According to information from EdgeProp Singapore, Lee notes: “The 50% take-up for UOL’s Meyer Blue exceeded our expectations, which we attribute to exclusive location, freehold status and relative pent-up demand, though similar take-ups should not be replicated across the majority of upcoming projects given different attributes, in our view.”
Citi Research analyst Brandon Lee is keeping his “buy” call on UOL Group (UOL) with an unchanged target price of $9.20 following the 50% take-up of its Meyer Blue asset at an average selling price of $3260 per sq ft on the first day of its private launch.
Meyer Blue is a freehold 226-unit mid-end condominium owned and developed by a 80%/20% joint venture (JV) between UOL and its 50.4%-owned Singapore Land Group (SGX:U06
) .
