SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

THE REAL DEALS – Ins & Outs of Singapore Real Estate

Singapore Co. Reg No: 198700034E

MICA (P) : 099/03/2012

22 November 2012

Hey Bartley! Sitting in the midst of industrial estates and Serangoon, Bartley houses clusters of old terraces and landed estates, as well as the Gurkha Cantonment and Mount Vernon Cemetery. As outlined in the 1998 Master Plan, the area would accommodate new public housing and other recreational facilities. To begin with, Bidadari Cemetery was fully cleared to make room for new bus interchanges and the downtown MRT line. Soon after, the URA began to launch parcels of land via the Government Land Sales (GLS) programme. With an estimated 1,705 units coming on-stream starting in 2015 so far, Bartley Road will soon be crowded. Bartley Road/Lorong How Sun site quipped developers’ interest in 2011, as the site was slated next to land parcels targeted for new HDB and retail developments. The 99-year leasehold received a total of eight bids. The winning bid of SGD413.3m, or SGD620.6psf ppr, came from the joint venture of Hong Leong Holdings, City Developments, and TID. Now known as Bartley Residences, it comprises four blocks with a total of 702 units. As of October 2012, the JV has sold 559 units. Just down the road, TA Corporation’s Gambir Ridge was launched in September; its take-up rate was an overwhelming 90% — 70 out of 77 units were sold in the first month. Previously Bartley Terrace, the site was sold in an enbloc sale for SGD40m in 2011. With a maximum GFA of 56,674.8sq ft, the land cost works out to SGD705psf ppr. Investors may have a few more choices coming up, as more sites in the area have been sold to developers recently. CDL and Hong Leong will spearhead the launch of another development site just opposite Bartley Residences. The site was purchased at a less bullish price of SGD388.1m, or SGD495psf ppr, implying a 25.4% discount to the older site, in January 2012. The site received five bids: the top bid from a JV of Fraser Centrepoint and Lum Chang Construction was 7.5% higher than the second-highest bid. Another site to look out for will be an amalgamation of Bartley Court, Bartley Grove, and three terrace houses. Together, they received an enbloc offer of SGD84.8m, or SGD794psf ppr, in April and August 2012, respectively. The project will house approximately 141 units.

Figure 1: Recent GLS and enbloc sales

Project Date of Award Developers

Land area(sq ft)

Plot ratio

Land cost (SGD m)

Land price(psf ppr)

No. units

Bartley Residences Mar-11 CDL, Hong Leong Holdings, TID 237,824 2.8 413.3 620.7 702 Gambir Ridge (Prev. Bartley Terrace) Jan-11 TA Corporation 40,482 1.4 40.0 705.8 77 Mount Vernon site Jan-12 CDL, Hong Leong Holdings, TID 224,011 3.5 388.1 495.0 785 Prev. Bartley Grove & 3 terrace houses Apr-12 Top Global 65,305 1.4 74.1 810.5 n/a Prev. Bartley Court Aug-12 Top Global 10,940 1.4 10.7 698.6 141

Source: URA, CNA Figure 2: Upcoming land parcel sold to CDL, Hong Leong & TID, and Bartley Residences

Source: URA

22 November 2012 Page 2 of 9

 THE REAL DEALSIns & Outs of Singapore Real Estate

TRANSACTIONS ALONG BARTLEY Figure 3: Transactions along Bartley Road

Source: URA Transaction trends. New condo developments such as Bartley Residences and Gambir Ridge are being transacted within the range of SGD1,008.0-1,432.4psf. Units under 750 sq ft are selling at SGD1,360.2 psf on average, while units above 1,500 sq ft have an ASP of SGD1,100 psf. Older estates such as Bartley Rise Estate and Bartley Villas experienced a good bump-up in resale prices that rose in tandem with the new sales. Developers more cautious than resale buyers. While we are seeing a few bullish resale transactions rising above SGD1,000 psf in the older estates, investors should take note of developers’ caution, as in the case of the Mount Vernon site price bid. Enbloc sales have also received lower-than-expected bids. For example, Bartley Grove had an asking price of SGD70m, implying land cost of SGD904psf ppr in 2010. The overall selling price that was negotiated was 11.5% lower than before 2012, when combined with three terrace houses.

Figure 4: Rental around Bartley Minimum (psf pm)

25th Percentile (psf pm)

Median (psf pm)

75th Percentile(psf pm)

Maximum (psf pm)

Change in median rental (%)

3Q11 2.2 2.4 2.5 2.6 2.7

4Q11 1.9 2.0 2.1 2.3 2.4 -15.5%

1Q12 2.4 2.5 2.6 2.7 2.9 20.2%

2Q12 0.9 1.1 1.3 1.4 1.6 -51.6%

3Q12 2.1 2.3 2.6 2.7 2.9 105.3%

Source: URA Figure 5: Master Plan 2008

Source: URA

200

400

600

800

1,000

1,200

1,400

1,600

Aug-07 Feb-08 Sep-08 Mar-09 Oct-09 May-10 Nov-10 Jun-11 Dec-11 Jul-12

Bartley Residences

Bartley Rise Estate

Bartley Villas

Casa Rosa

Bayou Residence

Gambir Ridge

La Dolce Vita

Sun Rosier

HDB Development

Mount Vernon site (CDL, Hong Leong, TID)

Bartley Residences TOP: Oct 2015

Gambir Ridge TOP: Dec 2015 Top Global’s site

22 November 2012 Page 3 of 9

 THE REAL DEALSIns & Outs of Singapore Real Estate

Figure x: Top five selling projects in each region CCR OCR RCR

Project Total Units

Units sold PSF Project

Total Units

Units sold PSF Project

Total Units

Units sold PSF

Jan-12 The Scotts Tower 231 9 3,331 Watertown 992 770 1,169 Farrer Park Suites 29 14 1,451 D'Leedon 1715 2 1,558 Hillier 528 387 1,289 Centra Residence 78 13 1,327 The Laurels 229 1 3,062 Parc Rosewood 689 198 951 Nottinghill Suites 124 11 1,596

The Coterie @ Holland 36 1 2,093 Rainforest 466 172 753 Silversea 383 6 1,731

Buckley Classique 64 1 2,089 Nautical 435 83 890 Central Imperial 63 5 1,050 Feb'12 Aspen Linq 18 17 1,951 Parc Rosewood 689 380 994 Guillemard Edge 275 275 1,215 D'Leedon 1715 6 1,750 Twin Waterfalls 728 257 727 Thomson Grand 361 51 1,305 The Scotts Tower 231 4 3,470 Tampines Trilliant 670 187 803 Centra Residence 78 36 1,353 Adria 105 3 1,885 The Rainforest 466 186 752 Nottinghill Suites 124 21 1,580

Skysuites@Anson 360 2 1,958 Watertown 992 182 1,341 Suites At Bukit Timah 71 16 1,631

Mar'12 The Scotts Tower 231 9 3,265 Twin Waterfalls 728 369 725 Millage 70 69 1,379 Altez 280 7 2,312 Ripple Bay 679 326 883 Thomson Grand 361 54 1,270 Vermont On Cairnhill 158 4 2,587 Tampines Trilliant 670 153 798 Sycamore Tree 96 41 1,388 Skysuites@Anson 360 4 2,042 The Minton 1145 118 890 Smart Suites 72 34 1,448 Rochelle At Newton 129 3 1,410 Riversound Res 590 115 880 Cradels 125 31 1,308 Apr'12 Eon Shenton 132 87 2,485 Ripple Bay 679 174 876 Katong Regency 244 244 1,709 Rochelle At Newton 129 19 1,434 Hillsta 416 154 1,054 Sky Habitat 509 131 1,583 8 Bassein 74 16 1,939 Palm Isles 429 153 871 Thomson Grand 361 68 1,292

Marina Bay Suites 221 12 2,675 Promenade@ Pelikat 164 106 1,189 18 Woodsville 101 46 1,806

The Scotts Tower 231 8 3,554 Archipelago 577 91 1,062 Smart Suites 72 32 1,430 May'12 D'Leedon 1715 30 1,484 Flo Residence 530 266 863 Eight Riversuites 862 192 1,340 Stellar Rv 120 17 2,039 1 Canberra 665 209 711 Urban Heritage 15 12 1,504 Eon Shenton 132 16 2,233 Seahill 454 200 1,383 Riviera 38 102 11 1,152 8 Bassein 74 16 1,955 Ripple Bay 679 61 863 Interlace 1040 10 1,160

Up@Robertson Quay 70 13 2,474 Archipelago 577 48 1,083

Skyline Residences 283 8 2,074

Jun’12 1919 75 74 2,042 River Isles 610 263 835 Eight Riversuites 862 31 1,381 8 Bassein 74 12 1,992 Sea Esta 376 255 906 Ness 62 12 1,302 D'Leedon 1715 9 1,459 Watercolours 416 201 735 M66 70 10 1,361

Stellar Rv 120 8 2,045 Flo Residence 530 62 820 Reflections At Keppel Bay 1129 6 1,828

Eon Shenton 132 5 2,295 Tropika East 105 59 1,312 Cityscape @Farrer Park 250 5 1,353

Jul'12 V On Shenton 510 144 2,061 Parc Centros 618 492 924 Eight Riversuites 862 33 1,400 The Mkz 42 30 1,976 Parc Olympia 486 204 874 M66 70 28 1,352

Stellar Rv 120 19 2,077 River Isles 610 86 836 The Line @ Tanjong Rhu 130 13 2,238

D'Leedon 1715 10 1,527 Bartley Res 702 59 1,343 Nottinghill Suites 124 12 1,549 Eon Shenton 132 7 2,291 Sea Esta 376 59 880 Idyllic Suites 71 11 1,252 Aug'12 V On Shenton 510 65 2,019 Parc Olympia 486 110 870 One Dusun Res 154 153 1,532 Leedon Res 381 27 1,970 Bartley Res 702 70 1,246 Eight Riversuites 862 47 1,283

Stellar Rv 120 21 2,022 Flo Residence 530 62 843 Cityscape @Farrer Park 250 23 1,384

Up@ Robertson Quay 70 11 2,825 River Isles 610 55 857 Metro Loft 31 17 1,404

8 Bassein 74 10 1,858 Archipelago 577 51 1,093 Riviera 38 102 15 1,117 Sep'12 Stellar Rv 120 60 2,048 Eco 748 402 1,283 Eight Riversuites 862 62 1,325 V On Shenton 510 49 2,244 Kovan Regency 393 369 1,275 Cradels 125 41 1,478

Leedon Res 381 26 1,898 Riversails 920 203 849 Cityscape @Farrer Park 250 27 1,407

8 Bassein 74 21 1,877 Foresque Res 496 104 1,090 28 Imperial Res 42 23 1,428 D'Leedon 1715 14 1,500 Bartley Res 702 78 1,221 Nin Residence 219 18 1,220 Source: Company data

22 November 2012 Page 4 of 9

 THE REAL DEALSIns & Outs of Singapore Real Estate

MARKET SNAPSHOT 22 November 2012 Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

Property Price Indices Index Level Change SRPI Overall (Aug 12) 1694 +1.2% URA PPI (3Q12) 208.0 +0.5% HDB Resale (3Q12) 197.9 +2.0%

Government Land Sales (GLS) Recently Awarded Sites

Site Units Awarded Land price

(S$m) $psf ppr

Boon Lay Way (Jurong Gateway)

590 MCL Land 370 706

Pasir Ris Drive 3/ Pasir Ris Drive 10

495 Capital Dev. 210 417

Buangkok Drive/ Sengkang Central

620 White Haven Prop. 301 508

Pheng Geck Avenue (Parcel B)

200 Santarli Corp. 115 202

Tanah Merah Kechil Road/ Tanah Merah Kechil Link

415 Fragrance Group & World Class Land

285 676

Bright Hill Drive 405 UVD (JV w/ Sing Land & UOL)

292 720

Farrer Drive 100 Singland 89 280

Tai Thong Crescent (Parcel C)

293 Verwood Holdings & Intrepid

245 793

Farrer Road 54 Far East Soho 46 1108

Punggol Way/ Punggol Walk (EC)

560 Qingjian Realty (South Pacific)

190 314

Woodlands Avenue 6/ Woodlands Drive 16 (EC)

465 Opal Pte, Binjai Holdings

150 302

Dairy Farm Road First Shine Prop & Meadows Bright

244 616

Prince Charles Crescent

590 Wingstar Inv, Metro Aus, Maxdin

516 960

New Upper Changi / Bedok Road (Parcel A)

700 Keppel Land 435 791

Confirmed List

Site

Site area (ha) Units

Est. launch

date Sengkang West Way/ Fernvale Link (Parcel B) (EC)

1.4 420 Closed

Pasir Ris Drive 3/ Pasir Ris Rise (EC) 2.8 590 Nov-12

Bishan Street 14 1.1 645 Launched Sembawang Crescent/ Sembawang Drive (EC)

2.3 650 Launched

Punggol Field Walk/ Punggol East (EC)

1.5 435 Launched

Ang Mo Kio Avenue 2/ Ang Mo Kio Street 13

1.8 680 Nov-12

Jurong West Street 41/ Boon Lay Way (Parcel A)

2.2 825 Nov-12

Commonwealth Avenue 1.2 700 Dec-12

Source: HDB, URA

Reserve List

Site Site area

(ha) Units Status

Jalan Jurong Kechil 1.0 240 Closed, 23

bids received Stirling Road 2.1 1045 Available

Tampines Av 10 (Parcel B) 1.7 515 Available

Kim Tian Road 0.6 500 Available

Sengkang West Way 1.7 na Available Alexandra Road/ Alexandra View (Parcel B)

0.9 495 Launched

Tampines Avenue 10 (Parcel C) 2.3 680 Available

Tampines Avenue 10 (Parcel D) 1.6 470 Available Jurong West Street 41/ Boon Lay Way (Parcel B)

1.9 600 Available

New Upper Changi Road / Bedok South Avenue 3 (Parcel B)

2.7 595 Avail. in Dec

Source: HDB, URA

Collective Sales Pending for offer

Site

Land area (k sq m)

Land price

(S$m) $psf ppr

Tender closes

Katong Park Towers 27.5 330-340 1145-1178

Nov 6

Successful En Bloc Deals

Site Awarded to

Land area (k sq m)

Land price

(S$m) $psf ppr

Westvale Roxy Pacific 5.8 77.5 883

Thomson View Consortium led by

Wee Hur 50.2 590 712

Green Lodge Private investor 14.0 192 907

Chateau Eliza Newfort Realty 4.9 92.2 1743

Novena Ville Fragrance Group 4.7 132 1730

Jade Towers Roxy Pacific 8.6 106 807

Bartley Grove Top Global 6.1 74 810

Sam Leong Mansion

JV between KSH, Tee Int’l, Heeton

and others 1.1 40.3 1086

Property Stocks

Company Price RNAV

Disc to

RNAV NAV

/share

Disc/ Prem to

NAV CapitaLand 3.37 5.15 -35% 3.54 -5% City Developments 11.28 12.62 -11% 7.66 47% Guocoland 2.4 NA NA 2.13 13% Ho Bee 1.53 2.98 -49% 2.34 -35% Keppel land 3.39 5.86 -42% 3.64 -7% OUE 2.6 NA NA 3.44 -24% SC Global 1.135 NA NA 1.48 -23% Singapore Land 6.8 10.72 -37% 11.69 -42% UIC 2.76 NA NA 3.16 -13% UOL 5.39 NA NA 7.19 -25% Wheelock Properties 1.83 NA NA 2.42 -24% Wing Tai 1.69 2.81 -40% 2.51 -33%

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

22 November 2012 Page 5 of 9

 THE REAL DEALSIns & Outs of Singapore Real Estate

Primary Market

Total no. of units

Units sold

to-date

Take-up

rate (%)

Units sold

(Sep) Median ($psf)

City & Southwest (1-8)

V On Shenton 510 277 54% 33 2263 Cityscape @Farrer Park 250 151 60% 27 1412 Orchard/Tanglin/Holland (9-10) Leedon Residence 381 73 19% 23 1887 D'Leedon 1715 549 32% 13 1480 Newton / Bukit Timah / Clementi (11,21)

Balestier / MacPherson / Geylang (12-14)

Sky Green 176 145 82% 145 1516 The Interweave 169 156 92% 19 1140 Eight Riversuites 862 372 43% 15 1360 28 Imperial Residences 42 42 100% 14 1377 The Viridian 108 41 38% 11 1463 East Coast (15-16)

Eco 748 538 72% 149 1392 Bedok Residences 583 548 94% 11 1270 Changi / Pasir Ris (17-18)

The Palette 892 835 94% 35 892 Watercolours (EC) 416 270 65% 28 719 Tampines Trilliant (EC) 670 578 86% 25 804 Parc Olympia 486 403 83% 20 858 Ripple Bay 679 623 92% 18 884 Palm Isles 429 350 82% 18 936 My Manhattan 301 280 93% 15 1208 Sea Esta 376 368 98% 14 891 Hedges Park Condo 501 407 81% 14 885 Serangoon / Thomson (19-20)

Heron Bay (EC) 394 354 90% 354 738 Riversails 920 472 51% 271 848 Waterbay (EC) 383 221 58% 221 752 Bartley Residences 702 613 87% 78 1224

River Isles 610 532 87% 61 831 Riversound Residence 590 473 80% 52 852 The Luxurie 622 538 86% 50 1080 Flo Residence 530 510 96% 39 875 Parc Centros 618 617 100% 27 1213 Boathouse Residences 493 448 91% 26 913 Parc Vera 452 445 98% 12 942 Sky Habitat 509 141 28% 10 1523 West (22-24)

Foresque Residences 496 412 83% 54 1181 Hillsta 416 254 61% 19 1140 North (25-28)

Skies Miltonia 420 309 74% 309 1034 1 Canberra (EC) 665 327 49% 32 722 The Nautical 435 381 88% 20 889 Seletar Park Residence 276 217 79% 17 846

Source: URA

Secondary Market District

$psf Sep’12

$psf Oct’12

MoM % change

City & Southwest 1,605 1,501 -6.5 Orchard/Tanglin/Holland 2,020 1,836 -9.1 Newton/Bukit Timah/Clementi 1,365 1,354 -0.8 Balestier/MacPherson/Geylang 1,245 1,113 -10.6 East Coast 1,136 1,091 -4.0 Changi/Pasir Ris 884 827 -6.4 Serangoon/Thomson 997 1,004 0.7 West 992 915 -7.8 North 916 823 -10.2

Source: URA

Rental Market District

$psf pm Aug’12

$psf pm Sept’12

MoM % Change

City & Southwest 3.9 5.0 27.7 Orchard/Tanglin/Holland 3.7 4.5 22.7 Newton/Bukit Timah/Clementi 3.0 3.6 19.7 Balestier/MacPherson/Geylang 3.0 3.6 18.9 East Coast 2.9 3.4 15.5 Changi/Pasir Ris 2.6 2.8 6.9 Serangoon/Thomson 2.8 3.2 13.4 West 2.7 2.9 8.9 North 2.5 2.8 10.4

Source: URA

Top 5 Resale Transactions by $psf Project Tenure District $psf

Helios Residences Freehold 9 3465 8 Napier Freehold 10 3421 Ardmore Park Freehold 10 3155 Helios Residences Freehold 9 3130 Ardmore Park Freehold 10 3078

Source: URA

Bottom 5 Resale Transactions by $psf Project Tenure District $psf Northvale 99 yr fm 1995 23 500 Southaven II 999 Yr fm 1877 21 572 Edelweiss Park Condo Freehold 17 576 Lakeside Apartments 99 yr fm 1977 22 598 Tampines Court 101 Yr fm 1985 18 604

Source: URA

 

MARKET SNAPSHOT(CONT’D) 22 November 2012 Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

22 November 2012 Page 6 of 9

 THE REAL DEALSIns & Outs of Singapore Real Estate

Developer District Landbank Tenure Unsold Units

City Dev

1 One Shenton (Marina Bay) 99 20 3 Alexandra Road GLS site (Alexandra Road) 99 560 6 South Beach (Beach Road) 99 118 9 Futura (Leonie Road) Freehold 122 9 Up @ Robertson Quay (Robertson Quay) 99/103 27

10 Boulevard Hotel (Cuscaden Road) Freehold 203 10 Lucky Tower (Grange Road) Freehold 178 10 Nouvel 18 (Anderson Road) Freehold 156 11 Buckley Classique (Buckley Road) Freehold 3 17 Hedges Park (Flora Road) 99 94 18 The Palette (Pasir Ris) 99 57

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

19 H2O Residences (Sengkang West Ave) 99 130 19 Bartley Residences (Bartley Road) 99 89 19 Mount Vernon GLS site (Bartley Road) 99 785 19 Haus @ Serangoon Garden (Serangoon Garden Way) 99 23

Sentosa Residences at W (Sentosa Cove) 99 207 15, 19 & 21 Swiss Road (Swiss Club Road) Freehold

Total Unsold Units 3,377 KepLand 1 Marina Bay Suites (Marina Bay) 99 35 2 Keppel & GE Towers site (Tanjong Pagar) Freehold 590 4 Reflections at Keppel Bay (Keppel Bay) 99 256 4 Keppel Bay Plot 3 (Keppel Bay) 99 367 4 Keppel Bay Plot 4 (Keppel Bay) 99 234 4 Keppel Bay Plot 5 (Keppel Bay) 99 94 19 The Luxurie (Sengkang Square) 99 84 16 Tanah Merah Site (Tanah Merar) 99 700 Total Unsold Units 2,360

CapitaLand

3 The Interlace (Gillman Heights) 99Yr 303 9 Urban Resort (Cairnhill Rd) Freehold 38 9 Orchard Residences (Orchard Road) 99Yr 13 9 Wharf Residence (Tong Watt Road) 999Yr 5

10 D'Leedon (Farrer Rd) 99Yr 1,166 10 The Nassim (Nassim Rd) Freehold 55 15 Marine Point (Marine Parade) Freehold 150 16 Bedok Residences (Bedok Central) 99Yr 35

20 Sky Habitat (Bishan Street 14) 99Yr 368 26 Yio Chu Kang site (Yio Chu Kang Rd) Freehold 140 Total Unsold Units 2,273 Ho Bee Sentosa Seascape at Sentosa Cove (Sentosa Cove) 99yr 1 Sentosa Pinnacle at Sentosa Cove (Sentosa Cove) 99yr 110 11 Trilight (Newton Road) 99Yr 357 Total Unsold Units 468 UOL 2 Spottiswoode Residences (Spottiswoode Park) Freehold 17 16 Archipelago (Bedok Reservoir Rd) 99yr 3 19 Bright Hill Drive (Bright Hill) 99yr 405 16 St Patricks Road (Upper East Coast) Freehold 170 Total Unsold Units 595 Allgreen 2 Skysuites @ Anson (Enggor Street) 99Yr 161 5 The Surrento (West Coast Road) Freehold 131 9 RV Residences (River Valley) 999Yr 248 10 Holland Residences (Taman Warna) Freehold 5 12 Riverbay (Mar Thorma Rd) 999Yr 147 12 Riviera 38 (Mar Thorma Rd) 999Yr 6 21 The Cascadia (Bukit Timah Road) Freehold 20 23 Pavilion Park (Phase 1D) (Bukit Batok Road) Freehold 2 23 Pavilion Park (Phase 2) (Bukit Batok Road) Freehold 62 Total Unsold Units 782 Wheelock 9 Scotts Square (Scotts Road) Freehold 72 10 Ardmore 3 (Ardmore Park) Freehold 84 Total Unsold Units 156

   

DEVELOPER’S LANDBANK 22 November 2012 Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

22 November 2012 Page 7 of 9

 THE REAL DEALSIns & Outs of Singapore Real Estate

 

DEVELOPER’S LANDBANK (CONT’D) 22 November 2012 Analyst: Alison FOK 65-6433 5745 alisonfok@kimeng.com

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 2

10 Leedon Residence (Leedon Heights) 99Yr 308 10 Goodwood Residence (Bukit Timah Road) Freehold 74 26 The Waterline (Yio Chu Kang Rd) Freehold 4 Total Unsold Units 888

Bt Sembawang

4 Skyline Residences (Telok Blangah) Freehold 57 9 The Vermont on Cairnhill (Cairnhill Rd) Freehold 40 9 Paterson Suites (Paterson Rd) Freehold 24 9 Paterson Suites II (Paterson Rd) Freehold 88 9 St Thomas Walk (St Thomas Walk) Freehold 221

27 Watercove Villes (Wak Hassan Drive) Freehold 80 28 Nim Road (Nim Road) Freehold 232 28 Luxus Hills (Seletar Green) 999yr 68

Total Unsold Units 810

Frasers Centrepoint

9 Starhub Centre (Cuppage Rd) 99yr 249 15 Flamingo Valley (Siglap Rd) Freehold 32 16 Waterfront Isle (Bedok Reservoir Rd) 99yr 10 16 Bedok South GLS site (Bedok South Avenue 3) 99yr 595 18 Seastrand (Pasir Ris Drive 3) 99yr 67 18 Palm Isles (Flora Drive) 99yr 79 19 Boathouse Residences (Hougang) 99yr 45 19 Watertown (Punggol) 99yr 26 19 Twin Waterfalls (Punggol Way / Punggol Field) 99yr 2 27 Eight Courtyards (Yishun Ave 2) 99yr 25

Total Unsold Units 1,130

Wing Tai

9 HELIOS Residence (Cairnhill Circle) Freehold 64 9 Belle Vue Residences (Oxley Walk) Freehold 38

10 Le Nouvel Ardmore (Ardmore Park) Freehold 42 10 Anderson 18 (Ardmore Park) Freehold 157 11 L'VIV (Newton Rd) Freehold 13 23 Foresque Residences (Petir Road) 99yr 84 10 Nouvel 18 (Anderson Road) Freehold 156

Total Unsold Units 554

MCL Land

11 Palms @ Sixth Avenue (Six Avenue ) Freehold 32 10 NOB Hill (Ewe Boon Rd) Freehold 70 15 Casa Nassau (East Coast Rd) Freehold 65 16 Uber 388 (Upper East Cost) Freehold 23 17 Ripple Bay (Jalan Loyang Besar) 99Yr 56

22 Boon Lay (Jurong East) 99Yr 590 Total Unsold Units 836

SC Global

9 The Marq (Paterson Hill) Freehold 33 9 Hilltops (Cairnhill Circle) Freehold 196 9 Martin No. 38 (Martin Rd) Freehold 21 9 Sculptura Ardmore (Ardmore Park) Freehold 35

Sentosa Seven Palms (Sentosa Cove) 99Yr 31 Total Unsold Units 316 Grand Total 14545

Source: HDB, URA 

22 November 2012 Page 8 of 9

 THE REAL DEALSIns & Outs of Singapore Real Estate

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

DISCLAIMERS

This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as an offer to sell or a solicitation of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Opinions or recommendations contained herein are in form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from the relevant jurisdiction’s stock exchange in the equity analysis. Accordingly, investors’ returns may be less than the original sum invested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment advice and does not take into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report. Investors should therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report.

The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank Investment Bank Berhad, its subsidiary and affiliates (collectively, “MKE”) and consequently no representation is made as to the accuracy or completeness of this report by MKE and it should not be relied upon as such. Accordingly, MKE and its officers, directors, associates, connected parties and/or employees (collectively, “Representatives”) shall not be liable for any direct, indirect or consequential losses or damages that may arise from the use or reliance of this report. Any information, opinions or recommendations contained herein are subject to change at any time, without prior notice.

This report may contain forward looking statements which are often but not always identified by the use of words such as “anticipate”, “believe”, “estimate”, “intend”, “plan”, “expect”, “forecast”, “predict” and “project” and statements that an event or result “may”, “will”, “can”, “should”, “could” or “might” occur or be achieved and other similar expressions. Such forward looking statements are based on assumptions made and information currently available to us and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed in any forward looking statements. Readers are cautioned not to place undue relevance on these forward-looking statements. MKE expressly disclaims any obligation to update or revise any such forward looking statements to reflect new information, events or circumstances after the date of this publication or to reflect the occurrence of unanticipated events.

MKE and its officers, directors and employees, including persons involved in the preparation or issuance of this report, may, to the extent permitted by law, from time to time participate or invest in financing transactions with the issuer(s) of the securities mentioned in this report, perform services for or solicit business from such issuers, and/or have a position or holding, or other material interest, or effect transactions, in such securities or options thereon, or other investments related thereto. In addition, it may make markets in the securities mentioned in the material presented in this report. MKE may, to the extent permitted by law, act upon or use the information presented herein, or the research or analysis on which they are based, before the material is published. One or more directors, officers and/or employees of MKE may be a director of the issuers of the securities mentioned in this report.

This report is prepared for the use of MKE’s clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in whole or in part in any form or manner without the prior express written consent of MKE and MKE and its Representatives accepts no liability whatsoever for the actions of third parties in this respect.

This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. This report is for distribution only under such circumstances as may be permitted by applicable law. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply based on geographical location of the person or entity receiving this report.

Malaysia

Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from Bursa Malaysia Securities Berhad in the equity analysis.

Singapore

This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Kim Eng Research Pte. Ltd. (“Maybank KERPL”) in Singapore has no obligation to update such information for any recipient. For distribution in Singapore, recipients of this report are to contact Maybank KERPL in Singapore in respect of any matters arising from, or in connection with, this report. If the recipient of this report is not an accredited investor, expert investor or institutional investor (as defined under Section 4A of the Singapore Securities and Futures Act), Maybank KERPL shall be legally liable for the contents of this report, with such liability being limited to the extent (if any) as permitted by law.

Thailand

The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based on inside information.The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey may be changed after that date. Maybank Kim Eng Securities (Thailand) Public Company Limited (“MBKET”) does not confirm nor certify the accuracy of such survey result.

Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of MBKET. MBKET accepts no liability whatsoever for the actions of third parties in this respect.

US

This research report prepared by MKE is distributed in the United States (“US”) to Major US Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended) only by Maybank Kim Eng Securities USA Inc (“Maybank KESUSA”), a broker-dealer registered in the US (registered under Section 15 of the Securities Exchange Act of 1934, as amended). All responsibility for the distribution of this report by Maybank KESUSA in the US shall be borne by Maybank KESUSA. All resulting transactions by a US person or entity should be effected through a registered broker-dealer in the US. This report is not directed at you if MKE is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material concerning investments to you under relevant legislation and regulations.

UK

This document is being distributed by Maybank Kim Eng Securities (London) Ltd (“Maybank KESL”) which is authorized and regulated, by the Financial Services Authority and is for Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial Services and Markets Act 2000 within the UK. Any inclusion of a third party link is for the recipients convenience only, and that the firm does not take any responsibility for its comments or accuracy, and that access to such links is at the individuals own risk. Nothing in this report should be considered as constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own independent tax advisers.

22 November 2012 Page 9 of 9

 THE REAL DEALSIns & Outs of Singapore Real Estate

DISCLOSURES Legal Entities Disclosures

Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938-H) which is a Participating Organization of Bursa Malaysia Berhad and a holder of Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This material is issued and distributed in Singapore by Maybank KERPL (Co. Reg No 197201256N) which is regulated by the Monetary Authority of Singapore. Indonesia: PT Kim Eng Securities (“PTKES”) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. Thailand: MBKET (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Philippines: Maybank ATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities and Exchange Commission. Vietnam: Maybank Kim Eng Securities JSC (License Number: 71/UBCK-GP) is licensed under the State Securities Commission of Vietnam.Hong Kong: KESHK (Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: Kim Eng Securities India Private Limited (“KESI”) is a participant of the National Stock Exchange of India Limited (Reg No: INF/INB 231452435) and the Bombay Stock Exchange (Reg. No. INF/INB 011452431) and is regulated by Securities and Exchange Board of India. KESI is also registered with SEBI as Category 1 Merchant Banker (Reg. No. INM 000011708) US: Maybank KESUSA is a member of/ and is authorized and regulated by the FINRA – Broker ID 27861. UK: Maybank KESL (Reg No 2377538) is authorized and regulated by the Financial Services Authority.

Disclosure of Interest Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further act as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment banking services, advisory and other services for or relating to those companies.

Singapore: As of 22 November 2012, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report.

Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the research report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report.

Hong Kong: KESHK may have financial interests in relation to an issuer or a new listing applicant referred to as defined by the requirements under Paragraph 16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.

As of 22 November 2012, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.

MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment and may receive compensation for the services provided from the companies covered in this report.

OTHERS Analyst Certification of Independence

The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of the research analyst’s compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.

Reminder

Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase.

No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.

Ong Seng Yeow | Executive Director, Maybank Kim Eng Research