|KGI Securities (Singapore) report:
The group launched the sale of its 735-unit private residential project Parc Botannia at Fernvale Road in November 2017.
It has already issued options to purchase up to 43% of the units as of 26 Feb 2018, just four months within launch.
We estimate an average selling price (ASP) of S$1,250 psf, which is 25% higher than our initial estimates of S$1,000 psf.
As a result, we raise our RNAV estimate to S$0.98 and apply a 30% discount to arrive at a fair value of S$0.68 (+55% upside potential).
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