Brokers' take

GuocoLand | Add Target Price: S$2.88 March 20 close: S$2.14 CGS-CIMB Securities, March 19

GUOCOLAND on Monday announced that it has, together with Intrepid Investments and Hong Realty, successfully tendered for the en bloc sale of the Pacific Mansion condominium site.

The deal follows the success of the nearby Martin Modern launch and underlines the developer's confidence and optimism on the Singapore private residential market outlook. In addition, it would extend GuocoLand's residential development income visibility. We think the project could likely be launch-ready only from 2019.