Cautious on property outlook; maintain Hold. IOI's subsidiary
MultiWealth (Singapore) Pte. Ltd. has emerged as the highest bidder for a
parcel of residential land at Jalan Lempeng for SGD408m (or SGD554psf
ppr), according to Singapore's Housing & Development Board (HDB). We
are Neutral on this win as we are generally cautious on the outlook for
residential property in Singapore in the near term. Pending an
announcement from IOI on its winning bid and development plan, we retain
our Hold call and TP of RM5.14 (based on 16x FY13).
Maybank research (16 January 2012)
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