Stock Name: KepLand
Company Name: KEPPEL LAND LIMITED
Research House: Phillip Securities
The brokerage added that Keppel Land could break even at the range of $880-910 per square foot (psf) and the development could easily fetch $980 psf.
Company Name: KEPPEL LAND LIMITED
Research House: Phillip Securities
Phillip Securities has upgraded Singapore property developer Keppel Land (KLAN.SI) to buy from hold, but maintained its target price of S$4.99.
Phillip Securities said Keppel Land’s top bid of $286.8 million for a condominium site in Sengkang, Singapore, is "reasonable" because of the site’s accessibility to public transportation, shopping malls and schools.
Phillip Securities said Keppel Land’s top bid of $286.8 million for a condominium site in Sengkang, Singapore, is "reasonable" because of the site’s accessibility to public transportation, shopping malls and schools.
The brokerage added that Keppel Land could break even at the range of $880-910 per square foot (psf) and the development could easily fetch $980 psf.
“This project serves well as another landbank for its residential operation in Singapore and we believe Keppel Land is very likely to be awarded the site,” Phillip said in a report.
At 9:11 a.m., Keppel Land shares were up 1% at S$4.16 on a volume of 250,000 shares.
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