Wheelock

Wheelock: CS noted that Wheelock Properties tops bid at S$790/sq ft PPR, amongst twelve bidders for attractive Ang Mo Kio Ave 2 site. Their bid of $790/ sq ft is 3% above the next bid by CapitaLand. CS estimate a break-even price of S$1,100-1,200/sq ft for the c.680-unit project and an average selling price of likely above the S$1,300/sq ft mark given recent nearby, older projects of Meadows@Peirce and The Calrose. Going forward, CS expect this trend to continue, where we will see developers being more selective, with a bias for projects that are easier to sell (proximity to MRT, etc), given the many rounds of cooling measures, including Dec-11’s additional buyers’ stamp duty. The latest in SC Global by Wheelock's shareholding is at 17.06%, where Wheelock recently increased its holdings at $1.815/ sh. Recall that SC Global is currently undergoing a privatisation offer of $1.80/ sh by MYK Holdings (Simon Cheong), who currently owns 64.09%. He stated that $1.80 is the final Offer Price. The Closing Date of the Offer is 5.30pm SG time, on 16 Jan 2013.