The Real Deals (19-07-2012)

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

THE REAL DEALS – Ins & Outs of Singapore Real Estate

Singapore Co. Reg No: 198700034E

MICA (P) : 099/03/2012

19 July 2012

Poisoning the Apple – a tale of strata-titled industrial properties Underpinned by Additional Buyers’ Stamp Duty restrictions on private residential property, Singapore’s industrial projects have seen a wave of demand from investors seeking alternative investments in the property space. However, the government was quick to poison this apple and tightened guidelines for industrial sales, so as to subdue investment (and perhaps speculative) demand in yet another segment of the property market. In June, MTI announced a halving of the maximum tenure for industrial sites under its land sales programme to 30 years, whilst strata-titled units must have a stipulated unit size of over 1,615 sq ft. Larger sites such as Sunview Road, Serangoon North Avenue 5, Woodlands Avenue 10, Buroh Street, Ubi Avenue 4 and Tuas South Avenue 5, which all received 30 years’ tenure, are likely to be the eventual targets for developers, while those with a shorter tenure are more tailored for industrialists. In addition to tightening regulations, the government proceeded to offer a total of 47.69ha of land, 1.4x more than last year, in the 2H12 land sales programme, some of which are rolled over from 1H12 land sales. One step forward, two steps back. Investors that have been focused on the industrial sector may now think twice before investing in such strata units. By reducing land tenure, the government is making a conscious effort to moderate land prices and thereby creating a spillover effect of lowering rental costs for end-users, or reducing land costs for owner-occupiers. The measures will also have a secondary effect of combating misuse of industrial sites. While this may not be a direct hit to users abusing the units’ intended use, it serves as a warning that the government is aware of the goings-on in the industrial sector. However, cutting land tenures could depress investor demand going forward and backfire on the policy’s intended purpose. Halved tenure inevitably signifies higher amortisation on construction costs. Smaller investors may find it difficult to obtain bank financing, while large investors such as REITs may not view the released sites as viable investment options, given the tenure may not match with its investment horizon. Lastly, reduced land prices may not translate to lower rental, as tenants do not normally rent depending on the underlying tenure, but on the site’s size and location. Although this could dampen demand for the Government Land Sales sites, it has created a thriving selling point for newly-launched projects and the secondary market. For example, a new freehold industrial plot at the junction of Sims Drive and Lorong 17 Geylang has been put on sale for an indicative price of SGD48-50m. The 34,912.7 sq ft site is asking for SGD550-573 psf ppr. We estimate the breakeven cost to be between SGD814-839psf, with an ASP of SGD1,000-1,200psf. The site is zoned for Business 1 uses, which falls under the category of light and clean industries. To date, only a handful of newly-launched freehold sites have achieved ASPs above SGD1,000psf.

Figure 1: Confirmed List of 2H12 Government Land Sales Programme No. Location Site Area (Ha) GPR Zone Tenure Est. date 1 Plot 26, Tuas South St 7 1.01 1 2 22 Jul 2 Plot 31, Tuas South St 6 0.86 1 2 22 Jul 3 Plot 12, Tuas South St 8 0.46 1 2 22 Aug 4 Sunview Road 2.76 2 2 30 Aug 5 Plot 14, Tuas South St 8 0.3 1 2 22 Sept 6 Plot 16, Tuas South St 8 0.3 1 2 22 Sept 7 Serangoon North Avenue 5 0.76 2.5 1 30 Sept 8 Plot 8, Tuas South St 8 0.3 1 2 22 Oct 9 Plot 18, Tuas South St 8 0.46 1 2 22 Oct 10 Woodlands Ave 10 1.1 2.5 2 30 Oct 11 Plot 30, Tuas South St 6 0.86 1 2 22 Nov 12 Plot 32, Tuas South St 6 0.87 1 2 22 Nov 13 Buroh Street 2.7 1.4 2 30 Nov 14 Plot 10, Tuas South St 8 0.3 1 2 22 Dec 15 Ubi Ave 4 0.35 2.5 1 30 Dec 16 Tuas South Ave 5 3.96 1.4 2 30 Dec 17.35 Source: MTI

19 July 2012 Page 2 of 9

THE REAL DEALSIns & Outs of Singapore Real Estate

JTC’s divestment in industrial properties initiated in 2005. Founded in 1968, JTC’s role was vital in the industrialisation of Singapore, emphasising the development of facilities for the advancement of the technology and other capital-intensive industries. In 2000, the introduction of the Industrial Government Land Sale programme saw the private sector play a much larger role, partaking in over 70% of the market sales. In 2005, JTC announced that it was retreating from its role as a developer of ready-built industrial facilities to make room for more private sector participation. The divestment of its industrial portfolio was carried out in two phases – first via a private trust sponsored by Mapletree Investment and Ascendas Group, and secondly through trade sales. Essentially, Singapore’s largest industrial landlord had assumed a backroom role, and allowed private developers to fill the void. Repercussions of JTC’s divestment. JTC previously offered subsidised rentals of around 20% below prevailing market rates to SMEs. Now that its remaining properties have been divested to private entities, SMEs no longer enjoy subsidised rates, and are subject to market rates. With no benchmark and a limited stock of industrial units in Singapore, market rents are now allowed to rise (and fall) freely. Clampdown of residential sector. As early as 2009, a number of developers had diverged into the industrial market after the first set of cooling measures descended on the residential sector. A rising amount of capital deployed and increasing competition is directly reflected in the three Woodland Avenue 12 sites sold from 2010-2011. The first site was sold for SGD75psf in Apr 2009, the second doubled to SGD152psf in Jun 2011 and the last transaction price was at SGD142psf in Sept 2011. Industrial projects require less initial investment than residential sites, hence attracting small developers eager to get a slice of the strata-titled industrial properties.

Figure 2: Past industrial site transactions since 2010 Date of Award

Location Zone Site Area(m2)

Developer Tender $ (SGD m)

PSF(SGD)

Lease (Yr)

19-Jun-12 Kaki Bukit Rd 5 / Kaki Bukit Ave 6 B2 13,072 Hock Lian Seng 27.3 139 30

12-Apr-12 Sims Drive / Aljunied Rd B1 6,312 Fragrance Biz. 43.4 255 60

5-Dec-11 Soon Lee St B2 19,619 KNG Group 48.1 114 30

22-Nov-11 Gambas Ave / Gambas Cresc B1 21,427 HLS Dev 78.2 136 60

27-Oct-11 Kaki Bukit Road 4 B2 25,960 NSS Properties 66.0 118 30

19-Sep-11 Woodlands Ave 12 (Parcel 3) B1 18,800 OKH Dev 71.8 142 60

18-Jul-11 Pioneer Rd North / Soon Lee St B2 17,040 KNG Properties. 63.5 176 30

5-Jul-11 Tuas View Square B2 4,353 SCB Terraform 7.3 174 45

30-Jun-11 Woodlands Ave 12 (Parcel 2) B1 20,596 OKH Dev 84.2 152 60 28-Jun-11 Irving Place B1 - white 3,353 Oxley Vista 43.4 343 60

31-Mar-11 Ang Mo Kio St 62 B1 27,953 Sim Lian Dev 128.1 170 60

2-Mar-11 Kaki Bukit Road 4 B2 24,515 Soon Hock Realty 41.4 157 30

7-Dec-10 Pioneer Rd North / Soon Lee St B2 14,439 Kng Land 26.9 87 30

17-Sep-10 Kaki Bukit Avenue 4 B2 30,020 Wee Hur Dev 76.8 95 60

17-Aug-10 Ubi Road 1 B1 34,853 Oxley Rising 158.1 169 60

27-Apr-10 Woodlands Ave 12 B1 32,279 Boon Keng Dev 65.2 75 60

16-Apr-10 Yishun Ave 6 (Parcel 8) B1 14,259 Soilbuild Group 29.3 76 60

9-Apr-10 Yishun Ave 6 (Parcel 1) B1 14,193 OKH Management 27.2 71 60

Source: URA

Origins of the industrial boom



Figure 3: Postal district vs. rental yield Figure 4: Paya Lebar Road 3-mth average rental

Postal District ASP

(SGD psf) Rental Yield

(%)

ASP

(SGD) Avg Rental

(Pm psf) Rental Yield (%) 3 633.7 3.6% Lowest selling prices 836 2.2 3.2% 5 495.1 3.9% Average selling prices 972 2.2 2.8% 8 484.0 3.5% Highest selling prices 1,547 2.2 1.7%

12 435.3 4.0% Source: URA 13 604.2 2.8% 14 485.5 3.8% 16 207.5 11.9% 17 182.8 8.9% 19 505.8 3.6% 20 463.2 3.9% 22 275.2 7.2% 23 343.3 5.5% 25 225.0 7.4% 26 537.0 3.1% 27 260.3 6.5%

Source: URA AZ @ Paya Lebar is a freehold project recently launched by Ascendas Group. It is zoned for Business 1 use, which includes light and clean trade, within the vicinity of housing estates. The site is located in Ubi Industrial Estate and is directly opposite MacPherson MRT. Unit sizes range from 980-2,498 sq ft. This site has set record prices, with ground floor units selling from SGD1,700 to SGD2,100psf, while the upper-floors are selling for SG1,110psf on average. As of Jun 2012, 103 out of 201 units have been sold, implying a take-up rate of 51%. In terms of rentals, we find that based on the average 3-mth rental of SGD2.2 pm psf on Paya Lebar Road & Upper Paya Lebar Road, which translates to a rental yield of 2.8%. Figure 6: Recently launched freehold titled projects

Name Developer Tenure Zone No. ofunits

Expected TOP Avg. Unit Size $psf

Arcsphere @ Aljunied Oxley Sims Pte Freehold B1 19 4Q15 947-1,679 950-980 Atrix @ Aljunied Hafary Pte Pte Freehold B1 59 4Q13 1,097-2,550 700 Bizhub 28 @ Chai Chee Aston Inv Pte Freehold B1 60 4Q13 1,956 600 Novelty Bizcentre Novelty Dev Pte Freehold B1 85 4Q14 1,033-2,293 800-900 Eldix EL Development Freehold B2 169 2014 1,388-1,862 440-530 M-Space Lian Beng Freehold B2 141 2Q13 1,000-1,800 580-680 AZ @ Paya Lebar Ascendas Pte Freehold B1 201 1Q14 979-2,497 900-1100 M38 @ Jalan Pemimpin Mavern Pte Freehold B1 72 2Q15 1,636-3,229 850-900

Source: Colliers International Figure: 7: Artiste impression of AZ @ Paya Lebar

Source: corporate vision

AZ @ Paya Lebar



MARKET SNAPSHOT 19 July 2012 Analyst: Alison FOK 65-6433 5745 [email protected]

Property Price Indices Index Level Change SRPI Overall (Mar 12) 165.4 +0.8% URA PPI (1Q12) 206.0 -0.1% HDB Resale (1Q12) 191.0 +0.6%

Government Land Sales (GLS) Recently Awarded Sites

Site Units Awarded Land price

(S$m) $psf ppr

Fernvale Lane (EC) 770 Peak Living Pte 245 296

Elias Rd/ Pasir Ris Dr 3 295 Elitist Dev. 166 461

Woodlands Ave 5/ Woodlands Dr 16 (EC)

720 Hao Yuan Inv. 247 318

Tampines Central 7/ Tampines Ave 7/ Tampines Av 9 (EC)

580 Singxpress, Creative Inv, Kay Lim

234 374

Sengkang Square/ Compassvale Drive

710 EL Dev. 383 528

Tampines Avenue 10 (Parcel A)

600 F.E Lakeside Pte 253 418

Boon Lay Way (Jurong Gateway)

590 MCL Land 370 706

Pasir Ris Drive 3/ Pasir Ris Drive 10

495 Capital Dev. 210 417

Buangkok Drive/ Sengkang Central

620 White Haven Prop. 301 508

Pheng Geck Avenue (Parcel B)

200 Santarli Corp. 115 202

Confirmed List

Site Site area

(Ha) Units

Est. Launch

date Tanah Merah Kechil Road/ Tanah Perah Kechil Link

1.4 415 31-Jul*

Bright Hill Drive 1.3 405 7-Aug*

Punggol Way/ Punggol Walk (EC) 1.9 560 Jul-12

Dairy Farm Road 1.8 390 Jul-12 Woodlands Avenue 6/ Woodlands Drive 16 (EC)

1.7 465 Aug-12

New Upper Changi Road/ Bedok Road (Parcel A)

3.2 540 Aug-12

Sengkang West Way/ Fernvale Link (Parcel B) (EC)

1.4 420 Sept-12

Pasir Ris Drive 3/ Pasir Ris Rise (EC) 2.8 590 Sept-12

Bishan Street 14 1.1 645 Oct-12 Sembawang Crescent/ Sembawang Drive (EC)

2.3 650 Oct-12

Punggol Field Walk/ Punggol East (EC) 1.5 435 Oct-12 Ang Mo Kio Avenue 2/ Ang Mo Kio Street 13

1.8 680 Nov-12

Jurong West Street 41/ Boon Lay Way (Parcel A)

2.2 825 Nov-12

Commonwealth Avenue 1.2 700 Dec-12

Source: HDB, URA *last day of Tender

Reserve List

Site Site area

(Ha) Units Status

Jalan Jurong Kechil 1.0 240 Available

Stirling Road 2.1 1045 Available

Tampines Av 10 (Parcel B) 1.7 515 Available

Farrer Rd 0.8 40 Available

Kim Tian Road 0.6 500 Available

Prince Charles Crescent 2.4 600 Available

Sengkang West Way 1.7 na Available

Tai Thong Crescent (Parcel C) 0.8 265 App accepted* Alexandra Road/ Alexandra View (Parcel B)

0.9 495 Avail. in Sept

Tampines Avenue 10 (Parcel C)

2.3 680 Avail. in Oct

Tampines Avenue 10 (Parcel D)

1.6 470 Avail. in Oct

Jurong West Street 41/ Boon Lay Way (Parcel B)

1.9 600 Avail. in Nov

New Upper Changi Road / Bedok South Avenue 3 (Parcel B)

2.7 595 Avail. in Dec

Source: HDB, URA *to be launched in two weeks (11-Jul)

Collective sales Pending for offer

Site

Land Area(k

Sqm)

Land Price

(S$m) $psf ppr

Tender closes

1 Surin Avenue & Upper Serangoon Road (Singapore Crocodile Farm)

4.0 40 934 15-Aug

Chancery Garden 2.7 45 1527 23-Aug

Kismis Lodge 6.5 90-95 1281-1352

15-Aug

Successful en-blocs

Site Awarded to

Land area(k sqm)

Land price

(S$m) $psf ppr

Westvale Roxy Pacific 5.8 77.5 883

Novena Ville Fragrance Group 4.7 132 1730

Jade Towers Roxy Pacific 8.6 106 807

Bartley Grove Top Global 6.1 74 810

Property Stocks

Company Price RNAV

Disc to

RNAV NAV

/share

Disc/ Prem to

NAV CapitaLand 2.96 5.03 -41% 3.66 -19% City Dev 11.9 12.62 -6% 7.66 55% Guocoland 1.7 NA NA 2.15 -21% Ho Bee 1.225 2.98 -59% 2.34 -48% Keppel land 3.48 5.78 -40% 3.81 -9% OUE 2.39 NA NA 3.53 -32% SC Global 0.975 3.71 -74% 1.56 -38% Singapore Land 5.97 9.71 -39% 11.78 -49% UIC 2.78 NA NA 3.16 -12% UOL 5.1 NA NA 6.49 -21% Wheelock 1.83 NA NA 2.35 -22% Wing Tai 1.38 2.81 -51% 2.51 -45%

N.A. = No Coverage *As at latest reported



Primary Market

Total

no. of

units

Units sold

to-date

Take-up

rate (%)

Units sold

(Jun) Median ($psf)

City & Southwest (1-8)

Seahill 454 241 53% 24 1,451 Orchard/Tanglin/Holland (9-10) 1919 75 74 99% 74 2,042 D'Leedon 1715 507 30% 9 1,459 Stellar RV 120 21 18% 8 2,045 Newton / Bukit Timah / Clementi (11,21)

8 Bassein 74 42 57% 12 1,992 Balestier / MacPherson / Geylang (12-14)

Tropika East 105 59 56% 59 1,312 Eight Riversuites 862 219 25% 31 1,381 Ness 62 57 92% 12 1,302 M66 70 10 14% 10 1,361 Vacanza @ East 473 444 94% 7 1,052 East Coast (15-16)

Archipelago 577 437 76% 30 1,089 Flamingo Valley 393 292 74% 24 1,289 Shiro 16 16 100% 8 1,428 Changi / Pasir Ris (17-18)

Sea Esta 376 255 68% 255 906 Watercolours (EC) 416 201 48% 201 735 Tampines Trilliant (EC) 670 450 67% 50 812 The Palette 892 714 80% 44 908 Ripple Bay 679 568 84% 19 879 My Manhattan 301 197 65% 18 1163 Palm Isles 429 306 71% 14 906 Hedges Park Condo 501 377 75% 7 903 Seastrand 473 388 82% 7 910 Arc at Tampines (EC) 574 513 89% 6 746 Serangoon / Thomson (19-20)

River Isles 610 263 43% 263 835 Flo Residences 530 324 61% 62 820 Bartley Residences 702 337 48% 31 1,274 The Promenade @ Pelikat 164 146 89% 1,204

Twin Waterfalls 728 714 98% 20 742 The Luxurie 622 396 64% 19 1,086 Cardiff Residence 163 155 95% 18 1,243 Vibes@ Upper Serangoon 60 55 92% 12 1,267 Parc Vera 452 370 82% 10 871 Riversound Residence 590 365 62% 9 869 West (22-24)

The Rainforest (EC) 466 464 100% 22 761 Hillsta 416 190 46% 19 1,142

Blossom Residences (EC) 602 552 92% 18 702 Foresque Residences 496 244 49% 12 1,218 The Woods 93 75 81% 11 485 Natura@Hillview 193 145 75% 10 1,313 North (25-28)

1 Canberra (EC) 665 235 35% 29 706 Eight Courtyards 654 589 90% 13 813 The Nautical 435 322 74% 12 836 Miltonia Residences 410 381 93% 11 869

Source: URA

Secondary Market District

$psf Apr’12

$psf May’12

MoM % change

City & Southwest 1,437 1,547 7.7 Orchard/Tanglin/Holland 1,817 1,931 6.3 Newton/Bukit Timah/Clementi 1,279 1,396 9.2 Balestier/MacPherson/Geylang 978 1,286 31.5 East Coast 1,055 1,234 17.0 Changi/Pasir Ris 805 873 8.5 Serangoon/Thomson 887 1,142 28.8 West 899 877 -2.4 North 768 944 22.9

Source: URA

Rental Market District

$psf pm Apr’12

$psf pm May’12

MoM % change

City & Southwest 4.6 4.7 2.8 Orchard/Tanglin/Holland 4.5 4.4 -3.3 Newton/Bukit Timah/Clementi 3.5 3.4 -3.9 Balestier/MacPherson/Geylang 3.1 3.3 5.8 East Coast 3.2 3.1 -2.2 Changi/Pasir Ris 2.7 2.7 1.1 Serangoon/Thomson 3.1 2.8 -8.5 West 2.8 2.9 3.9 North 2.6 2.5 -3.2

Source: URA

Top 5 Resale Transactions by $psf Project Tenure District $psf Scotts Square Freehold 9 4,566 The Orchard Residences 99 Yr fm ‘06 9 4,399 Hilltops Freehold 9 4,398 Twentyone Angullia Park Freehold 9 4,353 The Scotts Tower 103 Yr fm ‘10 9 3,811

Source: URA

Bottom 5 Resale Transactions by $psf Project Tenure District $psf Fuyong Estate 99 Yr fm '47 23 294 The Shaughnessy 99 Yr fm '01 27 451 The Woods 99 Yr fm '10 22 472 Lighthouse 99 Yr fm '93 17 481 Mount Sinai 999 Yr fm 1885 10 484

Source: URA

MARKET SNAPSHOT(CONT’D) 19 July 2012 Analyst: Alison FOK 65-6433 5745 [email protected]



Developer District Landbank Tenure Unsold Units

City Dev

1 One Shenton (Marina Bay) 99 20 3 Alexandra Road GLS site (Alexandra Road) 99 560 6 South Beach (Beach Road) 99 118 9 Futura (Leonie Road) Freehold 122

10 Boulevard Hotel (Cuscaden Road) Freehold 203 10 Lucky Tower (Grange Road) Freehold 178 10 Volari (Balmoral Road) Freehold 1 10 Nouvel 18 (Anderson Road) Freehold 156 11 Buckley Classique (Buckley Road) Freehold 5 17 Hedges Park (Flora Road) 99 124 18 The Palette (Pasir Ris) 99 178 18 NV Residences (Pasir Ris) 99 624 18 Pasir Ris Drive 8 (Pasir Ris) 99 893

18 Tampines/Upp Changi Rd North (Tampines/Upp Changi Rd North) Freehold 605

19 H2O Residences (Sengkang West Ave) 99 131 19 Bartley Residences (Bartley Road) 99 395 19 Mount Vernon GLS site (Bartley Road) 99 785 19 Serangoon Garden Way (Serangoon Garden Way) 99 90 23 The Rainforest (EC) (Choa Chu Kang Drive) 99 2

23 Blossom Residences (EC) (Segar Road) 99 50 Sentosa Residences at W (Sentosa Cove) 99 207 15, 19 & 21 Swiss Road (Swiss Club Road) Freehold Total Unsold Units 5,447 KepLand 1 Marina Bay Suites (Marina Bay) 99yr 52 2 Keppel & GE Towers site (Tanjong Pagar) Freehold 620 4 Reflections at Keppel Bay (Keppel Bay) 99yr 276 4 Keppel Bay Plot 3 (Keppel Bay) 99yr 307 4 Keppel Bay Plot 4 (Keppel Bay) 99yr 234 4 Keppel Bay Plot 6 (Keppel Bay) 99yr 94 19 The Luxurie (Sengkang Square) 99yr 226 Total Unsold Units 1,809

CapitaLand

3 The Interlace (Gillman Heights) 99Yr 309 9 Urban Resort (Cairnhill Rd) Freehold 39 9 Orchard Residences (Orchard Road) 99Yr 14 9 Wharf Residence (Tong Watt Road) 999Yr 5

10 D'Leedon (Farrer Rd) 99Yr 1,208 10 The Nassim (Nassim Rd) Freehold 55 15 Marine Point (Marine Parade) Freehold 150 16 Bedok Residences (Bedok Central) 99Yr 68

20 Sky Habitat (Bishan Street 14) 99Yr 384 26 Yio Chu Kang site (Yio Chu Kang Rd) Freehold 140 Total Unsold Units 2,372 Ho Bee Sentosa Seascape at Sentosa Cove (Sentosa Cove) 99yr 110 Sentosa Pinnacle at Sentosa Cove (Sentosa Cove) 99yr 357 11 Trilight (Newton Road) 99Yr 6 Total Unsold Units 473 UOL 2 Spottiswoode Residences (Spottiswoode Park) Freehold 33 16 Archipelago (Bedok Reservoir Rd) 99yr 170 Total Unsold Units 203 Allgreen 2 Skysuites @ Anson (Enggor Street) 99Yr 174 5 The Surrento (West Coast Road) Freehold 131 9 RV Residences (River Valley) 999Yr 248 10 Holland Residences (Taman Warna) Freehold 5 12 Riverbay (Mar Thorma Rd) 999Yr 147 12 Riviera 38 (Mar Thorma Rd) 999Yr 36 21 The Cascadia (Bukit Timah Road) Freehold 20 23 Pavilion Park (Phase 1D) (Bukit Batok Road) Freehold 2 23 Pavilion Park (Phase 2) (Bukit Batok Road) Freehold 79 Total Unsold Units 842 Wheelock 9 Scotts Square (Scotts Road) Freehold 72 10 Ardmore 3 (Ardmore Park) Freehold 84 Total Unsold Units 156

DEVELOPER’S LANDBANK 19 July 2012 Analyst: Alison FOK 65-6433 5745 [email protected]



DEVELOPER’S LANDBANK (CONT’D) 19 July 2012 Analyst: Alison FOK 65-6433 5745 [email protected]

Developer District Landbank Tenure Unsold Units

Guocoland 2 Tanjong Pagar GLS white site (Peck Seah / Choon Guan) 99Yr 500 9 Sophia Residence (Mount Sophia) Freehold 2

10 Leedon Residence (Leedon Heights) 99Yr 381 10 Goodwood Residence (Bukit Timah Road) Freehold 76 26 The Waterline (Yio Chu Kang Rd) Freehold 30 Total Unsold Units 989

Bt Sembawang

4 Skyline Residences (Telok Blangah) Freehold 58 9 The Vermont on Cairnhill (Cairnhill Rd) Freehold 49 9 Paterson Suites (Paterson Rd) Freehold 24 9 Paterson Suites II (Paterson Rd) Freehold 88 9 St Thomas Walk (St Thomas Walk) Freehold 221

27 Watercove Villes (Wak Hassan Drive) Freehold 80 28 Nim Road (Nim Road) Freehold 232 28 Luxus Hills (Seletar Green) 999yr 68

Total Unsold Units 820

Frasers Centrepoint

9 Starhub Centre (Cuppage Rd) 99yr 249 15 Flamingo Valley (Siglap Rd) Freehold 101 16 Waterfront Isle (Bedok Reservoir Rd) 99yr 19 16 Bedok South GLS site (Bedok South Avenue 3) 99yr 595 18 Seastrand (Pasir Ris Drive 3) 99yr 85 18 Palm Isles (Flora Drive) 99yr 123 19 Boathouse Residences (Hougang) 99yr 103 19 Watertown (Punggol) 99yr 49 19 Twin Waterfalls (Punggol Way / Punggol Field) 99yr 14 27 Eight Courtyards (Yishun Ave 2) 99yr 65

Total Unsold Units 1,403

Wing Tai

3 Ascentia Sky (Redhill) 99yr 9 9 HELIOS Residence (Cairnhill Circle) Freehold 64 9 Belle Vue Residences (Oxley Walk) Freehold 38

10 Le Nouvel Ardmore (Ardmore Park) Freehold 42 10 Anderson 18 (Ardmore Park) Freehold 157 11 L'VIV (Newton Rd) Freehold 27 23 Foresque Residences (Petir Road) 99yr 252

10 Nouvel 18 (Anderson Road) Freehold 156 Total Unsold Units 745

MCL Land

11 Palms @ Sixth Avenue (Six Avenue ) Freehold 32 10 NOB Hill (Ewe Boon Rd) Freehold 70 15 Casa Nassau (East Coast Rd) Freehold 65 16 Uber 388 (Upper East Cost) Freehold 23 17 Ripple Bay (Jalan Loyang Besar) 99Yr 111

22 Boon Lay (Jurong East) 99Yr 590 Total Unsold Units 891

SC Global

9 The Marq (Paterson Hill) Freehold 35 9 Hilltops (Cairnhill Circle) Freehold 203 9 Martin No. 38 (Martin Rd) Freehold 22 9 Sculptura Ardmore (Ardmore Park) Freehold 35

10 The Ardmore (Ardmore Park) Freehold 50 Sentosa Seven Palms (Sentosa Cove) 99Yr 31 Total Unsold Units 376 Grand Total 16496

Source: HDB, URA



APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES

DISCLAIMERS

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Malaysia

Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from Bursa Malaysia Securities Berhad in the equity analysis.

Singapore

This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Kim Eng Research Pte. Ltd. (“Maybank KERPL”) in Singapore has no obligation to update such information for any recipient. For distribution in Singapore, recipients of this report are to contact Maybank KERPL in Singapore in respect of any matters arising from, or in connection with, this report. If the recipient of this report is not an accredited investor, expert investor or institutional investor (as defined under Section 4A of the Singapore Securities and Futures Act), Maybank KERPL shall be legally liable for the contents of this report, with such liability being limited to the extent (if any) as permitted by law.

Thailand

The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based on inside information.The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey may be changed after that date. Maybank Kim Eng Securities (Thailand) Public Company Limited (“MBKET”) does not confirm nor certify the accuracy of such survey result.

Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of MBKET. MBKET accepts no liability whatsoever for the actions of third parties in this respect.

US

This research report prepared by MKE is distributed in the United States (“US”) to Major US Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended) only by Maybank Kim Eng Securities USA Inc (“Maybank KESUSA”), a broker-dealer registered in the US (registered under Section 15 of the Securities Exchange Act of 1934, as amended). All responsibility for the distribution of this report by Maybank KESUSA in the US shall be borne by Maybank KESUSA. All resulting transactions by a US person or entity should be effected through a registered broker-dealer in the US. This report is not directed at you if MKE is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material concerning investments to you under relevant legislation and regulations.

UK

This document is being distributed by Maybank Kim Eng Securities (London) Ltd (“Maybank KESL”) which is authorized and regulated, by the Financial Services Authority and is for Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial Services and Markets Act 2000 within the UK. Any inclusion of a third party link is for the recipients convenience only, and that the firm does not take any responsibility for its comments or accuracy, and that access to such links is at the individuals own risk. Nothing in this report should be considered as constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own independent tax advisers.



DISCLOSURES

Legal Entities Disclosures

Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938-H) which is a Participating Organization of Bursa Malaysia Berhad and a holder of Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This material is issued and distributed in Singapore by Maybank KERPL (Co. Reg No 197201256N) which is regulated by the Monetary Authority of Singapore. Indonesia: PT Kim Eng Securities (“PTKES”) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. Thailand: MBKET (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission.Philippines:MATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities and Exchange Commission. Vietnam: Kim Eng Vietnam Securities Company (“KEVS”) (License Number: 71/UBCK-GP) is licensed under the StateSecuritiesCommission of Vietnam.Hong Kong: KESHK (Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: Kim Eng Securities India Private Limited (“KESI”) is a participant of the National Stock Exchange of India Limited (Reg No: INF/INB 231452435) and the Bombay Stock Exchange (Reg. No. INF/INB 011452431) and is regulated by Securities and Exchange Board of India. KESI is also registered with SEBI as Category 1 Merchant Banker (Reg. No. INM 000011708) US: Maybank KESUSA is a member of/ and is authorized and regulated by the FINRA – Broker ID 27861. UK: Maybank KESL (Reg No 2377538) is authorized and regulated by the Financial Services Authority.

Disclosure of Interest

Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further act as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment banking services, advisory and other services for or relating to those companies.

Singapore: As of 19 July 2012, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report.

Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the research report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report.

Hong Kong: KESHK may have financial interests in relation to an issuer or a new listing applicant referred to as defined by the requirements under Paragraph 16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.

As of 19 July 2012, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.

MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment.

OTHERS

Analyst Certification of Independence

The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of the research analyst’s compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.

Reminder

Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase.

No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.

Stephanie Wong CEO, Maybank Kim Eng Research

Documents

The Real Deals (19-07-2012)