Stripes
@hydros：Relatively unknown property developer a hidden gem $BUKIT SEMBAWANG ESTATES LTD(B61.SI)$has been slowly trending up on increased volume in recent weeks and broke above the $5.10 resistance today. On 22 May 2022, Business Times reported that Bukit Sembawang Estates' condominium project Liv @ MB in the Mountbatten area has sold more than 75 per cent of its 298 units, at an average selling price of S$2,387 per square foot (psf). Huttons Asia CEO Mark Yip remarked that this is truly remarkable against the backdrop of cooling measures in December 2021, rising interest rates, rising inflation and global uncertainties.” In a 23 May 2022 flash note, DBS research noted that the lure of staying in the East and improved connectivity of Liv@MB to the Central Business District and Orchard are key attributes that attracted buyers to Bukit Sembawang's project. Liv@MB is located 200 metres or a 10-minute walk to the upcoming Katong Park MRT (a station along the upcoming Thomson East Coast Line) which is expected to open in 2H22 or early 2023. DBS estimated a net margin of 25%-28% and a S$0.40 accretion to NAV (+7% of latest reported NAV of S$5.61) upon completion of this projec and have a $5.92 target price for Bukit Sembawang. In 2021, Bukit Sembawang gave out 33c dividends (4c+29c special), a continuation of the period from 2015 to 2018 when it gave out the same 33c dividends. If continued this year when it reports the final results end May 2022, it means that the yield will be over 6.3%, besting some of the quality SG reits.
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