Cityscape@Farrer Park hits 152 sold units

Significant surge from June's data.

According to OCBC, Cityscape@Farrer Park accounts for an estimated 53% (S$63.9m) of total gross profits for the existing development portfolio of KSH.

Here's more from OCBC:

We conducted an independent visit to the site yesterday and found that 61% (152 out of 250 total units) have been sold to date, up significantly from 22% sold as of end Jun 2012.

Current price levels are just north of S$1.4k psf – marginally above our forecast - after management raised prices a month ago. From our channel checks, buyer interest for Cityscape appears to be firm with healthy show-flat attendances during weekends; this despite recent property curbs limiting loan tenures.

After visually inspecting the construction site, we judged it likely that progressive recognition for Cityscape would begin in 2QFY13 and boost earnings (to be announced in mid Nov 2012) by an estimated $3.5m to S$4.5m, driving a substantial YoY increase over last year’s quarterly PATMI of S$5.2m.

This increased visibility of development earnings would likely be a positive share price catalyst ahead, in our view.