Perennial Real Estate

Perennial Real Estate I Buy

April 6 close: $0.85

Target price: $1.05

Broker: DBS Group Research, April 6

Perennial Real Estate Holdings (PREH) has entered a 40:60 joint venture with Qingjian Group to develop Goodluck Gardens, a freehold residential site. Total gross development value could range up to $970 million to $1.1 billion.

While Qingjian can be seen as sharing the project risk with PREH, we note the consortium (PREH-Qingjian) has two bids for the Holland Village site and if awarded, will add significant exposure to the local property market.

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