Friday, January 4, 2013

Roxy-Pacific

Roxy-Pacific: The group announced yesterday that it has agreed to acquire a freehold residential site at 13 and 15 Wilkie Terrace for $24.5m. The land area is 9,324 sq ft; with a plot ratio of 2.1, this translates to a total GFA of 19581 sq ft and land cost of $1,251 psf. Mgt indicates that it intends to amalgamate this site with a another site in its land-bank (7,9,11 Wilkie Terrace) for a residential development. OCBC believe the price paid for the site is reasonable, especially given that the acquisition would give the group more flexibility in planning a larger scale project at the area. For this counter, however, believe most positives are priced in at current price levels. Maintain HOLD with an unchanged fair value estimate of $0.54

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