UOBKayhian on 11 June 2014
The Ministry of National Development (MND) unveiled the list of 23 sites (9 confirmed
and 14 reserve sites) in the 2H14 Government Land Sales (GLS) Programme. These
consist of 18 residential sites (including three executive condominium (EC) sites), two
commercial sites, two commercial & residential sites and one white site. The sites can
yield 10,200 private residential units, including 1,500 ECs and 352,000sqm (3.8msf)
GFA of commercial space.
The continued scaling back of residential supply suggests the government is addressing
concerns on the high upcoming supply although a pullback of demand-side measures
would likely only happen in 2015. We expect property prices to undergo a healthy 5-
10% correction in 2014 and prefer deep value and diversified developers. Keppel Land,
Wing Tai and CapitaLand are our preferred picks.
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