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Singapore Property Singapore Industry Focus Singapore Property Refer to important disclosures at the end of this report DBS Group Research . Equity 17 Jan 2019 Resizing adjustments • Two residential GLS sites drew seven bidders, a decent response in our view, despite property cooling STI : 3,229.11 measures Analyst • Chip Eng Seng won Kampong Java site at S$418m Rachel TAN +65 6682 3713 Carmen Tay +65 6682 3719 (S$1,192 psf ppr); Hoi Hup/Sunway won Tampines [email protected] [email protected] Avenue 10 (EC) site at S$434m (S$578 psf ppr) Derek TAN +65 6682 3716 • Winning land price was c.20% lower on new larger [email protected] average minimum size of 85 sqm • All eyes on official launches of Fourth Avenue STOCKS Residences and RV Altitude this weekend to gauge 12-mth buyers’ sentiment and upcoming GLS tender in March Price Mkt Cap Target Price Performance (%) 2019 S$ US$m S$ 3 mth 12 mth Rating Two residential GLS sites drew decent response despite CapitaLand 3.30 10,137 3.62 6.1 (12.5) BUY property cooling measures. GLS land tenders kick-started the UOL Group 6.65 4,136 7.15 5.2 (28.8) HOLD year with the closure of two residential sites yesterday, Frasers Property 1.74 3,740 1.98 8.8 (20.6) BUY Kampong Java Road and Tampines Avenue 10 (EC), from 2H18 ChipLtd Eng Seng 0.71 326 0.75 (3.4) (30.9) HOLD GLS confirmed list. Both sites drew seven bidders each. Chip Roxy-Pacific 0.41 390 0.39 N.A N.A HOLD Holdings Eng Seng (CES) bagged the Kampong Java Road site with a bid Source: DBS Bank, Bloomberg Finance L.P. of S$418m (S$1,192 psf ppr) while Hoi Hup and Sunway won Closing price as of 16 Jan 2019 the EC site in Tampines with a bid of S$434m (S$578 psf ppr). Winning price was c.20% lower. As we had previously forecasted, the bid prices for private condo land will start to List of tenders for Kampong Java Road site moderate to factor in the revised higher minimum average unit Developer Tender bid (S$'mn) Price psf (S$psf) size of 85 sqm. We note that CES’s winning bid price is c.20- Chip Eng Seng 418 1,192 25% below the last en bloc within the vicinity, Makeway View Guocoland 417 1,189 and Chancery Court, awarded back in 1H18. This is in line with MCC Land / Haojing 408 1,162 our previous estimates that land bids could fall by some 20% K&K Property 403 1,148 following the larger minimum average unit size. However, on a CSC / Coli 380 1,083 quantum basis, it appears to be flat. Hong Leong Holdings 360 1,026 Logan Property 322 917 Adds 1,000 units to 2020 supply. Both sites will add a total List of tenders for Tampines Avenue 10 (EC) site of 1,000 units to the upcoming supply in 2020. Upcoming GLS Developer Tender bid (S$'mn) Price psf (S$psf) tenders are scheduled to close on 28 March 2019 for Sims Hoi Hup and Sunway 434 578 Drive and Middle Road sites. Fourth Avenue Residences and RV MCC Land 432 574 Altitude will be officially launched this weekend. City Dev / Hong Leong / Mitsui Fudosan Co 414 551 Qingjian / Evia RE 409 544 Singapore residential prices and volumes on a downtrend Sim Lian 377 502 in 2019. Given the surprise introduction of property cooling Amara Holdings / measures and new ‘minimum size’ rules, we project transaction Santarli / Kim Lim 364 485 volumes to fall 20% y-o-y to 7,500-8,500 units while the JBE Development 335 446 property price index (PPI) might fall by up to c.3.0% in 2019 Source: DBS Bank and even further if macro condition worsens. With close to 40,000 units in the pipeline ready for launch in a slowing market, the odds of achieving strong sales during launches are against developers. ed: TH/ sa: YM, CW, CS Industry Focus Singapore Property Re-sizing adjustments Kampong Java Road site – CES’s new land bank after selling 70% of Park Colonial Two residential GLS sites drew decent response despite property cooling measures. Government Land Sale (GLS) After selling almost 70% of Park Colonial, CES has replenished land tenders kick-started the year with the closure of two its land bank with the Kampong Java site with a tight 0.3% residential sites yesterday, Kampong Java Road and Tampines winning margin over Guocoland’s bid. The bid spread among Avenue 10 (EC), from 2H18 GLS confirmed list. Both sites drew the seven bidders was 30% with the lowest bid from Logan seven bidders. Chip Eng Seng (CES) bagged the Kampong Java Property at S$322m (S$917 psf ppr). In line with our previous Road site with a bid of S$418m (S$1,192 psf ppr) while Hoi estimates, the winning land price was some 20-25% lower Hup and Sunway won the EC site in Tampines with a bid of than the recent en bloc in the vicinity, Makeway View (Bukit S$434m (S$578 psf ppr). Sembawang) and Chancery Court (Far East Organisation) in 1H18 to factor in the higher minimum average size Winning price was c.20% lower. As we had previously requirements of 85 sqm. The site is less than 1km from the forecasted, the bid prices for private condo land will start to Newton MRT station, and near Anglo-Chinese School and moderate to factor in the revised higher minimum average unit EtonHouse. size of 85 sqm. We note that CES’s winning bid price is c.20- 25% below the last en bloc within the vicinity, Makeway View We estimate the breakeven price of S$1,690 psf vs the average and Chancery Court, awarded back in 1H18. This is in line with price of S$1,600 psf from the transactions in the past year in our previous estimates that land bids could fall by some 20% the Newton. Given limited new supply in the area, we believe following the larger minimum average unit size. However, on a the prime site could test the S$2,000 psf level – a premium vs quantum basis, it appears to be flat. secondary transactions in the vicinity ranging from S$1,400- 1,550 psf. The GDV works out to be approximately S$700m. Adds 1,000 units to 2020 supply. Both sites will add some On the back of this transaction, we also anticipate a potential 1,000 units in total to the upcoming supply in 2020. c.4% uplift in RNAV to S$1.88. Net gearing is also set to rise Upcoming GLS tenders are scheduled to close on 28 March from 1.8x to 2.1x in FY19F. 2019 for Sims Drive and Middle Road sites. Fourth Avenue Residences and RV Altitude will be officially launched this We currently have a HOLD call with S$0.75 TP for CES. Our weekend. cautious view is mainly predicated on the uncertainty over sell- through rates for the upcoming Changi Garden site in 1H19 Key observations: and the step-up in gearing levels post the acquisition of the • While the bidding turnouts were not the most Kampong Java land parcel, which could hamper plans to bring “enthusiastic” as we had previously seen (compared to its budding education business to a meaningful scale. Pending three bidders for Pasir Ris site at end-2018), it showed a completion of the transaction, we have yet to factor the decent level of interest despite the property cooling acquisition into our estimates and TP. measures, in our view. • Winning margins remained tight at 0.3% and 0.7% for Tampines Avenue 10 (EC) site – King of EC, Hoi Hup and Kampong Java Road and Tampines Avenue 10 (EC) Sunway, wins another EC site. respectively. • Among the large property developers, only City Hoi Hup and Sunway team, developer of many EC sites in Developments participated in the EC site tender. UOL Singapore, wins the Tampines Avenue 10 site with S$434m stayed out of the residential sites but placed a bid for the (S$578 psf ppr) with a 0.7% winning margin over MCC Land hotel site on Club Street (tender closed on the same day). and bid spread of 30%. Hoi Hup and Sunway recently won the • Chinese developers such as Logan, CSC and Qingjian Canberra Link (EC) site in September 2018 for S$271m (S$610 continued to participate in land tenders. psf ppr). • Hong Leong Holdings participated in both tenders, partnering City Development for the EC site while going The estimated breakeven price is slightly above the S$1,000 on its own for the Kampong Java Road site. psf mark vs City Dev’s The Tapestry (just across the site) which was launched in March 2018 at an ASP of S$1,310 psf. The Tapestry has achieved 65% sales to date. Page 2 Industry Focus Singapore Property Figure 1: List of tenders for Kampong Java Road site Developer Tender bid (S$'mn) Price psf (S$psf) Chip Eng Seng 418 1,192 Guocoland 417 1,189 MCC Land / Haojing 408 1,162 K&K Property 403 1,148 CSC / Coli 380 1,083 Hong Leong Holdings 360 1,026 Logan Property 322 917 Source: URA, DBS Bank Figure 2: Location map for Kampong Java Road site Source: URA Page 3 Industry Focus Singapore Property Figure 3: List of tenders for Tampines Avenue 10 (EC) site Developer Tender bid (S$'mn) Price psf (S$psf) Hoi Hup and Sunway 434 578 MCC Land 432 574 City Dev / Hong Leong Holdings / Mitsui Fudosan Co 414 551 Qingjian / Evia Real Estate 409 544 Sim Lian 377 502 Amara Holdings / Santarli / Kim Lim 364 485 JBE Development 335 446 Source: URA, DBS Bank Figure 4: Location map for Tampines Avenue 10 (EC) site Source: URA Page 4 Industry Focus Singapore Property DBS Bank recommendations are based an Absolute Total Return* Rating system, defined as follows: STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame) BUY (>15% total return over the next 12 months for small caps, >10% for large caps) HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps) FULLY VALUED (negative total return i.e.
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