Co.

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

Singapore
THEREALDEALS Ins&OutsofSingaporeRealEstate
Looking To 2013
Project launches next year. Excluding en-bloced and Executive Condominium sites, around 21 already-sold sites are expected to be launched next year. We examine the remainder of the Government Land Sales (GLS) sites that have been sold and compare them to launches and secondary market transactions nearby. We will be focusing on the Farrer and Tanah Merah areas; Farrer sites were one of the highest-priced GLS sites, while Tanah Merah is seeing an explosive incoming supply. Interest in Farrer could be revived. Evidently, sites on Farrer have had slower take-up rates relative to mass-market projects. Under changes announced by SLA recently, the project completion period for residential en-bloc sites will now start from date of the collective sale order, instead of the date of the issue of a Qualifying Certificate. This may prompt developers to en-bloc larger sites, such as the en-bloc attempt for Tulip Gardens in 2007. Among the new sites, two sites that were hot favourites for small developers and funds and achieved the highest GLS prices, indicating there is still an innate price premium for the Farrer area. Explosive supply in Tanah Merah vicinity. Previously, supply in Tanah Merah was limited and coming solely from the secondary market. But it was clear that interest in future sites in the area was bound to spike when Optima@ Tanah Merah received an overwhelming take-up rate of over 98% within two months in mid-2009. YTD, GLS has released 1,863 units in the Tanah Merah vicinity. The recent top bid for New Upper Changi Road (Parcel A) was from Keppel Land at a land cost of SGD434.6m or SGD791.4psf, a 17.1% premium to the price at which Urban Vistas land was sold in August. Keppels site was also sold at 48% above the price that Far East, Fraser Centrepoint and Seikui House jointly paid for their Eco site. A reserve site just beside the Eco project will be launched in February 2013 and comprise approximately 600 units. In addition, a commercial site has been slated between Urban Vista and Optima @ Tanah Merah, which will be a hot seller as it is directly next to the Tanah Merah MRT station. However, the commercial sites date of availability is still indefinite. Figure 1: Year-to-date GLS sites sold yet to launch (ex-EC)
Award date Jan Jan Feb Mar Type Res Res Res Res Location Jalan Lempeng Mount Vernon Road Jervois Road Tende r price 408 388.1 118.9 243.2 252.8 165.9 369.8 210.1 301 383.3 113.2 114.8 285.2 291.5 45.8 245 244.1 516.3 434.6 505 $psf 554.4 495 880.7 638 417.9 471.3 705.9 416.5 508.2 527.6 1,048.5 628 676 719.8 1,107.6 793 615.5 960.3 791.4 852.8 Units 685 785 140 370 600 345 590 495 580 710 100 200 415 405 54 293 Developer IOI Corp CDL/ Hong Leong SingLand Kingsford Development Lakeside, FCL Topaz & Sekisui House Elitist Development MCL Land Capital Development Pte. Ltd. White Haven Properties Pte. Ltd. El Development Singland Santarli Corp Fragrance Group & World Class UVD (JV with Sing Land & UOL) Far East Soho Verwood Holdings and Intrepid Inv First Shine Properties Wingstar inv Metro Aus, Maxdin Keppel land Capitaland Project name Trilinq Mon Jervois Kingsford Hillview Peak

20 December 2012

Hillview Avenue Tampines Avenue 10/ Tampines Mar Res Avenue 1 Apr Res Elias Road/ Pasir Ris Drive 3 May Res Boon Lay Way (Jurong Gateway) Jun Res Pasir Ris Drive 3/ Pasir Ris Drive 10 Jun Res Buangkok Drive/ Sengkang Central Jun Res Sengkang Square / Compassvale Drive Jun Res Farrer Drive Jun Res Pheng Geck Avenue (Parcel B) Tanah Merah Kechil Road/ Tanah Aug Res Merah Kechil Link Aug Res Bright Hill Drive Aug Res Farrer Road Sep Res Tai Thong Crescent (Parcel C) Sept Res Dairy Farm Sept Res Prince Charles Crescent OCt Res New Upper Chang Road (Parcel A) Nov Res Bishan Street 14 Source: Company data, URA

La Fiesta

Urban Vista

700

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

 HE EAL EALS Ins&OutsofSingaporeRealEstate

MOST BIDDED SITE SITE FARRER ROAD FOR FARRER ROAD SITE
Farrer could be heating up. Two plots along Farrer were sold this year via the Reserve List. Situated along the bustling Farrer Road, the Farrer Road site attracted the most bidders a total of 15 bids, with Far East beating Soon Hock Tuas Development by a narrow 3.3%. The site achieved the highest psf in GLS this year, an ASP of SGD1,108psf. The site area is 2,741.5sqm, and could house approximately 54 units. The Farrer Drive site, nestled between Sommerville Grandeur and Sommerville Park, received a total of six bids and won by SingLand. It was 5.6% cheaper than the Farrer Road site sold just two months later. Potential value? While take-up of CapitaLands DLeedons was slow, Leedon Residences was recently launched, renewing optimism in the area. It has achieved a take-up rate of 25.7% since its launch in Oct 2012, and an ASP of SGD1,985psf. Current resale transactions of newer projects around Farrer, such as The Levelz and Waterfall Gardens, are achieving ASPs of SGD1,538psf YTD, approximately 29% cheaper than Leedon Residences and 4% cheaper than DLeedon. Figure 2: Farrer sites description
Maximum GFA (sq ft) Tenure No. of units Land cost (SGD m)/ psf (SGD) No. of bids offered nd Difference to 2 highest bid (%) Source: Company data Farrer Drive site 107,962.9 99 years 100 113.2/ 1,048.5 6 10.1% Farrer Road site 41,324 99 years 54 45.8/ 1,108 15 3.3%

Figure 3: 2012 year-to-date average selling prices along Farrer

Project D'Leedon Leedon Residence The Levelz Waterfall Gardens Source: Company data Tenure 99 Yr fm 2010 Freehold Freehold Freehold Completion Uncompleted Uncompleted 2004 2010 New Sale ($ psf) 1,567 1,985 0 0 Resale ($ psf) 0 0 1,473 1,605 Sub Sale ($ psf) 1,640 0 0 1,599 Avg. ($ psf) 1,567 1,985 1,473 1,603

Figure 4: Farrer Drive site

Figure 5: Farrer Road site

Source: URA

Source: URA

20 December 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

STRONG UPCOMING SUPPLY - TANAH MERAH

Current transactions. The launch of Eco was widely successful, with take-up rates reaching 53% in the first month of launch. With explosive supply coming onstream, resale prices in older projects have edged up. For example, the average selling price for Casa Merah YTD has crossed SGD1,000psf, while East Meadows is closing in on the SGD1,000psf mark. Optima @ Tanah Merah, sold at between SGD822-874psf in mid-2009, is now seeing sub-sale transactions taking place at an average of SGD1,224psf YTD. As of the end of last quarter, rental yields in the vicinity range between 3.9% and 4.2%. We estimate that new launches will be priced, between SGD1,300 and SGD1,500psf, next year. Assuming rental psf pm averages at SGD4, rental yields will range between 3.2% and 3.7%. However, we note that as these projects reach TOP in 2016-17, rental rates may be suppressed and rental yields will not be as ideal as they face competition for tenants from one another. Figure 6: Details on recent GLS sites
Project/site Eco Urban Vista New Upper Changi Road New Upper Changi Road (Parcel B) Source: URA Maximum GFA (sq ft) 647,498 421,906 549,082 583,075 Developer Far East, Fraser Centrepoint, Seikui House Fragrance Group, World Class Dev Keppel Land To be launched in February 2013 Land cost (SGD m) 345.9 285.2 434.6 $ psf 534.2 676.0 791.4 Units 748 415 700 600 No. bids 7 13 11 Difference to 2nd bid 1.50% 1.80% 7%

Figure 7: Rental yields

Project Casa Merah East Meadows The Tanamera Source: realis District 16 16 16 25th % (psf/pm) 3.3 3.2 2.6 Median (psf/pm) 3.7 3.2 2.8 75th % (psf/pm) 3.9 3.4 2.9 No. of units 15 24 12 ASP 1098.3 923.6 856 Median Yield (%) 4.0 4.2 3.9

Figure 8: Year to date resale transactions

Optima @ Tanah Merah 1,500.0 1,300.0 1,100.0 900.0 700.0 Dec-11 Source: Realis Casa Merah East Meadows The Tanamera

Feb-12

Apr-12

May-12

Jul-12

Aug-12

Oct-12

Dec-12

Figure 9: Sites surrounding Tanah Merah MRT station

Casa Merah (99Yr/06) NTUC Choice Homes/Wingtai TOP 2009 Nov12 ASP SGD956psf Optima @ Tanah Merah (99 Yr/08) JV between Mitsui Fudosan & Hong Leong Group TOP 2012/13 Nov12 ASP SGD1,319psf

East Meadow (99 Yr/98) Far East TOP 2002 Nov12 ASP SGD963psf

Commercial site PPR 2.8x Urban Vista (TBL) Fragrance Group & World Class Limited Land price SGD676psf Awarded Aug 12

GLS (Sold Oct12) Keppel Land Land price SGD434.6m/ 791.4psf Future Development

Source: Onemap.sg 20 December 2012

Eco (99Yr/12) TOP 2017 Far East, Fraser Centrepoint, Sekisui House Oct12 ASP SGD1,392psf Launched Sept12

GLS (99Yr) Site area 25,794m Est. Units -600

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

MARKET SNAPSHOT
Property Price Indices
Index SRPI Overall (Sept 12) URA PPI (3Q12) HDB Resale (3Q12) Level 171.1 208.0 197.9 Change +1.0% +0.5% +2.0% Reserve List
Site Stirling Road

20 December 2012
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

Site area (ha) 2.1 0.84 2.3 1.6 1.9 2.7

Units 1045 680 470 600 595

Status Available Available Available Available Available Available

Alexandra View (parcel A) 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)

Government Land Sales (GLS)

Recently Awarded Sites
Site Woodlands Avenue 6/ Woodlands Drive 16 (EC) Dairy Farm Road Prince Charles Crescent New Upper Changi / Bedok Road (Parcel A) Jalan Jurong Kechil Bishan Street 14 Alexandra View (Parcel B) Sembawang Crescent/ Sembawang Drive (EC) Pasir Ris Drive 3/ Pasir Ris Rise (EC) 420 590 700 240 Units 465 Awarded Opal Pte, Binjai Holdings First Shine Prop & Meadows Bright Wingstar Inv, Metro Aus, Maxdin Keppel Land World Class Dev Capitaland Singland JBE Holdings Hao Yuan Land price (S$m) 150 244 516 435 74 505 333 212 207 $psf ppr 302 616 960

Source: HDB, URA

Collective Sales
Pending for offer
Site 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 40.3 Tender closes Nov 6

791 482 853 970 324 331

Katong Park Towers

Successful En Bloc Deals

Site Westvale Thomson View Green Lodge Chateau Eliza Novena Ville Jade Towers Bartley Grove Sam Leong Mansion Awarded to Roxy Pacific Consortium led by Wee Hur Private investor Newfort Realty Fragrance Group Roxy Pacific Top Global JV between KSH, Tee Intl, Heeton and others Land area (k sq m) 5.8 50.2 14.0 4.9 4.7 8.6 6.1 1.1 $psf ppr 883 712 907 1743 1730 807 810 1086

Confirmed List
Site Ang Mo Kio Avenue 2/ Ang Mo Kio Street 13 Jurong West Street 41/ Boon Lay Way (Parcel A) Source: HDB, URA Site area (ha) 1.8 2.2 Units 680 825 Est. launch date Available Available

20 December 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

MARKET SNAPSHOT(CONTD)
Primary Market
Total no. of units City & Southwest (1-8) Reflections At Keppel Bay 1129 886 V On Shenton 510 290 Seahill 454 286 Cityscape @Farrer Park 250 162 Leedon Residence 381 80 Orchard/Tanglin/Holland (9-10) D'Leedon 1715 681 The Scotts Tower 231 94 Newton / Bukit Timah / Clementi (11,21) Balestier / MacPherson / Geylang (12-14) Edenz Suites 34 31 Eight Riversuites 862 384 Sky Green 176 150 The Viridian 108 48 East Coast (15-16) Eco 748 558 The Tampines Trilliant (EC) 670 600 Aura 83 51 21 Changi / Pasir Ris (17-18) The Palette 892 857 Parc Olympia 486 423 Hedges Park Condominium 501 423 Waterview 696 684 Watercolours 416 282 Palm Isles 429 363 Ripple Bay 679 633 My Manhattan 301 288 Serangoon / Thomson (19-20) Waterbay 383 305 Riversails 920 538 Bartley Residences 702 656 Heron Bay (EC) 394 370 River Isles The Luxurie Riversound Residence Boathouse Residences Haus@Serangoon Garden Flo Residence Kovan Regency West (22-24) Eco Sanctuary Hillsta Foresque Residences North (25-28) Skies Miltonia 1 Canberra (EC) Seletar Park Residence The Nautical Source: URA 610 622 590 493 97 530 393 483 416 496 420 665 276 435 553 558 487 460 85 520 379 140 275 430 339 350 229 390 78.5% 56.9% 63.0% 64.8% 21.0% 39.7% 40.7% 14 14 12 11 7 133 10 2267 2431 1624 1443 1862 1431 3459 Units sold todate Takeup rate (%)
Units sold (Nov)

20 December 2012
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

Secondary Market
Median

($psf)

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 Oct12 1,501 1,836 1,354 1,113 1,091 827 1,004 915 823

$psf Nov12 1,505 1,785 1,326 1,132 1,107 844 950 861 824

MoM % change 0.3 -2.8 -2.1 1.7 1.5 2.1 -5.4 -5.9 0.1

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 Sep12 5.0 4.5 3.6 3.6 3.4 2.8 3.2 2.9 2.8 $psf pm Oct12 4.8 4.5 3.6 3.5 3.3 2.8 3.0 2.9 2.5 MoM % Change -3.9 -0.9 -0.7 -3.6 -2.5 -0.4 -5.9 0.2 -10.1

91.2% 44.5% 85.2% 44.4% 74.6% 89.6% 41.2% 96.1% 87.0% 84.4% 98.3% 67.8% 84.6% 93.2% 95.7% 79.6% 58.5% 93.4% 93.9% 90.7% 89.7% 82.5% 93.3% 87.6% 98.1% 96.4% 29.0% 66.1% 86.7% 80.7% 52.6% 83.0% 89.7%

31 15 9 8 39 26 21 22 20 17 17 15 14 10 9 84 81 43 23 21 21 16 13 12 10 10 140 21 18 32 25 12 10

1329 1307 1400 1490 1408 806 1329 900 867 900 891 739 954 896 1176 743 858 1230 724 826 1142 868 958 1644 898 1293 1050 1066 1259 1182 724 1263 893

Top 5 Resale Transactions by $psf

Project Helios Residences Helios Residences Helios Residences Marina Collection Ardmore II Source: URA Tenure Freehold Freehold Freehold 99 Yr fm 2007 Freehold District 9 9 9 4 10 $psf 3890 3589 3499 2850 2718

Bottom 5 Resale Transactions by $psf

Project Northvale Phoenix Heights Phoenix Heights The Florida The Floravale Source: URA Tenure 99 yr fm 1995 99 Yr fm 1969 99 Yr fm 1969 99 Yr fm 1997 99 Yr fm 1997 District 23 23 23 19 22 $psf 537 554 562 612 615

20 December 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 19 Sentosa Landbank

20 December 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 99 Freehold

Unsold Units 20 560 118 122 20 203 178 156 1 78 35 605 125 46 785 12 207

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) Haus @ Serangoon Garden (Serangoon Garden Way) Residences at W (Sentosa Cove) 15, 19 & 21 Swiss Road (Swiss Club Road) Total Unsold Units

3,271 99 Freehold 99 99 99 99 99 99 33 590 243 367 234 94 64 700 2,325 302 37 13 5 1,034 55 150 32 361 140 2,129 1 110 357 468 15 3 405 170 593 161 131 248 4 147 5 20 62 778 Freehold Freehold 71 83 154

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 Merah) 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

CapitaLand

3 9 9 9 10 10 15 16 20 26

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

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 2) (Bukit Batok Road) Total Unsold Units

99yr 99yr 99Yr

UOL

2 16 19 16

Freehold 99yr 99yr Freehold

Allgreen

2 5 9 10 12 12 21 23

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

Wheelock

9 10

Scotts Square (Scotts Road) Ardmore 3 (Ardmore Park) Total Unsold Units

20 December 2012

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 HE EAL EALS Ins&OutsofSingaporeRealEstate

DEVELOPERS LANDBANK (CONTD)

Developer District 2 9 10 10 26 Landbank GuocoLand

20 December 2012
Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

Tenure 99Yr Freehold 99Yr Freehold Freehold

Unsold Units 500 2 300 73 3 878 56 40 24 88 221 80 232 146 887 249 29 9 595 66 66 33 24 2 22 1,285 38 42 157 11 66 156

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 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)

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

Wing Tai

9 10 10 11 23 10

Freehold Freehold Freehold Freehold 99yr Freehold

Total Unsold Units 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 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 Freehold Freehold Freehold Freehold 99Yr 99Yr

470 32 70 65 23 46 590 826 33 195 21 35 29 313

MCL Land

SC Global

Grand Total Source:HDB,URA

14377

20 December 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.

20 December 2012

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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: Maybank ATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities and Exchange Commission. Vietnam: Maybank Kim Eng Securities JSC (License Number: 71/UBCK-GP) is licensed under the State Securities Commission 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 20 December 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 20 December 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 and may receive compensation for the services provided from the companies covered in this report.

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.

Ong Seng Yeow | Executive Director, Maybank Kim Eng Research

20 December 2012

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