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1/9SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

THEREALDEALS Ins&OutsofSingaporeRealEstateSingapore

Co. Reg No: 198700034EMICA (P) : 099/03/2012

24 May 2012

When less is not m oreMinister for National Development Mr. Khaw Boon Wan recently noted in parliament that the number ofcompleted shoebox units (defined here as units

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THEREALDEALSIns&OutsofSingaporeRealEstate

Price ranges of shoebox units starting 2005 to 2012 YTD (

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New-sale transactions ($ psf) by postal district

PSFCity &Southwest Orchard

Newton/Bukit Timah/Clementi

Balestier/MacPherson/Geylang

EastCoast

Changi/Pasir Ris

Serangoon/Thomson West North Avg

2005 730 836 827

2006 1,083 1,163 1,208 742 759 1,098

2007 1,523 1,573 1,300 1,001 955 897 1,302

2008 1,088 1,527 1,312 1,076 996 933 908 1,256

2009 1,159 1,739 1,912 1,093 1,117 814 940 777 1,248 1,279

2010 1,841 2,141 1,696 1,226 1,330 1,161 1,221 1,286 1,494

2011 2,016 2,204 1,752 1,316 1,404 1,141 1,326 1,266 1,005 1,517

2012* 1,882 2,090 1,603 1,281 1,378 957 1,316 1,329 989 1,228

No. of new sale units

No. ofunits

City &Southwest Orchard

Newton/Bukit Timah/

Clementi


EastCoast

Changi/Pasir Ris

Serangoon/ Thomson West North Total

2005 1 12 13

2006 101 116 2 9 9 237

2007 146 93 35 60 45 58 437

2008 83 138 39 80 32 3 6 381

2009 322 223 29 243 140 8 5 17 4 991

2010 254 337 83 599 588 16 191 44 2,112

2011 445 228 102 1,086 454 91 296 32 66 2,800

2012* 19 12 35 324 91 50 267 77 355 1,230

Total 1,371 1,159 325 2,401 1,359 168 823 170 425 8,201

Resale transactions ($ psf) by postal district

PSFCity &Southwest Orchard



EastCoast

Changi/Pasir Ris

Serangoon/ Thomson West North Avg

2005 386 1,003 607 596 465 673

2006 505 1,187 579 787 867 622 932

2007 883 1,307 1,431 1,056 1,004 774 1,099

2008 925 1,320 1,436 954 1,105 913 980 1,060

2009 1,003 1,389 1,333 1,013 1,104 875 1,158

2010 1,176 1,742 1,544 1,183 1,261 1,113 1,137 1,419

2011 1,485 1,879 1,629 1,371 1,422 1,141 1,392 783 1,552

2012* 1,509 1,985 1,271 1,483 1,466 1,588

No. of Resale units

No. ofunits

City &Southwest Orchard



EastCoast

Changi/Pasir Ris

Serangoon/ Thomson West North Total

2005 2 3 2 1 1 9

2006 3 9 1 2 1 1 17

2007 20 26 4 12 10 3 75

2008 12 5 3 7 7 2 1 37

2009 24 21 8 6 10 4 73

2010 28 54 13 21 33 1 6 156

2011 38 43 5 24 28 3 7 2 150

2012* 12 8 4 8 1 33

Total 139 169 34 76 99 15 15 2 1 550

Source: URA * 2012 year-to-date data

Shoebox un i t s c ont d

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Shoebox un i t s c ont d

PSF price ranges from new sales

PSF rangeCity &

Southwest Orchard

Newton/ BukitTimah/

Clementi

Balestier/MacPherson/

Geylang East Coast

Changi/Pasir

RisSerangoon/ Thomson West North

500-600 1 3 2

601-700 12 6 20 16 3 13 10

701-800 43 10 27 41 17 19 7 26

801-900 53 9 3 180 38 43 50 235

901-1000 132 38 8 213 36 37 65 147

1001-1100 194 58 5 479 118 34 134 15 6

1101-1200 126 103 18 621 349 15 114 61 11

1201-1300 34 69 38 436 298 14 241 59

1301-1400 64 26 34 224 317 5 155 121401-1500 115 34 45 103 118 31 5

1501-1600 65 107 63 72 20 1

1601-1700 59 91 27 21 6 1

1701-1800 69 81 42 1

1801-1900 74 108 8 1

1901-2000 94 71 8

2001-2100 66 59 11

2101-2200 46 47 6

2201-2300 33 49 6

2301-2400 10 51 1

2401-2500 4 32 1

2501-2600 10 48 12601-2700 14 28

2701-2800 13 18

2801-2900 13 8

2901-3000 6 3

3001-3100 7 5

3101-3200 6

3200> 8

Total 1371 1159 325 2401 1359 168 823 170 425

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MARKET SNAPSHOT 24 May 2012Analyst: Alison FOK 65-6433 5745 [email protected]

Recent resa le t ransact ionsCriteria: shoebox units

ProjectSize

(sq ft)Price($psf)

Contractmonth

MILL POINT 527 1864 May-12

PARC IMPERIAL 495 1717 May-12

KOVAN GRANDEUR 388 1466 Apr-12

LUMIERE 506 2200 Apr-12

PALM GALLERIA 495 1333 Apr-12

PARC IMPERIAL 398 1758 Apr-12

ESTILO 517 1757 Apr-12

THE SCENIC @ BRADDELL 527 1128 Apr-12

SOHO @ FARRER 506 1314 Apr-12

CASA FORTUNA 506 1492 Apr-12

D'ECOSIA 506 1350 Apr-12

PEOPLE'S PARK COMPLEX 409 1315 Apr-12

R66 APARTMENTS 474 1510 Apr-12

THE MAYLEA 527 1574 Apr-12

VIDA 527 2256 Mar-12

THE COTZ 398 1481 Mar-12

ESTILO 495 1793 Mar-12

TEMBELING RESIDENCE 420 1656 Mar-12

THE COTZ 398 1514 Mar-12

VIDA 527 2323 Mar-12

D' CASITA 517 1293 Mar-12

TYRWHITT 139 484 1327 Mar-12

MOUNTBATTEN LODGE 463 1534 Feb-12

PEOPLE'S PARK COMPLEX 409 1247 Feb-12

THE COTZ 398 1496 Feb-12

VIDA 527 2123 Feb-12TEMBELING

RESIDENCE 420 1496 Feb-12

VIDA 517 2226 Feb-12

TYRWHITT 139 495 1313 Feb-12

D' CASITA 538 1171 Feb-12

PARC IMPERIAL 409 1692 Feb-12

Source: URA

Proper ty Stoc ks

Company Price RNAV

Discto

RNAVNAV

/share

Disc/Prem to

NAVCapitaLand 2.46 5.03 -51% 3.51 -30%City Dev 9.93 12.62 -21% 7.66 30%Guocoland 1.56 NA NA 2.15 -27%Ho Bee 1.17 3.18 -63% 2.34 -50%Keppel land 2.85 5.77 -51% 3.81 -25%OUE 2.07 NA NA 3.53 -41%SC Global 0.975 3.49 -72% 1.56 -38%Singapore Land 5.53 9.71 -43% 11.78 -53%UIC 2.5 NA NA 3.16 -21%UOL 4.21 NA NA 6.49 -35%Wheelock 1.645 NA NA 2.35 -30%Wing Tai 1.285 2.81 -54% 2.51 -49%

N.A. = No Coverage *As at latest reported

Proper ty Pr ice Ind ic es Index Level Change

SRPI Overall (Mar 12) 165.4 +0.8%URA PPI (1Q12) 206.0 -0.1%HDB Resale (1Q12) 191.0 +0.6%

Government Land Sales (GLS)Recently Awarded Sites

Site

Sitearea

(k sqm) Units Awarded to

Landprice

(S$m)$psfppr

Kovan Road / Simon

Road

35.7 360Hoi Hup

consortium

195 507

Jervois Road 12.5 140 Singapore Land 119 881

Bedok SouthAvenue 3

60.2 595Far East/Frasers/Sekisui House

346 534

Hillview Avenue 35.4 370KingsfordDevelopment

243 638

Up Serangoon View/Up Serangoon Rd(EC)

43.4 435Ho Lee GroupPte & Evia RealEstate

142 303

Punggol Central/Edgefield (EC)

13.2 395Qingjian Realty(South Pacific)

137 320

Fernvale Lane (EC) 22.0 770 Peak Living Pte 245 296

Elias Rd/ Pasir RisDr 3

32.7 295ElitistDevelopment

166 461

Woodlands Ave 5/Woodlands Dr 16(EC)

25.8 720 Hao YuanInvestment

247 318

Tampines Central 7/Tampines Ave 7/Tampines Av 9 (EC)

20.8 580Singxpress,Creative Inv,Kay Lim

234 374

Tampines Avenue10 (Parcel A)

56.2 600F.E LakesidePte

253 418

Confirmed List

SiteSite area

(k sqm) UnitsTenderclosing

Boon Lay Way (Jurong Gateway) 48.7 590 29-May

Sengkang Square/ CompassvaleDrive

60.7 710 31-May

Pasir Ris Dr 3 22.3 670 5-June

Buangkok Drive/ Sengkang Central 18.3 620 12-June

Pheng Geck Avenue (Parcel B) 0.49 200 28-June

Reserve List (Recently Open for Tender)

Site area (k sqm) Units

Farrer Drive** 10.0 100

Jalan Jurong Kechil 14.2 240

Stirling Road 88.6 1045

Tampines Av 10 (Parcel B) 47.9 515

Farrer Rd 2.7 40

Alexandra View 41.2 455

Punggol Way/ Punggol Walk (EC) 18.7 560

Bishan Street 14 11.2 590

Source: HDB, URA**Accepted application on 11 May, site to be launched in twoweeks time.

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Pr imary Mark et

Totalno. ofunits

Unitssold

to-date

Take-up

rate(%)

Unitssold

(Apr)Median

($psf)

City & Southwest (1-8)

Eon Shenton 132 87 66% 87 2,485

Seahill 454 26 6% 26 1,337

Interlace 1040 718 69% 14 1,164

Marina Bay Suites 221 165 75% 12 2,675

Newton / Bukit Timah / Clementi (11,21)

Rochelle at Newton 129 108 84% 19 1,434

8 Bassein 74 16 22% 16 1,939

Balestier / MacPherson / Geylang (12-14)

18 Woodsville 101 74 73% 46 1,806

Smart Suites 72 66 92% 32 1,430

Cradels 125 57 46% 23 1,541

Idyllic Suites 71 42 59% 18 1,196

Riviera 38 102 56 55% 15 1,162

Vacanza @ East 473 425 90% 15 1,136

East Coast (15-16)

Katong Regency 244 244 100% 244 1,708

Archipelago 577 361 63% 91 1,062

91 Marshall 30 28 93% 27 1,463

Flamingo Valley 393 252 64% 26 1,259

Sycamore Tree 96 72 75% 19 1,400

The Seawind 222 107 48% 16 1,493

The Cristallo 74 49 66% 15 1,334

Changi / Pasir Ris (17-18)

Ripple Bay 679 491 72% 174 876

Palm Isles 429 250 58% 153 871Tampines Trilliant 670 375 56% 39 805

The Palette 892 643 72% 35 905

My Manhattan 301 147 49% 13 1,214

Arc at Tampines 574 492 86% 13 738

Serangoon / Thomson (19-20)

Sky Habitat 509 131 26% 131 1,583

The Promenade@Pelikat 164 106 65% 106 1,189

The Minton 1145 1129 99% 69 927

Thomson Grand 361 361 100% 68 1,292

Twin Waterfalls 728 676 93% 60 717

Parc Vera 452 341 75% 54 829

Riversound Residence 590 342 58% 49 865

Presto@Upper Serangoon 36 35 97% 35 1,279

The Luxurie 622 356 57% 34 1042Bartley Residences 702 284 40% 33 1,263

Terrasse 414 399 96% 20 1,008

Bliss@Kovan 140 92 66% 13 1,366

West (22-24)

Hillsta 416 154 37% 154 1,054

Natura@Hillview 193 103 53% 51 1,326

Blossom Residences 602 527 88% 25 705

The Rainforest 466 425 91% 24 771

Qube Suites 21 18 86% 18 1297

North (25-28)

The Nautical 435 286 66% 36 876

Seletar Park Residences 276 133 48% 36 1,161

Eight Courtyards 654 570 87% 15 829

The Springside 76 59 78% 14 1529Eight Courtyards 654 555 85% 13 827

Source: URA

Secondary Mark et

District$psf

Feb12$psf

Mar12MoM %change

City & Southwest 1,347 1,347 0.0

Orchard/Tanglin/Holland 1,776 1,743 -1.9Newton/Bukit Timah/Clementi 1,207 1,233 2.2

Balestier/MacPherson/Geylang 928 990 6.7

East Coast 977 1,031 5.5

Changi/Pasir Ris 774 802 3.7

Serangoon/Thomson 899 880 -2.2

West 793 791 -0.2

North 710 743 4.7

Source: URA

Renta l Mark et

District$psf pm

Feb12$psf pm

Mar12MoM %change

City & Southwest 4.8 4.6 -5.2

Orchard/Tanglin/Holland 4.6 4.5 -1.4Newton/Bukit Timah/Clementi 3.6 3.5 -3.2

Balestier/MacPherson/Geylang 3.2 3.1 -3.9

East Coast 3.3 3.2 -2.0

Changi/Pasir Ris 2.8 2.7 -2.0

Serangoon/Thomson 3.1 3.1 1.3

West 2.8 2.8 1.4

North 3.0 2.6 -12.9

Source: URA

Top 5 Resa le T ransact ions by $psf

Project Tenure District $psf

Helio Residences Freehold 9 3,516

8 Napier Freehold 10 3204Marina Collection 99 Yr (fm 2007) 4 2,825

Nassim 9 Freehold 10 2800

Belle Vue Residences Freehold 9 2,685

Source: URA

Bot t om 5 Resa le T ransact ions by $psf

Project Tenure District $psf

Lakeside Tower 99 Yr (fm 1975) 22 460

Lakepoint Condo 99 Yr (fm 1983) 22 580

Picardy Gardens Freehold 16 599

Elias Green 99 Yr (fm 1991) 18 600

Rosewood 99 Yr (fm 2000) 25 603

Source: URA

MARKET SNAPSHOT (CONTD) 24 May 2012Analyst: Alison FOK 65-6433 5745 [email protected]

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Developer District Landbank Tenure Unsold Units

City Dev

1 One Shenton (Marina Bay) 99Yr 20

3 Alexandra Road GLS site (Alexandra Road) 99Yr

5456 South Beach (Beach Road) 99Yr 1189 Futura (Leonie Road) Freehold 12210 Boulevard Hotel (Cuscaden Road) Freehold 20310 Lucky Tower (Grange Road) Freehold 17810 Volari (Balmoral Road) Freehold 110 Nouvel 18 (Anderson Road) Freehold 15611 Buckley Classique (Buckley Road) Freehold 517 Hedges Park (Flora Road) 99Yr 13818 The Palette (Pasir Ris) 99Yr 24918 Pasir Ris Drive 8 (4 + 5) (Pasir Ris) 99Yr 1,51718

Tampines/Upp Changi Rd North (Tampines/Upp Changi RdNorth) Freehold 605

19 H2O Residences (Sengkang West Ave) 99Yr 13519 Bartley Residences (Bartley Road) 99Yr 41819 Mount Vernon GLS site (Bartley Road) 99Yr 78519 HAUS@Serangoon Garden (Serangoon Garden Way) 99Yr 9023 The Rainforest (EC) (Choa Chu Kang Drive) 99Yr 4123 Blossom Residences (EC) (Segar Road) 99Yr 75

Sentosa Residences at W (Sentosa Cove) 99Yr 207Total Unsold Units 5,608

KepLand 1 Marina Bay Suites (Marina Bay) 99yr 562 Keppel & GE Towers site (Tanjong Pagar) Freehold 6204 Reflections at Keppel Bay (Keppel Bay) 99yr 2834 Keppel Bay Plot 3 (Keppel Bay) 99yr 3074 Keppel Bay Plot 4 (Keppel Bay) 99yr 2344 Keppel Bay Plot 6 (Keppel Bay) 99yr 9419 The Luxurie (Sengkang Square) 99yr 266

Total Unsold Units 1,860

CapitaLand

3 The Interlace (Gillman Heights) 99Yr 3229 Urban Resort (Cairnhill Rd) Freehold 399 Orchard Residences (Orchard Road) 99Yr 159 Wharf Residence (Tong Watt Road) 999Yr 510 D'Leedon (Farrer Rd) 99Yr 1,24510 The Nassim (Nassim Rd) Freehold 5515 Marine Point (Marine Parade) Freehold 15016 Bedok Residences (Bedok Central) 99Yr 6820 Sky Habitat (Bishan Street 14) 99Yr 37826 Yio Chu Kang site (Yio Chu Kang Rd) Freehold 140


Ho Bee Sentosa Seascape at Sentosa Cove (Sentosa Cove) 99yr 110Sentosa Pinnacle at Sentosa Cove (Sentosa Cove) 99yr 357

11 Trilight (Newton Road) 99Yr 7

Total Unsold Units 467

UOL 2 Spottiswoode Residences (Spottiswoode Park) Freehold 3316 Archipelago (Bedok Reservoir Rd) 99yr 216


Allgreen 2 Skysuites @ Anson (Enggor Street) 99Yr 1785 The Surrento (West Coast Road) Freehold 1319 RV Residences (River Valley) 999Yr 24810 Holland Residences (Taman Warna) Freehold 512 Riverbay (Mar Thorma Rd) 999Yr 14712 Riviera 38 (Mar Thorma Rd) 999Yr 4621 The Cascadia (Bukit Timah Road) Freehold 2023 Pavilion Park (Phase 1D) (Bukit Batok Road) Freehold 223 Pavilion Park (Phase 2) (Bukit Batok Road) Freehold 79


Wheelock 9 Scotts Square (Scotts Road) Freehold 7410 Ardmore 3 (Ardmore Park) Freehold 84


DEVELOPERS LANDBANK 24 May 2012

Analyst: Alison FOK 65-6433 5745 [email protected]

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DEVELOPERS LANDBANK (CONTD)

24 May 2012Analyst: Alison FOK 65-6433 5745 [email protected]

Developer District Landbank Tenure Unsold Units

Guocoland

2 Tanjong Pagar GLS white site (Peck Seah / Choon Guan) 99Yr 500

9 Sophia Residence (Mount Sophia) Freehold 210 Leedon Residence (Leedon Heights) 99Yr 38110 Goodwood Residence (Bukit Timah Road) Freehold 7626 The Waterline (Yio Chu Kang Rd) Freehold 34


Bt Sembawang

4 Skyline Residences (Telok Blangah) Freehold 669 The Vermont on Cairnhill (Cairnhill Rd) Freehold 549 Paterson Suites (Paterson Rd) Freehold 249 Paterson Suites II (Paterson Rd) Freehold 889 St Thomas Walk (St Thomas Walk) Freehold 22127 Watercove Villes (Wak Hassan Drive) Freehold 8028 Nim Road (Nim Road) Freehold 23228 Luxus Hills (Seletar Green) 999yr 70


Frasers Centrepoint

9 Starhub Centre (Cuppage Rd) 99yr 24915 Flamingo Valley (Siglap Rd) Freehold 14116 Waterfront Isle (Bedok Reservoir Rd) 99yr 2116 Bedok South GLS site (Bedok South Avenue 3) 99yr 59518 Seastrand (Pasir Ris Drive 3) 99yr 9218 Palm Isles (Flora Drive) 99yr 17919 Boathouse Residences (Hougang) 99yr 10719 Watertown (Punggol) 99yr 5419 Twin Waterfalls (Punggol Way / Punggol Field) 99yr 5227 Eight Courtyards (Yishun Ave 2) 99yr 84


Wing Tai

3 Ascentia Sky (Redhill) 99yr 149 HELIOS Residence (Cairnhill Circle) Freehold 649 Belle Vue Residences (Oxley Walk) Freehold 3810 Le Nouvel Ardmore (Ardmore Park) Freehold 4210 Anderson 18 (Ardmore Park) Freehold 15711 L'VIV (Newton Rd) Freehold 2723 Foresque Residences (Petir Road) 99yr 265


MCL Land

11 Palms @ Sixth Avenue (Six Avenue ) Freehold 3210 NOB Hill (Ewe Boon Rd) Freehold 7015 Casa Nassau (East Coast Rd) Freehold 6516 Uber 388 (Upper East Cost) Freehold 2317 Ripple Bay (Jalan Loyang Besar) 99Yr 18819 Terrasse (Hougang Ave 2) 99Yr 15


SC Global

9 The Marq (Paterson Hill) Freehold 359 Hilltops (Cairnhill Circle) Freehold 2039 Martin No. 38 (Martin Rd) Freehold 239 Sculptura Ardmore (Ardmore Park) Freehold 3510 The Ardmore (Ardmore Park) Freehold 50

Sentosa Seven Palms (Sentosa Cove) 99Yr 31Total Unsold Units 377

Grand Total 16,417

Source:HDB,URA

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APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLOSURES AND DISCLAIMERS

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