapore which forms the majority of the tenant pool.

A Temporary Uplift in Home Rentals Data in January

Singapore

City Developments Limited is a property developer and owner. The Company, through its subsidiaries, are principally engaged in the investment of properties and shares, property management, project management and the provision of consultancy services, hospitality-related information technology, and procurement services. City Developments has a global presence.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

City Developments (CIT SP)

Chip Eng Seng Wins Site at New Upper Changi Road

Chip Eng Seng Corporation Limited (CES) was declared as the winner for the 262,577 sq ft land site at New Upper Changi Road/Bedok South Avenue 3...

Tay Hock Meng

City Development's Investment Properties and Hotel Business Offsets Slower Residential Growth.

Our fair value estimate for City Development is SG$11.00 Revenue from property sales is volatile, depending on the completion of development...

Morningstar, Inc.

Hoi Hup Emerged as Top Bidder for Yio Chu Kang EC Land Site

Despite the huge pipeline supply of land for executive condominium (EC) construction, developers appear to be unfazed by the lack of demand and are...

Tay Hock Meng

Commercial Property Outlook 2016

With the global economy poised for a slowdown, 2016 might not be the best year for commercial real estate. We take a closer look at the office and...

PropertyGuru

A Temporary Uplift in Home Rentals Data in January

The latest SRX property price index for non-landed private residential rentals showed slight increase of 0.2% in January 2016 as compared to...

Tay Hock Meng

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)