[ET Net News Agency, 16 November 2017] Sino Land (00083) led a consortium of HK/China
developers - Shimao Property (00813), Wheelock and Co (00020), K Wah International (00173)
and Sea Holdings (00251) - to win one of the most expensive residential sites in Cheung
Sha Wan for HK$17.3bn, or HK$17.5k psf of GFA, Macquarie Research noted.
Market expectations ranged from HK$13.8bn to HK$17.8bn.
The price is compared with the nearby Cullinan West, which is currently selling at
HK$22-25k psf and is about to launch its second phase in coming weeks.
If Sino Land launches the units for sale at HK$30k psf four years from now, Macquarie
estimated a gross margin of 15%. It believes this is a much-needed urban project for the
company, in view of its insufficient saleable resources in the medium term.
Macquarie maintained its "neutral" rating on Sino Land, with a price target of HK$12.62.
(KL)
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00813 SHIMAO GROUP
Nominal 
0.320 +0.015 (+4.918%) Others
16/11/2017 12:23
[I-bank focus]MacQ see GM of 15% for Cheung Sha Wan land
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