Co.

Reg No: 198700034E MICA (P) : 099/03/2012

Singapore
THEREALDEALS Ins&OutsofSingaporeRealEstate
HUDC Projects Back in the Limelight
HUDC flats, built by the Housing and Urban Development Company, were introduced in the 1970s to cater to middle-income families whose income exceeded the ceiling set by the Housing and Development Board (HDB) for its flats but were unable to afford private properties as well. There were altogether 18 HUDC projects comprising 7,731 residential and 23 shop units. In 1995, the privatisation programme for HUDC estates was announced to allow owners more say over their estates, subject to a minimum support level of 75%. The building of HUDC flats was then phased out following the introduction of executive condominiums in 1999. Just last month, HUDC projects returned to the limelight after a unit in Shunfu Ville, currently being privatised, was reported to have been sold for SGD1.28m. Parliament also recently amended The HUDC Housing Estates Bill to allow owners of Braddell View units with a shorter leasehold to top up the lease tenure. The project holds two separate leasehold dates, which made it difficult to agree on privatisation costs. HUDC estates are widely recognised as potential candidates for collective sales as individual unit owners cannot top up the lease tenure on their own. To date, five of the 12 HUDC estates that have been privatised were successfully sold en bloc. Farrer Court made the headlines in 2007 when it asked for a selling price of SGD1.5b, or SGD638 psf, making it the largest en bloc deal at the time. However, buyers ended up with a lower, albeit still favourable, price of SGD1.34b, or SGD570 psf. After this high-profile deal, there were a series of failed collective sale offers as developers appetite for large sites has largely subsided by then. Subsequently, owners resorted to selling their flats individually. Currently, HUDC projects have a remaining tenure of 63-72 years.
Figure 1: Privatisation status of HUDC estates Status Project Privatised & sold en bloc Amberville (now known as Silversea by Far East) Farrer Court (now known as D'Leedon by CapitaLand) Gillman Heights (now known as The Interlace by CapitaLand & others) Minton Rise (now known as The Minton by Kheng Leong) Waterfront View Estate (now known as Waterfront Collection by Frasers Centrepoint & Far East) Privatised Chancery Court (privatised in 2004) Eunosville (privatised in 2011) Ivory Heights (privatised in 1998) Laguna Park (privatised in 2007) Lakeview (privatised in 2003) Pine Grove (privatised in 1996) Tampines Court (privatised in 2002) Shunfu Ville Hougang North N3 Hougang North N7 Potong Pasir Serangoon North Braddell View

25 October 2012

Details Sold for SGD242m, or SGD396 psf Sold for SGD1.78b, including DC, or SGD783 psf Sold for SGD548m, or SGD323 psf Sold for SGD313m, including DC, or SGD236 psf Sold for SGD487m, or SGD241 psf Attempted collective sale at SGD468m, or SGD1,614 psf ppr in Oct 07

Attempted collective sale at SGD1.33b in May 11 Attempted collective sale at SGD2.17b or SGD1,152 psf ppr in Nov 10 Attempted collective sale at SGD405m in 2008

Privatisation in process

Yet to be privatised
Source: Company data

Figure 2: Location of HUDC estates in Singapore

Privatisation in progress Privatized

Source: OneMap.sg

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

 HE EAL EALS Ins&OutsofSingaporeRealEstate

PRIVATISED HUDC ESTATES

79 units sold this year. A total of 79 privatised HUDC units have been transacted YTD with the average size at 1,627 sq ft and ASP of SGD800 psf. Laguna Park was the most actively transacted estate. In Eunosville, the asking price for flats started at just below SGD1m, or SGD593 psf, in 2011, the year it was privatised. Since then, prices have risen by 30% and crossed the SGD1.3m in August. Figure 3: Resale transactions at privatised HDUC estates
Total units 136 330 654 528 240 660 560 ASP (SGD psf) 1,012* 718 688 909 825 844 620 No. of units sold (1-year) 0 (no transactions in 2012) 3 11 28 6 22 9 Tenure 99 yr fm 1986 102 yr fm 1986 100 yr fm 1986 99 yr fm 1977 99 yr fm 1977 99 yr fm 1984 101 yr fm 1985 Avg size (sq ft) 1,350 1,697 1,725 1,563 1,615 1,689 1,695

Chancery Court Eunosville Ivory Heights Laguna Park Lakeview Estate Pine Grove Tampines Court *Chancery Courts ASP since 2007. Source: URA

Figure 4: Resale prices for HUDC flats

1,100 1,000 900 800 700 Tampines Court 600 Lakeview Estate 500 23-Dec-11 Source: URA 11-Feb-12 1-Apr-12 21-May-12 10-Jul-12 29-Aug-12 18-Oct-12 Eunosville Ivory Heights Laguna Park Pine Grove

Ongoing privatisation. Hougang has two separate HUDC estates that are currently undergoing privatisation. Within the vicinity, there were 41 units of a similar size to HUDC flats 1,500 sq ft or above that were sold for an average of SGD861 psf YTD. Of these, 99-year leasehold units fetched an ASP of SGD814 psf, or 10.6% below their freehold counterparts. Average rental yield in Hougang is currently around SGD3.1 psf, indicating a 4.1% yield. Figure 5: Location of HUDC estates in Hougang

Source: OneMap.sg

25 October 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

DISTRICT 19 LAKEVIEW ESTATE

Figure 6: Transactions in and around Lakeview Estate Projects Bishan 8 Bishan Park Condo Bishan Point Boonview Clover by the Park Faber Garden Condo Flame Tree Park Lakeview Estate Marymount View Sin Ming View The Gardens at Bishan The Windsor Thomson Imperial Court Thomson Plaza Thomson View Condo Source: URA Tenure 99 yr fm 1996 99 yr fm 1991 99 yr fm 1997 Freehold 99 yr fm 2007 Freehold Freehold 99 yr fm 1977 Freehold Freehold 99 yr fm 1997 Freehold Freehold 99 yr fm 1976 99 yr fm 1975 Average No. of units 1 8 1 1 21 3 5 7 1 6 8 6 4 1 4 ASP (SGD psf) 990 791 895 1,182 1,072 936 990 817 945 874 870 914 762 578 794 894 Avg transacted price (SGD m) 1.5 1.2 2.4 2.8 1.9 1.9 1.7 1.3 1.7 1.8 1.7 1.9 1.4 1.7 1.9 1.8 Avg size (sq ft) 1,528 1,518 2,626 2,368 1,828 2,009 1,701 1,615 1,755 2,038 1,932 2,115 1,811 2,852 2,478 2,012

A total of 77 units above 1,500 sqft were transacted in District 19 YTD at an average price of SGD1.8m, or SGD894 psf. Lakeview Estate is categorised as one of the older estates in this area but it appears to be transacting at just a 9.4% discount to the rest of the private estates here. New projects such as Centro Residences, Sky Habitat and Thomson Grand have an ASP of SGD1,426 psf. Assuming a redevelopment and using the latest market transaction prices as a benchmark, we estimate the breakeven cost for Lakeview Estate to be SGD1,299 psf. Figure 5: Sale of units >1,500 sq ft (SGD psf)
1350 1250 1150 1050 950 850 750 650 550 14-Sep-11 03-Nov-11 23-Dec-11 11-Feb-12 Source: OneMap.sg 01-Apr-12 21-May-12 10-Jul-12 29-Aug-12 Bishan 8 Bishan Park Condo Bishan Point Boonview Clover by the Park Faber Garden Condo Flame Tree Park Lakeview Estate Marymount View Sin Ming Plaza The Gardens at Bishan The Windsor Thomson Imperial Court 18-Oct-12 Thomson Plaza

25 October 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

MARKET SNAPSHOT
Property Price Indices
Index SRPI Overall (Jul 12) URA PPI (2Q12) HDB Resale (2Q12) Level 166.4 206.9 194.0 Change -1.1% +0.4% +1.3% Reserve List

25 October 2012
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

Site Jalan Jurong Kechil Stirling Road Tampines Av 10 (Parcel B) Kim Tian Road

Site area (ha) 1.0 2.1 1.7 0.6 1.7 0.9 2.3 1.6 1.9 2.7

Units 240 1045 515 500 na 495 680 470 600 595

Status Available Available Available Available Available Avail. in Sept Avail. in Oct Avail. in Oct Avail. in Nov Avail. in Dec

Government Land Sales (GLS)

Recently Awarded Sites
Site Boon Lay Way (Jurong Gateway) Pasir Ris Drive 3/ Pasir Ris Drive 10 Buangkok Drive/ Sengkang Central Pheng Geck Avenue (Parcel B) Tanah Merah Kechil Road/ Tanah Merah Kechil Link Bright Hill Drive Farrer Drive Tai Thong Crescent (Parcel C) Farrer Road Punggol Way/ Punggol Walk (EC) Woodlands Avenue 6/ Woodlands Drive 16 (EC) Dairy Farm Road Prince Charles Crescent New Upper Changi / Bedok Road (Parcel A) 590 700 Units 590 495 620 200 Awarded MCL Land Capital Dev. White Haven Prop. Santarli Corp. Fragrance Group & World Class Land UVD (JV w/ Sing Land & UOL) Singland Verwood Holdings & Intrepid Far East Soho Qingjian Realty (South Pacific) Opal Pte, Binjai Holdings First Shine Prop & Meadows Bright Wingstar Inv, Metro Aus, Maxdin Keppel Land Land price (S$m) 370 210 301 115 $psf ppr 706 417 508 202

Sengkang West Way Alexandra Road/ Alexandra View (Parcel B) Tampines Avenue 10 (Parcel C) Tampines Avenue 10 (Parcel D) Jurong West Street 41/ Boon Lay Way (Parcel B) New Upper Changi Road / Bedok South Avenue 3 (Parcel B)

Source: HDB, URA

Collective Sales
Pending for offer
Site Katong Park Towers Land area (k sq m) 27.5 Land price (S$m) 330-340 $psf ppr 11451178 Land price (S$m) 77.5 590 192 92.2 132 106 74 Tender closes Nov 6

415 405 100 293 54 560 465

285 292 89 245 46 190 150 244 516 435

676 720 280 793 1108 314 302 616 960 791

Successful En Bloc Deals

Site Westvale Thomson View Green Lodge Chateau Eliza Novena Ville Jade Towers Bartley Grove Awarded to Roxy Pacific Consortium led by Wee Hur Private investor Newfort Realty Fragrance Group Roxy Pacific Top Global Land area (k sq m) 5.8 50.2 14.0 4.9 4.7 8.6 6.1 $psf ppr 883 712 907 1,743 1730 807 810

Property Stocks
Company Price RNAV CapitaLand 3.33 5.15 City Developments 11.41 12.62 -10% Guocoland 2.19 NA NA Ho Bee 1.47 2.98 -51% Keppel land 3.43 5.86 -41% OUE 2.67 NA NA SC Global 1.13 NA NA Singapore Land 6.83 10.72 -36% UIC 2.81 NA NA UOL 5.75 NA NA Wheelock Properties 1.82 NA NA Wing Tai 1.7 2.81 -40% N.A. = No Coverage *As at latest reported Disc to RNAV -35% NAV /share 3.54 7.66 2.13 2.34 3.64 3.44 1.48 11.69 3.16 7.19 2.42 2.51 Disc/ Prem to NAV -6% 49% 3% -37% -6% -22% -24% -42% -11% -20% -25% -32%

Confirmed List
Site Sengkang West Way/ Fernvale Link (Parcel B) (EC) Pasir Ris Drive 3/ Pasir Ris Rise (EC) Site area (ha) 1.4 2.8 1.1 2.3 1.5 1.8 2.2 1.2 Units 420 590 645 650 435 680 825 700 Est. launch date Sept-12 Sept-12 Oct-12 Oct-12 Oct-12 Nov-12 Nov-12 Dec-12

Bishan Street 14 Sembawang Crescent/ Sembawang Drive (EC) Punggol Field Walk/ Punggol East (EC) Ang Mo Kio Avenue 2/ Ang Mo Kio Street 13 Jurong West Street 41/ Boon Lay Way (Parcel A) Commonwealth Avenue Source: HDB, URA

25 October 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

MARKET SNAPSHOT(CONTD)
Primary Market
Total no. of units Units sold todate Takeup rate (%) 48% 50% 59% 77% 100% 14% 31% 100% 100% 41% 86% 67% 96% 96% 100% 82% 99% 90% 92% 79% 83% 88% 61% 90% 94% 89% 77% 94% 22% 76% 77% 96% 78% 71% 96% 89% 100% 86% 54% 72% 57% 100% 100% 72% 45% 83%
Units sold (Sep)
Media n

25 October 2012
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

Secondary Market
District City & Southwest Orchard/Tanglin/Holland Newton/Bukit Timah/Clementi Balestier/MacPherson/Geylang East Coast Changi/Pasir Ris Serangoon/Thomson West North Source: URA $psf Aug12 1,525 1,751 1,279 1,074 1,069 809 939 861 785 $psf Sep12 1,605 2,020 1,365 1,245 1,136 884 997 992 916 MoM % change 5.2 15.3 6.7 16.0 6.2 9.3 6.1 15.2 16.6

($psf) 2244 1407 1613 1841 2048 1898 1500 1877 1415 1325 1478 1428 1220 1191 1418 1548 1062 1351 1311 882 805 1169 717 898 917 821 886 1275 849 1221 842 1043 1075 854 856 859 739 927 1283 1090 1167 685 690 1191 718 896

City & Southwest (1-8) V on Shenton 510 244 Cityscape @ Farrer Park 250 125 Seahill 454 267 Reflection at Keppel Bay 1129 870 Orchard/Tanglin/Holland (9-10) Stellar RV 120 120 Leedon Residence 381 52 D'Leedon 1715 538 Newton / Bukit Timah / Clementi (11,21) 8 Bassein 74 74 Balestier / MacPherson / Geylang (12-14) Gambir Ridge 77 77 Eight Riversuites 862 357 Cradels 125 108 28 Imperial Residences 42 28 Nin Residence 219 211 M66 70 67 Metro Loft 31 31 The Interweave 169 138 East Coast (15-16) Archipelago 577 572 Flamingo Valley 393 352 Bedok Residences 583 537 Changi / Pasir Ris (17-18) Parc Olympia 486 385 The Tampines Trilliant 670 555 My Manhattan 301 265 Watercolours 416 253 The Palette 892 801 Sea Esta 376 354 Ripple Bay 679 605 Palm Isles 429 332 Serangoon / Thomson (19-20) Kovan Regency 393 369 Riversails 920 203 Bartley Residences 702 537 River Isles 610 471 Parc Centros The Luxurie Riversound Residence Parc Vera Flo Residence Austville Residences Boathouse Residences West (22-24) Eco Foresque Residences Hillsta Blossom Residences North (25-28) Parc Rosewood Seletar Park Residence 1 Canberra The Nautical Source: URA 618 622 590 452 530 540 493 748 496 416 602 689 276 665 435 591 488 421 433 471 540 422 402 359 238 602 686 200 299 361

49 27 14 13 60 26 14 21 77 62 41 23 18 14 14 13 36 16 15 77 54 31 22 20 17 16 11 369 203 78 72 70 53 36 31 31 17 12 402 104 17 15 30 29 28 15

Rental Market
District City & Southwest Orchard/Tanglin/Holland Newton/Bukit Timah/Clementi Balestier/MacPherson/Geylang East Coast Changi/Pasir Ris Serangoon/Thomson West North Source: URA $psf pm Jul12 4.7 4.6 3.5 3.3 3.3 2.8 3.2 3 2.7 $psf pm Aug12 3.9 3.7 3.0 3.0 2.9 2.6 2.8 2.7 2.5 MoM % Change -17.1 -20.3 -14.4 -10.4 -12.6 -7.0 -13.9 -10.5 -8.7

Top 5 Resale Transactions by $psf

Project The Marq on Paterson Hill Nassim Park Residences The Ritz-Carlton Residences SG The Scotts Tower The Scotts Tower Source: URA Tenure Freehold Freehold Freehold 103 Yr fm 2010 103 Yr fm 2010 District 9 9 10 9 9 $psf 4920 4001 3896 3833 3716

Bottom 5 Resale Transactions by $psf

Project Braddell View Crystal Mansions Tampines Court Regency Lodge Elias Green Source: URA Tenure 99 yr fm 1981 Freehold 101 Yr fm 1985 Freehold 99 yr fm 1991 District 20 14 18 10 18 $psf 588 596 592 625 613

25 October 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

DEVELOPERS LANDBANK
Developer District 1 3 6 9 9 10 10 10 11 17 18 18 19 19 19 Sentosa Landbank

25 October 2012
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

Tenure 99 99 99 Freehold 99/103 Freehold Freehold Freehold Freehold 99 99 Freehold 99 99 99 99 Freehold

City Dev

One Shenton (Marina Bay) Alexandra Road GLS site (Alexandra Road) South Beach (Beach Road) Futura (Leonie Road) Up @ Robertson Quay (Robertson Quay) Boulevard Hotel (Cuscaden Road) Lucky Tower (Grange Road) Nouvel 18 (Anderson Road) Buckley Classique (Buckley Road) Hedges Park (Flora Road) The Palette (Pasir Ris) Tampines/Upp Changi Rd North (Tampines/Upp Changi Rd North) H2O Residences (Sengkang West Ave) Bartley Residences (Bartley Road) Mount Vernon GLS site (Bartley Road) Residences at W (Sentosa Cove) 15, 19 & 21 Swiss Road (Swiss Club Road)

Unsold Units 20 560 118 122 33 203 178 156 3 108 91 605 131 165 785 32 207

Total Unsold Units KepLand 1 2 4 4 4 4 19 16 Marina Bay Suites (Marina Bay) Keppel & GE Towers site (Tanjong Pagar) Reflections at Keppel Bay (Keppel Bay) Keppel Bay Plot 3 (Keppel Bay) Keppel Bay Plot 4 (Keppel Bay) Keppel Bay Plot 5 (Keppel Bay) The Luxurie (Sengkang Square) Tanah Merah Site (Tanah Merar) Total Unsold Units The Interlace (Gillman Heights) Urban Resort (Cairnhill Rd) Orchard Residences (Orchard Road) Wharf Residence (Tong Watt Road) D'Leedon (Farrer Rd) The Nassim (Nassim Rd) Marine Point (Marine Parade) Bedok Residences (Bedok Central) Sky Habitat (Bishan Street 14) Yio Chu Kang site (Yio Chu Kang Rd) Total Unsold Units Ho Bee Sentosa Sentosa 11 Seascape at Sentosa Cove (Sentosa Cove) Pinnacle at Sentosa Cove (Sentosa Cove) Trilight (Newton Road) Total Unsold Units Spottiswoode Residences (Spottiswoode Park) Archipelago (Bedok Reservoir Rd) Bright Hill Drive (Bright Hill) St Patricks Road (Upper East Coast) Total Unsold Units Skysuites @ Anson (Enggor Street) The Surrento (West Coast Road) RV Residences (River Valley) Holland Residences (Taman Warna) Riverbay (Mar Thorma Rd) Riviera 38 (Mar Thorma Rd) The Cascadia (Bukit Timah Road) Pavilion Park (Phase 1D) (Bukit Batok Road) Pavilion Park (Phase 2) (Bukit Batok Road) Total Unsold Units Scotts Square (Scotts Road) Ardmore 3 (Ardmore Park) Total Unsold Units 99yr 99yr 99Yr 99 Freehold 99 99 99 99 99 99

3,517 38 590 259 367 234 94 134 700 2,416 304 38 13 5 1,177 55 150 46 378 140 2,306 1 110 357 468 24 5 405 170 604 166 131 248 5 147 11 20 2 63 793 72 84 156

CapitaLand

3 9 9 9 10 10 15 16 20 26

99Yr Freehold 99Yr 999Yr 99Yr Freehold Freehold 99Yr 99Yr Freehold

UOL

2 16 19 16

Freehold 99yr 99yr Freehold

Allgreen

2 5 9 10 12 12 21 23 23

99Yr Freehold 999Yr Freehold 999Yr 999Yr Freehold Freehold Freehold

Wheelock

9 10

Freehold Freehold

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

DEVELOPERS LANDBANK (CONTD)

Developer District 2 9 10 10 26 Landbank GuocoLand

25 October 2012
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

Tenure 99Yr Freehold 99Yr Freehold Freehold

Unsold Units 500 2 329 76 6 913 57 42 24 88 221 80 232 68 812 249 41 15 595 71 97 71 34 5 41 1,219 64 38 42 157 18 137 156 612

Tanjong Pagar GLS white site (Peck Seah / Choon Guan) Sophia Residence (Mount Sophia) Leedon Residence (Leedon Heights) Goodwood Residence (Bukit Timah Road) The Waterline (Yio Chu Kang Rd) Total Unsold Units Skyline Residences (Telok Blangah) The Vermont on Cairnhill (Cairnhill Rd) Paterson Suites (Paterson Rd) Paterson Suites II (Paterson Rd) St Thomas Walk (St Thomas Walk) Watercove Villes (Wak Hassan Drive) Nim Road (Nim Road) Luxus Hills (Seletar Green) Total Unsold Units

Bt Sembawang

4 9 9 9 9 27 28 28

Freehold Freehold Freehold Freehold Freehold Freehold Freehold 999yr

Frasers Centrepoint

9 15 16 16 18 18 19 19 19 27

Starhub Centre (Cuppage Rd) Flamingo Valley (Siglap Rd) Waterfront Isle (Bedok Reservoir Rd) Bedok South GLS site (Bedok South Avenue 3) Seastrand (Pasir Ris Drive 3) Palm Isles (Flora Drive) Boathouse Residences (Hougang) Watertown (Punggol) Twin Waterfalls (Punggol Way / Punggol Field) Eight Courtyards (Yishun Ave 2) Total Unsold Units HELIOS Residence (Cairnhill Circle) Belle Vue Residences (Oxley Walk) Le Nouvel Ardmore (Ardmore Park) Anderson 18 (Ardmore Park) L'VIV (Newton Rd) Foresque Residences (Petir Road) Nouvel 18 (Anderson Road) Total Unsold Units

99yr Freehold 99yr 99yr 99yr 99yr 99yr 99yr 99yr 99yr

Wing Tai

9 9 10 10 11 23 10

Freehold Freehold Freehold Freehold Freehold 99yr Freehold

MCL Land

11 10 15 16 17 22

Palms @ Sixth Avenue (Six Avenue ) NOB Hill (Ewe Boon Rd) Casa Nassau (East Coast Rd) Uber 388 (Upper East Cost) Ripple Bay (Jalan Loyang Besar) Boon Lay (Jurong East) Total Unsold Units

Freehold Freehold Freehold Freehold 99Yr 99Yr

32 70 65 23 74 590 854 33 196 21 35 31 316

SC Global

9 9 9 9 Sentosa

The Marq (Paterson Hill) Hilltops (Cairnhill Circle) Martin No. 38 (Martin Rd) Sculptura Ardmore (Ardmore Park) Seven Palms (Sentosa Cove) Total Unsold Units

Freehold Freehold Freehold Freehold 99Yr

Grand Total Source:HDB,URA

14986

25 October 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES
DISCLAIMERS This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as an offer to sell or a solicitation of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate and that each securitys price or value may rise or fall. Opinions or recommendations contained herein are in 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 the relevant jurisdictions stock exchange in the equity analysis. Accordingly, investors returns may be less than the original sum invested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment advice and does not take into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report. Investors should therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report. The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank Investment Bank Berhad, its subsidiary and affiliates (collectively, MKE) and consequently no representation is made as to the accuracy or completeness of this report by MKE and it should not be relied upon as such. Accordingly, MKE and its officers, directors, associates, connected parties and/or employees (collectively, Representatives) shall not be liable for any direct, indirect or consequential losses or damages that may arise from the use or reliance of this report. Any information, opinions or recommendations contained herein are subject to change at any time, without prior notice. This report may contain forward looking statements which are often but not always identified by the use of words such as anticipate, believe, estimate, intend, plan, expect, forecast, predict and project and statements that an event or result may, will, can, should, could or might occur or be achieved and other similar expressions. Such forward looking statements are based on assumptions made and information currently available to us and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed in any forward looking statements. Readers are cautioned not to place undue relevance on these forward-looking statements. MKE expressly disclaims any obligation to update or revise any such forward looking statements to reflect new information, events or circumstances after the date of this publication or to reflect the occurrence of unanticipated events. MKE and its officers, directors and employees, including persons involved in the preparation or issuance of this report, may, to the extent permitted by law, from time to time participate or invest in financing transactions with the issuer(s) of the securities mentioned in this report, perform services for or solicit business from such issuers, and/or have a position or holding, or other material interest, or effect transactions, in such securities or options thereon, or other investments related thereto. In addition, it may make markets in the securities mentioned in the material presented in this report. MKE may, to the extent permitted by law, act upon or use the information presented herein, or the research or analysis on which they are based, before the material is published. One or more directors, officers and/or employees of MKE may be a director of the issuers of the securities mentioned in this report. This report is prepared for the use of MKEs clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in whole or in part in any form or manner without the prior express written consent of MKE and MKE and its Representatives accepts no liability whatsoever for the actions of third parties in this respect. This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. This report is for distribution only under such circumstances as may be permitted by applicable law. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply based on geographical location of the person or entity receiving this report. 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.

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

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 25 October 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 25 October 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 analysts personal views about any and all of the subject securities or issuers; and no part of the research analysts 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

25 October 2012

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