The second project to be launched after 5-Jul-18’s cooling measures, The Tre Ver, sold 140-150 units during its first weekend of launch, with average pricing of S$1,500-1,600 psf in line with our estimates and should yield a solid PBT margin of 17-22% for UOL.

However, we are slightly disappointed at the take-up, given over 300 cheques collected beforehand and its competitive pricing vs. recently launched Park Colonial.

We believe prospective buyers are maintaining their wait-and-see approach, with an eye on two upcoming nearby launches (Jadescape and Jui Residences) which have a lower land cost and imply an even lower selling price than The Tre Ver.

Also read: Tre Ver Condo at Potong Pasir

We think this launch performance could have some slight kneejerk negative share price impact on UOL, but view any weakness to buy the stock in view of: (1) undemanding valuations, with a P/B of 0.62x and an …