Bukit Sembawang Estates' shares soar on research report

Singapore

SHARES of Bukit Sembawang Estates surged on Thursday after a research house estimated that the property developer is worth S$7.55 a share, on the basis that the price of undeveloped land is marked to market.

On Thursday, DBS Group Research said in its report: "If we factor in its full development potential from its undeveloped landbank, excluding any potential uplift in plot ratio, revaluation net asset value could rise to S$10.35 a share."