

Global Research

Singapore Residential

18 August 2014

Equities

July: Do you live in the East?

Singapore Real Estate

July home sales remained sluggish amidst fewer launches Buying activity remained muted in July, with 484 private residential units sold (excluding executive condos), flat versus June as developers continued to hold back their launch plans. Four new condo projects totalling 619-units were launched in month, with an average take-up rate of 22%. The top selling project in the month was City Gate, a 311-unit project located in the city fringe, with 89-units sold at S$1,809psf. High-end residential projects (≥ S$2,000psf) saw an improvement in buying interest, forming 16.5% of the total non-EC sales, versus an average of 7.5% since 2012.

Michael Lim Analyst [email protected] +65-6495 5902

Robin Xie Analyst [email protected] +65-6495 2708

Bonanza for those in proximity to the TEL Line, completion in 10 years though The Land Transport Authority (LTA) announced locations of the train stations for the 13km East Coast stretch of the Thomson-East Coast Line (TEL). The rail system will be fully underground, with 9 stations in total. Construction will commence in 2016 and complete by 2023-2024, boosting connectivity to the CBD and the Changi Business Park area, while alleviating congestion on the existing East-West Line. We estimate that asset values of mass/mid-market residential projects adjacent to train stations are typically 10-20% higher than comparable ones located >1km away. As such, over time we expect a divergence of property values around the newly announced TEL station locations (see Pages 3-5 for station maps). Upcoming condo launches by UOL Group & CapitaLand well-timed We believe the announcement of the TEL station locations could provide tailwinds for new property launches in the vicinity. In particular, UOL Group's upcoming condo launch Seventy St. Patrick's will be immediately next to Marine Terrace station (see Figure 10), and we believe this will enhance buying interest in the project. Similarly, CapitaLand's Marine Blue condo will be next to Marine Parade station (see Figure 9), which we believe could help the project fetch a higher selling price. Sector picks: Prefer diversified developers over residential pure plays We like UOL and CapitaLand for their diversified earnings and restructuring potential.

Figure 1: Private resi primary sales volumes (ex-ECs)

Figure 2: Eastern stretch of the Thomson-East Coast line

3,000 2,500 2,000 1,500 1,000 500 -

Jan Feb Mar Apr May Jun 2012

2013

Source: URA, UBS

Jul Aug Sep Oct Nov Dec 2014 Source: Land Transport Authority (reproduced with permission)

www.ubs.com/investmentresearch

This report has been prepared by UBS Securities Pte. Ltd. (Reg. No. 198500648C). ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE 16. UBS does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

July private home sales flat vs June 

July home sales remained sluggish amidst fewer launches. Buying activity remained muted in July, with 484 private residential units sold (excluding executive condos), flat versus June as developers continued to hold back their launch plans. Four new condo projects totalling 619-units were launched in month, with an average take-up rate of 22%.



Top selling projects. The top selling project in July was the newly launched City Gate, a mid/high-end project located in the city fringe, developed by Fragrance Group & World Class Land (a subsidiary of Aspial Corp). 29% of the project's 311-units were sold at a median price of S$1,809psf, which we think was reasonable given current market conditions. All in, the top 5 projects formed 40.3% of total non-EC sales.

Figure 3: Top selling projects in July 2014 Total units

% of total

Units sold

Median price

sold to-date

units sold

in July

(S$psf)

311

89

29%

89

1,809

Bukit Sembawang

158

158

100%

37

2,113

Marne Road

Goodland Group

54

23

43%

23

1,585

The Panorama

Ang Mo Kio Avenue 2

Wheelock Properties

698

223

32%

23

1,231

Coco Palms

Pasir Ris Grove

CDL, Hong Leong, Hong Realty

944

657

70%

23

982

Waterwoods EC

Punggol Field Walk

UE E&C Group, Sing Holdings

373

236

63%

23

807

Project Name

Location

Developer

Total units

City Gate

Beach Road

World Class Land, Fragrance Group

The Vermont on Cairnhill

Cairnhill Rise

The Citron Residences

Note: Sorted by units sold in July. Source: URA, UBS

Improvement in high-end residential sales. High-end new home sales (units ≥ S$2,000psf) saw a MoM improvement, with 80 units sold during the month of July. The top selling project in this segment was Bukit Sembawang's The Vermont on Cairnhill, where the last 37 units of the project were sold at a median price of S$2,113psf. Meanwhile, Guocoland's Clermont Residence recorded the highest selling price in July, with 1 unit sold at S$3,244psf. All in, high-end sales formed 16.5% of the total non-EC sales, higher compared to an average of 7.5% since January 2012. Figure 5: Top 5 projects as a % of total sales (ex-ECs)

Non-EC units ≥ S$2,000psf

Non-EC units < S$2,000 psf

Source: URA, UBS

Singapore Residential 18 August 2014

1,000

40%

800

30%

600

20%

400

10%

200 0

Top 5 unit sales (RHS)

Jul-14

Jun-14

Apr-14

May-14

Mar-14

Jan-14

Feb-14

0% Dec-13

Jul-14

Apr-14

Jan-14

Oct-13

Jul-13

Apr-13

Jan-13

Oct-12

Jul-12

Apr-12

Jan-12

0%

50%

Oct-13

5%

1,200

Nov-13

10%

1,400

60%

Sep-13

15%

1,600

70%

Jul-13

20%

80%

Aug-13

25%

Jun-13

Figure 4: High-end sales as a % of total sales (ex-ECs)

May-13



Top 5 % of total sales (LHS)

Source: URA, UBS

 2

Thomson-East Coast station locations Construction for the 13km East Coast stretch of the Thomson-East Coast Line (TEL) will commence in 2016 and complete by 2023-2024. Capital values of mass/midmarket residential projects adjacent to train stations are typically at a 10-20% premium to those located more than 1km away. As such, over time we expect to see a divergence of property values around the newly announced TEL station locations. Figure 6: Tanjong Rhu station (TE23)

Figure 7: Katong Park station (TE24)

Source: LTA

Source: LTA



Figure 7: We think the developer of the freehold 130-unit The Line @ Tanjong Rhu is likely to remarket the project given its accessibility to the Katong Park station. To date, only 32% of the project is sold with a last transacted price of S$2,100psf in 2013.

Figure 8: Amber station (TE25)

Figure 9: Marine Parade station (TE26)

Source: LTA

Source: LTA, UBS



Figure 8: The freehold 109-unit Amber Skye by China Sonangol Land was recently launched in June. To date, 5 units have been sold at an average pricing of S$1,800psf.



Figure 9: The Marine Parade station is located near retail amenities like 112 Katong owned by Perennial Katong Retail Trust (major shareholders Alpha Partners and Breadtalk Group), and Parkway Parade owned by Parkway Parade Partnership Limited Fund (managed by Lend Lease), and would be supportive of

Singapore Residential 18 August 2014

 3

retail capital values. CapitaLand intends to launch the 124-unit freehold Marine Blue in the coming months, and we believe the established retail offering and now proximity to the TEL station should fuel buyer interest in the project. Figure 10: Marine Terrace station (TE27)

Figure 11: : Siglap station (TE28)

Source: LTA, UBS

Source: LTA

Figure 10: Kudos to the management of UOL for having repeat success at securing sites at upcoming stations. In 2012, UOL secured a Bright Hill Drive site (now Thomson Three condo) just before the stations for the Thomson MRT line was announced. The 445-unit Thomson Three is now 92% sold since its September 2013 launch. Like before, we think the announcement of the Marine Terrace station will facilitate take-up for UOL's 186-unit Seventy St. Patrick's. Figure 12: Bayshore station (TE29)

Figure 13: Bedok South station (TE30)

Source: LTA

Source: LTA

Singapore Residential 18 August 2014

 4

Figure 14: Sungei Bedok station (TE31 / DT37)

Source: LTA

Sector picks We prefer diversified developers over pure residential developers. Our top picks are UOL Group and CapitaLand for their diversified earnings, mid-term restructuring potential, and attractive valuations.

Singapore Residential 18 August 2014

 5

Appendix Figure 15: Resale transactions (S$ psf) Project

Q213

MARINA BAY RESIDENCES

3,080

-

3,092

-

2,100

1,900

THE CLIFT

2,424

2,352

-

REFLECTIONS AT KEPPEL BAY

1,803

1,931

2,134

ONE SHENTON

Q313

Q413

Q214

QoQ

YoY

3,017

2,538

-16%

-18%

1,958

1,925

-2%

NA

2,413

1,931

-20%

-20%

1,770

1,959

11%

9%

Q114

-

2,129

-

2,114

2,044

-3%

NA

THE SAIL @ MARINA BAY

2,026

2,152

2,072

2,310

2,023

-12%

0%

HELIOS RESIDENCES

3,418

3,566

3,262

2,964

2,835

-4%

-17%

PATERSON SUITES

2,596

-

2,150

-

-

NA

NA

THE COSMOPOLITAN

2,127

2,062

2,077

1,995

-

NA

NA

ARDMORE PARK

THE TRILLIUM

3,311

3,293

3,640

-

3,016

NA

-9%

ARDMORE II

-

-

2,896

-

-

NA

NA

YONG AN PARK

-

1,858

-

-

-

NA

NA

MELROSE PARK

1,736

1,823

-

-

-

NA

NA

High-end average

2,502

2,327

2,580

2,318

2,284

-1%

-9%

SOLEIL @ SINARAN

1,776

2,074

1,967

2,047

-

NA

NA

CARIBBEAN AT KEPPEL BAY

1,648

1,637

1,654

1,563

1,618

4%

-2%

ONE-NORTH RESIDENCES

1,439

1,637

1,423

-

1,289

NA

-10%

ASPEN HEIGHTS

1,610

1,600

1,575

1,538

1,501

-2%

-7%

VALLEY PARK

1,593

1,569

1,480

1,529

1,469

-4%

-8%

1,641

-

1,678

1,731

1,831

6%

12% -8%

WATERMARK ROBERTSON QUAY RESIDENCES @ EVELYN

1,836

-

1,871

1,750

1,685

-4%

SKY@ELEVEN

1,752

1,577

-

1,685

1,615

-4%

-8%

COSTA RHU

1,285

1,246

1,408

1,474

1,255

-15%

-2%

COTE D'AZUR

1,222

1,158

1,251

1,246

1,276

2%

4%

THE SEAFRONT ON MEYER

1,751

-

1,675

1,802

1,594

-12%

-9%

Mid-end average

1,596

1,562

1,598

1,637

1,513

-8%

-5%

-

1,199

1,207

1,194

1,112

-7%

NA

1,184

-

1,074

-

1,295

NA

9%

DOUBLE BAY RESIDENCES CASPIAN

-

-

1,072

985

1,048

6%

NA

CITYLIGHTS

1,747

1,622

1,622

1,620

1,539

-5%

-12%

THE TREVOSE

1,508

1,386

1,384

-

1,298

NA

-14%

KOVAN MELODY

1,120

1,227

1,167

1,061

1,133

7%

1%

THE GARDENS AT BISHAN

1,085

1,089

1,076

-

980

NA

-10%

THE ESTUARY

SIGNATURE PARK

1,079

1,088

1,089

1,065

1,034

-3%

-4%

THE LAKESHORE

1,193

1,192

1,177

1,130

1,064

-6%

-11%

844

874

865

780

840

8%

0%

DAKOTA RESIDENCES

1,432

1,405

1,485

1,392

1,260

-9%

-12%

THE ARTE

1,249

1,324

1,517

-

1,440

NA

15%

Mass market average

1,244

1,240

1,228

1,153

1,170

-6%

0%

ROSEWOOD

Resale prices for the various private residential segments are as follows – High-end: -9% YoY Mid-range: -5% YoY Mass-market: 0% YoY

Source: URA, UBS estimates

Singapore Residential 18 August 2014

 6

Figure 16: Rents (S$ psf/month) and yields (%) at Q214 Q214

Q214

Q214

QoQ

QoQ

QoQ(bps)

Rent

Price

Yield

Rent

Price

Yield

TANGLIN PARK

4.07

1,873

2.6%

-4%

9%

-35

MARINA BAY RESIDENCES

6.07

2,538

2.9%

0%

-16%

46

THE CLIFT

7.91

1,931

4.9%

0%

-20%

98

THE SAIL @ MARINA BAY

6.02

2,023

3.6%

-2%

-12%

37

VISIONCREST

6.43

2,112

3.7%

-1%

3%

-16

RIVERGATE

5.30

2,059

3.1%

2%

-2%

10

THE TRILLIUM

4.86

2,044

2.9%

-5%

-3%

-5

ST THOMAS SUITES

4.67

1,876

3.0%

0%

-1%

2

PARK INFINIA AT WEE NAM

5.13

1,837

3.3%

-1%

4%

-19

REFLECTIONS AT KEPPEL BAY

5.00

1,959

3.1%

-2%

11%

-41

PARC EMILY

4.98

1,594

3.7%

-1%

-8%

25

REGENCY PARK

3.70

1,764

2.5%

0%

0%

1

SOUTHBANK

5.38

1,655

3.9%

-4%

1%

-23

MIRAGE TOWER

4.43

1,630

3.3%

3%

1%

8

CITY SQUARE RESIDENCES

4.41

1,500

3.5%

-7%

1%

-33

SOMMERVILLE PARK

3.50

1,576

2.7%

-4%

6%

-28

CARIBBEAN AT KEPPEL BAY

5.29

1,618

3.9%

-4%

4%

-32

ASPEN HEIGHTS

3.93

1,501

3.1%

-2%

-2%

2

VALLEY PARK

3.70

1,475

3.0%

0%

-4%

11

THE TESSARINA

3.34

1,461

2.7%

-7%

1%

-25

AMARYLLIS VILLE

5.06

1,516

4.0%

-3%

-3%

1

TANGLIN REGENCY

4.20

1,345

3.7%

-3%

-2%

-3

CITYLIGHTS

5.31

1,539

4.1%

1%

-5%

26

RIDGEWOOD

3.02

1,233

2.9%

7%

3%

10

Average – prime

4.82

1,736

3.3%

-2%

-1%

1

RIVER PLACE

4.58

1,424

3.9%

-8%

10%

-73

QUEENS

4.22

1,281

3.9%

0%

5%

-19

THE ANCHORAGE

3.03

1,301

2.8%

-8%

-1%

-20

HERITAGE VIEW

3.77

1,156

3.9%

-7%

-3%

-19

DOVER PARKVIEW

3.53

1,172

3.6%

-8%

0%

-29

BLUE HORIZON

3.75

1,055

4.3%

-2%

-5%

13

NORMANTON PARK

2.83

925

3.7%

-2%

-6%

15

PARK WEST

3.00

753

4.8%

0%

-16%

77

TREVISTA

4.03

1,352

3.6%

-4%

1%

-18

THE WATERSIDE

2.81

1,368

2.5%

0%

9%

-22

WATER PLACE

3.68

1,276

3.5%

-3%

4%

-23

PEBBLE BAY

3.59

1,368

3.1%

-2%

4%

-20

THE MAKENA

2.94

1,359

2.6%

-5%

7%

-31

SANCTUARY GREEN

3.92

1,126

4.2%

0%

-16%

67

COSTA RHU

3.16

1,255

3.0%

-7%

-15%

27

COTE D'AZUR

4.01

1,276

3.8%

-1%

2%

-15

MANDARIN GARDEN CONDO

3.06

982

3.7%

-15%

-9%

-29

VILLA MARINA

3.14

961

3.9%

-2%

7%

-35

ONE AMBER

3.90

1,305

3.6%

2%

-8%

35

THE SEAFRONT ON MEYER

3.72

1,594

2.8%

1%

-12%

35

Project

Singapore Residential 18 August 2014

Rental yields for the prime, mid and mass segments are at 3.3%, 3.4% and 3.7% respectively.

 7

THE ESTA

3.66

1,375

3.2%

-3%

-2%

-4

MAPLEWOODS

2.99

1,226

2.9%

-1%

-19%

53

PANDAN VALLEY

2.59

1,068

2.9%

11%

0%

29

CLEMENTI PARK

2.67

1,062

3.0%

-4%

-2%

-7

THE HILLSIDE

2.50

1,013

3.0%

-3%

-16%

38

SIGNATURE PARK

2.37

1,034

2.7%

-1%

-3%

8

SPRINGDALE CONDO

2.66

1,090

2.9%

-6%

-4%

-6

PARC PALAIS

2.36

991

2.9%

-4%

-3%

-5

THE CASCADIA

3.97

1,700

2.8%

4%

2%

7

Average – mid

3.32

1,202

3.4%

-3%

-3%

1

SIMSVILLE

2.98

953

3.7%

-4%

-1%

-12

DAKOTA RESIDENCES

3.96

1,260

3.8%

4%

-9%

49

THE SUNNY SPRING

3.07

972

3.8%

-3%

3%

-23

COSTA DEL SOL

3.63

1,311

3.3%

-4%

-5%

6

BAYSHORE PARK

3.38

1,013

4.0%

-1%

-8%

30

THE BAYSHORE

3.06

1,001

3.7%

-3%

-3%

-1

CASA MERAH

3.43

1,155

3.6%

-4%

-4%

-1

EDELWEISS PARK CONDO

2.88

904

3.8%

4%

10%

-22

ESTELLA GARDENS

2.37

1,036

2.7%

-23%

16%

-140

CARISSA PARK CONDO

2.77

928

3.6%

6%

7%

-2

BALLOTA PARK CONDO

2.14

783

3.3%

-8%

-7%

-5

EASTPOINT GREEN

3.01

970

3.7%

-3%

7%

-37

NV RESIDENCES

3.21

1,155

3.3%

4%

3%

4

MELVILLE PARK

2.78

757

4.4%

2%

-2%

20

KOVAN MELODY

3.62

1,133

3.8%

0%

7%

-26

CHUAN PARK

2.44

981

3.0%

-3%

0%

-10

COMPASS HEIGHTS

3.19

795

4.8%

-1%

-11%

48

PARC OASIS

2.77

906

3.7%

-1%

-2%

6

THE LAKESHORE

3.57

1,071

4.0%

-3%

-5%

11

PARC VISTA

2.75

938

3.5%

-3%

-3%

0

THE CENTRIS

3.68

1,128

3.9%

-5%

-13%

30

MAYSPRINGS

2.40

860

3.4%

-14%

5%

-74

GUILIN VIEW

2.78

894

3.7%

-10%

-4%

-22

REGENT HEIGHTS

2.69

866

3.7%

-4%

-5%

4

REGENT GROVE

2.37

790

3.6%

-7%

-4%

-12

NORTHVALE

2.48

827

3.6%

-2%

5%

-25

MI CASA

2.84

940

3.6%

1%

-3%

13

BULLION PARK

3.04

1,009

3.6%

-8%

-3%

-21

CASTLE GREEN

2.92

859

4.1%

-7%

0%

-30

ORCHID PARK CONDO

2.53

731

4.2%

-7%

-6%

-2

Average – mass

2.93

967

3.7%

-4%

-1%

-8

Source: URA, UBS estimates

Singapore Residential 18 August 2014

 8

Residential chart book Prices Figure 17: Median launch prices (monthly update) 3,000 2,500 2,000 1,500 1,000 500

Prime

Mid

2014/01

2013/01

2012/01

2011/01

2010/01

2009/01

2008/01

2007/01

2006/01

2005/01

2004/01

2003/01

2002/01

2001/01

2000/01

1999/01

1998/01

1997/01

1996/01

1995/01

-

Mass

Source: URA, UBS estimates

Figure 18: Median resale prices (monthly update) 2,000 1,800 1,600 1,400 1,200 1,000 800 600

\

400 200

Prime

Mid

2014/02

2013/02

2012/02

2011/02

2010/02

2009/02

2008/02

2007/02

2006/02

2005/02

2004/02

2003/02

2002/02

2001/02

2000/02

1999/02

1998/02

1997/02

1996/01

1995/01

-

Mass

Source: URA, UBS estimates

Figure 19: Premium between new and resale prices (monthly update) 70% 60% 50% 40% 30% 20% 10%

Prime

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

0%

Mass

Source: URA, UBS estimates

Singapore Residential 18 August 2014

 9

Singapore Residential 18 August 2014 2,000

1,500

1,000

500

Mar-07

Mar-06

Mar-05

Mar-04

Mar-03

Mar-02

Mar-01

Mar-00

Mar-99

Mar-98

Mar-97

Mar-96

Mar-95

Mar-94

Mar-93

Mar-92

Mar-14

Mar-13

Mar-12

Mar-11

Mar-10

2014/01

2,500

2014/02

Figure 22: Resale volume (monthly update) 2013/01

Source: URA, UBS estimates

2013/02

New sale 2012/01

500

2012/02

1,000

2011/01

1,500

2011/02

2,000 Mar-09

2,500

2010/01

Figure 21: New sale volume (monthly update)

2010/02

Volumes Mar-08

Source: URA, UBS estimates

2009/02

2008/01

2007/01

GDP growth

2009/01

2008/02

2007/02

2006/01

2005/01

2004/01

2003/01

2002/01

2001/01

2000/01

1999/01

1998/01

1997/01

Price change

2006/02

2005/02

2004/02

2003/02

2002/02

2001/02

2000/02

1999/02

1998/02

1997/02

1996/01

1995/01

0

1996/01

1995/01

Figure 20: YoY Residential price index vs GDP (Quarterly update) 60%

40%

20%

0%

-20%

-40%

Resale

Source: URA, UBS estimates

 10

Rents and yields Figure 23: Median rents (monthly update) 5.0 S$ psf pm

4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0

Prime

Mid

2014Q2

2013Q3

2012Q4

2012Q1

2011Q2

2010Q3

2009Q4

2009Q1

2008Q2

2007Q3

2006Q4

2006Q1

2005Q2

2004Q3

2003Q4

2003Q1

2002Q2

2001Q3

2000Q4

2000Q1

0.5

Mass

Source: URA, UBS estimates

Figure 24: Gross yield (median rent/median resale price, monthly update) 6.0% 5.0% 4.0% 3.0% 2.0% 1.0%

Prime

Mid

Mass

2014Q2

2013Q3

2012Q4

2012Q1

2011Q2

2010Q3

2009Q4

2009Q1

2008Q2

2007Q3

2006Q4

2006Q1

2005Q2

2004Q3

2003Q4

2003Q1

2002Q2

2001Q3

2000Q4

2000Q1

0.0%

3-mth SIBOR

Source: URA, UBS estimates

Figure 25: Private housing rental index and vacancy rate (quarterly update) 170

12%

160

10%

150 140

8%

130

6%

120 110

4%

100

2%

90

Rental index

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

1994

1993

1992

1991

0% 1990

80

Vacancy rate (RHS)

Source: URA, UBS estimates

Singapore Residential 18 August 2014

 11

Figure 26: Gross rental yields in public and private housing (quarterly update) 9% 8% 7% 6% 5% 4% 3% 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

2%

3-rm HDB

4-rm HDB

5-rm HDB

Mass condo

Source: HDB, URA, UBS estimates

Demand outlook Figure 27: Job creation and population inflows in FY-end June (yearly update) 300 250 200 150 '000

100 50 (50)

Jobs created

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

1994

1993

1992

(100)

Population inflow

Source: Ministry of Manpower, Singapore Department of Statistics

Figure 28: Jobs created in thousands (quarterly update) 80 70 60 50 40 30 20 10 0 (10)

I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II

(20) (30)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013 2014

(40) Source: Ministry of Manpower

Singapore Residential 18 August 2014

 12

Figure 29: Net weighted percentage of firms that expects to increase employment 70 60 50 40 30 20 10 0 (10) (20) (30) (40) I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III 2006

2007

2008

Financial

2009

2010

Business Services

2011

IT

2012

2013

Wholesale/retail

2014

Manufacturing

Source: Singapore Department of Statistics

Figure 30: Nominal gross monthly wage YOY growth (quarterly update) 15% 10% 5% 0% -5% -10% I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 2003

2004

2005

2006

2007

Total

2008

2009

Manufacturing

2010

2011

2012

2013

Financial

Source: Ministry of Manpower

Supply outlook Figure 31: Total housing units completion (Quarterly update) 68,500

90,000

35,000

51,200

48,200 27,000

20,200

26,100

21,200

13,500

9,500

6,500 2007

13,100

6,700

16,300 2004

10,000

2006

17,000

15,800

20,000

2003

44,800

30,000

2002

29,200

40,000

37,200

50,000

35,000

60,000

43,500

70,000

48,900

80,000

Public

2017E

2016E

2015E

2014E

2013

2012

2011

2010

2009

2008

2005

2001

2000

1999

1998

1997

1996

0

Private

Source: MND, HDB, URA, UBS estimates

Singapore Residential 18 August 2014

 13

Figure 32: Private housing completions in the pipeline (Quarterly update) 25,000

20,000

300

1,471

4,112

6,663

15,000

5,835

10,000

17,536

965

4,502

15,742

9,793

5,000 7,101

6,543

1,392 716

2014

2015

2016

Sold, under const

2017

Unsold, under const

2018

Not started yet

Source: URA, UBS estimates

Figure 33: Private housing supply (landbank) in the pipeline (Quarterly update) 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000

Pipeline supply w/o PreQ

Unsold supply with PreQ

2013

Q2'14

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

-

Unsold completed units

Source: URA, UBS estimates

Figure 34: Private housing supply in the pipeline (quarterly update) 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Unsold units ready for sale

Units seeking approval 3-qtr lag

Source: URA, UBS estimates

Singapore Residential 18 August 2014

 14

Figure 35: Supply from confirmed list and triggered reserve list sites (bi-annual) 16,000 Units avail on Reserve List

14,000

Units avail on Confirmed List

12,000

Total units released - Confirmed list and sites triggered

10,000 8,000 6,000 4,000 2,000

H214

H114

H213

H113

H212

H112

H211

H111

H210

H110

H209

H109

H208

H108

H207

H107

H206

H106

H205

H105

H204

H104

H203

H103

H202

H102

0

Source: HDB, URA, UBS estimates

We would like to thank Ujjwal Sood, an employee of Evalueserve, for his assistance in preparing this research report. Evalueserve staff provide research support services to UBS.

Statement of Risk The risks for the Singapore residential market include the growth pace of the Singapore and global economy, mortgage rates, and policy measures which could affect demand and prices for residential units.

Singapore Residential 18 August 2014

 15

Required Disclosures This report has been prepared by UBS Securities Pte. Ltd., an affiliate of UBS AG. UBS AG, its subsidiaries, branches and affiliates are referred to herein as UBS. For information on the ways in which UBS manages conflicts and maintains independence of its research product; historical performance information; and certain additional disclosures concerning UBS research recommendations, please visit www.ubs.com/disclosures. The figures contained in performance charts refer to the past; past performance is not a reliable indicator of future results. Additional information will be made available upon request. UBS Securities Co. Limited is licensed to conduct securities investment consultancy businesses by the China Securities Regulatory Commission. Analyst Certification: Each research analyst primarily responsible for the content of this research report, in whole or in part, certifies that with respect to each security or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about those securities or issuers and were prepared in an independent manner, including with respect to UBS, and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that research analyst in the research report. UBS Investment Research: Global Equity Rating Definitions 12-Month Rating

Definition

Coverage1

IB Services2

Buy

FSR is > 6% above the MRA.

48%

33%

Neutral

FSR is between -6% and 6% of the MRA.

41%

30%

Sell

FSR is > 6% below the MRA.

11%

23%

Short-Term Rating

Definition

Coverage3

IB Services4

Buy

Stock price expected to rise within three months from the time the rating was assigned because of a specific catalyst or event.

less than 1%

less than 1%

Sell

Stock price expected to fall within three months from the time the rating was assigned because of a specific catalyst or event.

less than 1%

less than 1%

Source: UBS. Rating allocations are as of 30 June 2014. 1:Percentage of companies under coverage globally within the 12-month rating category. 2:Percentage of companies within the 12-month rating category for which investment banking (IB) services were provided within the past 12 months. 3:Percentage of companies under coverage globally within the Short-Term rating category. 4:Percentage of companies within the Short-Term rating category for which investment banking (IB) services were provided within the past 12 months. KEY DEFINITIONS: Forecast Stock Return (FSR) is defined as expected percentage price appreciation plus gross dividend yield over the next 12 months. Market Return Assumption (MRA) is defined as the one-year local market interest rate plus 5% (a proxy for, and not a forecast of, the equity risk premium). Under Review (UR) Stocks may be flagged as UR by the analyst, indicating that the stock's price target and/or rating are subject to possible change in the near term, usually in response to an event that may affect the investment case or valuation. Short-Term Ratings reflect the expected nearterm (up to three months) performance of the stock and do not reflect any change in the fundamental view or investment case. Equity Price Targets have an investment horizon of 12 months. EXCEPTIONS AND SPECIAL CASES: UK and European Investment Fund ratings and definitions are: Buy: Positive on factors such as structure, management, performance record, discount; Neutral: Neutral on factors such as structure, management, performance record, discount; Sell: Negative on factors such as structure, management, performance record, discount. Core Banding Exceptions (CBE): Exceptions to the standard +/-6% bands may be granted by the Investment Review Committee (IRC). Factors considered by the IRC include the stock's volatility and the credit spread of the respective company's debt. As a result, stocks deemed to be very high or low risk may be subject to higher or lower bands as they relate to the rating. When such exceptions apply, they will be identified in the Company Disclosures table in the relevant research piece. Research analysts contributing to this report who are employed by any non-US affiliate of UBS Securities LLC are not registered/qualified as research analysts with the NASD and NYSE and therefore are not subject to the restrictions contained in the NASD and NYSE rules on communications with a subject company, public appearances, and trading securities held by a research analyst account. The name of each affiliate and analyst employed by that affiliate contributing to this report, if any, follows. UBS Securities Pte. Ltd.: Michael Lim; Robin Xie.

Singapore Residential 18 August 2014

 16

Company Disclosures Company Name

Reuters

12-month rating

Short-term rating

Price

Price date

CapitaLand Ltd.

CATL.SI

Buy

N/A

S$3.33

15 Aug 2014

UOL Group

UTOS.SI

Buy

N/A

S$6.40

15 Aug 2014

Source: UBS. All prices as of local market close. Ratings in this table are the most current published ratings prior to this report. They may be more recent than the stock pricing date Unless otherwise indicated, please refer to the Valuation and Risk sections within the body of this report. CapitaLand Ltd. (S$) Stock Price (S$)

Price Target (S$) 6.00 5.00 4.00 3.00 2.00 1.00

01-Jan-14

01-Apr-14

01-Jul-14

01-Jan-14

01-Apr-14

01-Jul-14

01-Oct-13

01-Jul-13

01-Apr-13

01-Jan-13

01-Oct-12

01-Jul-12

01-Apr-12

01-Jan-12

01-Oct-11

01-Jul-11

01-Apr-11

01-Jan-11

01-Oct-10

01-Jul-10

01-Apr-10

01-Jan-10

01-Oct-09

01-Jul-09

0.00

Buy Source: UBS; as of 15 Aug 2014

UOL Group (S$) Price Target (S$)

Stock Price (S$)

10.0 8.0 6.0 4.0 2.0

01-Oct-13

01-Jul-13

01-Apr-13

01-Jan-13

01-Oct-12

01-Jul-12

01-Apr-12

01-Jan-12

01-Oct-11

01-Jul-11

01-Apr-11

01-Jan-11

01-Oct-10

01-Jul-10

01-Apr-10

01-Jan-10

01-Oct-09

01-Jul-09

0.0

Buy No Rating Source: UBS; as of 15 Aug 2014

Singapore Residential 18 August 2014

 17

Global Disclaimer This document has been prepared by UBS Securities Pte. Ltd., an affiliate of UBS AG. UBS AG, its subsidiaries, branches and affiliates are referred to herein as UBS. This document is for distribution only as may be permitted by law. It is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or would subject UBS to any registration or licensing requirement within such jurisdiction. It is published solely for information purposes; it is not an advertisement nor is it a solicitation or an offer to buy or sell any financial instruments or to participate in any particular trading strategy. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained in this document (‘the Information’), except with respect to Information concerning UBS. The Information is not intended to be a complete statement or summary of the securities, markets or developments referred to in the document. UBS does not undertake to update or keep current the Information. Any opinions expressed in this document may change without notice and may differ or be contrary to opinions expressed by other business areas or groups of UBS. Any statements contained in this report attributed to a third party represent UBS's interpretation of the data, information and/or opinions provided by that third party either publicly or through a subscription service, and such use and interpretation have not been reviewed by the third party. Nothing in this document constitutes a representation that any investment strategy or recommendation is suitable or appropriate to an investor’s individual circumstances or otherwise constitutes a personal recommendation. Investments involve risks, and investors should exercise prudence and their own judgement in making their investment decisions. The financial instruments described in the document may not be eligible for sale in all jurisdictions or to certain categories of investors. Options, derivative products and futures are not suitable for all investors, and trading in these instruments is considered risky. Mortgage and asset-backed securities may involve a high degree of risk and may be highly volatile in response to fluctuations in interest rates or other market conditions. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related instrument referred to in the document. For investment advice, trade execution or other enquiries, clients should contact their local sales representative. The value of any investment or income may go down as well as up, and investors may not get back the full (or any) amount invested. Past performance is not necessarily a guide to future performance. Neither UBS nor any of its directors, employees or agents accepts any liability for any loss (including investment loss) or damage arising out of the use of all or any of the Information. Any prices stated in this document are for information purposes only and do not represent valuations for individual securities or other financial instruments. There is no representation that any transaction can or could have been effected at those prices, and any prices do not necessarily reflect UBS's internal books and records or theoretical model-based valuations and may be based on certain assumptions. Different assumptions by UBS or any other source may yield substantially different results. This document and the Information are produced by UBS as part of its research function and are provided to you solely for general background information. UBS has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. In no circumstances may this document or any of the Information be used for any of the following purposes: (i) valuation or accounting purposes; (ii) to determine the amounts due or payable, the price or the value of any financial instrument or financial contract; or (iii) to measure the performance of any financial instrument. By receiving this document and the Information you will be deemed to represent and warrant to UBS that you will not use this document or any of the Information for any of the above purposes or otherwise rely upon this document or any of the Information. Research will initiate, update and cease coverage solely at the discretion of UBS Investment Bank Research Management. The analysis contained in this document is based on numerous assumptions. Different assumptions could result in materially different results. The analyst(s) responsible for the preparation of this document may interact with trading desk personnel, sales personnel and other parties for the purpose of gathering, applying and interpreting market information. UBS relies on information barriers to control the flow of information contained in one or more areas within UBS into other areas, units, groups or affiliates of UBS. The compensation of the analyst who prepared this document is determined exclusively by research management and senior management (not including investment banking). Analyst compensation is not based on investment banking revenues; however, compensation may relate to the revenues of UBS Investment Bank as a whole, of which investment banking, sales and trading are a part. For financial instruments admitted to trading on an EU regulated market: UBS AG, its affiliates or subsidiaries (excluding UBS Securities LLC) acts as a market maker or liquidity provider (in accordance with the interpretation of these terms in the UK) in the financial instruments of the issuer save that where the activity of liquidity provider is carried out in accordance with the definition given to it by the laws and regulations of any other EU jurisdictions, such information is separately disclosed in this document. For financial instruments admitted to trading on a non-EU regulated market: UBS may act as a market maker save that where this activity is carried out in the US in accordance with the definition given to it by the relevant laws and regulations, such activity will be specifically disclosed in this document. UBS may have issued a warrant the value of which is based on one or more of the financial instruments referred to in the document. UBS and its affiliates and employees may have long or short positions, trade as principal and buy and sell in instruments or derivatives identified herein; such transactions or positions may be inconsistent with the opinions expressed in this document.

Singapore Residential 18 August 2014

 18

United Kingdom and the rest of Europe: Except as otherwise specified herein, this material is distributed by UBS Limited to persons who are eligible counterparties or professional clients. UBS Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. France: Prepared by UBS Limited and distributed by UBS Limited and UBS Securities France S.A. UBS Securities France S.A. is regulated by the ACP (Autorité de Contrôle Prudentiel) and the Autorité des Marchés Financiers (AMF). Where an analyst of UBS Securities France S.A. has contributed to this document, the document is also deemed to have been prepared by UBS Securities France S.A. Germany: Prepared by UBS Limited and distributed by UBS Limited and UBS Deutschland AG. UBS Deutschland AG is regulated by the Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin). Spain: Prepared by UBS Limited and distributed by UBS Limited and UBS Securities España SV, SA. UBS Securities España SV, SA is regulated by the Comisión Nacional del Mercado de Valores (CNMV). Turkey: Distributed by UBS Limited. No information in this document is provided for the purpose of offering, marketing and sale by any means of any capital market instruments and services in the Republic of Turkey. Therefore, this document may not be considered as an offer made or to be made to residents of the Republic of Turkey. UBS AG is not licensed by the Turkish Capital Market Board under the provisions of the Capital Market Law (Law No. 6362). Accordingly, neither this document nor any other offering material related to the instruments/services may be utilized in connection with providing any capital market services to persons within the Republic of Turkey without the prior approval of the Capital Market Board. However, according to article 15 (d) (ii) of the Decree No. 32, there is no restriction on the purchase or sale of the securities abroad by residents of the Republic of Turkey. Poland: Distributed by UBS Limited (spolka z ograniczona odpowiedzialnoscia) Oddzial w Polsce. Russia: Prepared and distributed by UBS Securities CJSC. Switzerland: Distributed by UBS AG to persons who are institutional investors only. UBS AG is regulated by the Swiss Financial Market Supervisory Authority (FINMA). Italy: Prepared by UBS Limited and distributed by UBS Limited and UBS Italia Sim S.p.A. UBS Italia Sim S.p.A. is regulated by the Bank of Italy and by the Commissione Nazionale per le Società e la Borsa (CONSOB). Where an analyst of UBS Italia Sim S.p.A. has contributed to this document, the document is also deemed to have been prepared by UBS Italia Sim S.p.A. South Africa: Distributed by UBS South Africa (Pty) Limited, an authorised user of the JSE and an authorised Financial Services Provider. Israel: This material is distributed by UBS Limited. UBS Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. UBS Securities Israel Ltd is a licensed Investment Marketer that is supervised by the Israel Securities Authority (ISA). UBS Limited and its affiliates incorporated outside Israel are not licensed under the Israeli Advisory Law. UBS Limited is not covered by insurance as required from a licensee under the Israeli Advisory Law. UBS may engage among others in issuance of Financial Assets or in distribution of Financial Assets of other issuers for fees or other benefits. UBS Limited and its affiliates may prefer various Financial Assets to which they have or may have Affiliation (as such term is defined under the Israeli Advisory Law). Nothing in this Material should be considered as investment advice under the Israeli Advisory Law. This Material is being issued only to and/or is directed only at persons who are Eligible Clients within the meaning of the Israeli Advisory Law, and this material must not be relied on or acted upon by any other persons. Saudi Arabia: This document has been issued by UBS AG (and/or any of its subsidiaries, branches or affiliates), a public company limited by shares, incorporated in Switzerland with its registered offices at Aeschenvorstadt 1, CH-4051 Basel and Bahnhofstrasse 45, CH-8001 Zurich. This publication has been approved by UBS Saudi Arabia (a subsidiary of UBS AG), a Saudi closed joint stock company incorporated in the Kingdom of Saudi Arabia under commercial register number 1010257812 having its registered office at Tatweer Towers, P.O. Box 75724, Riyadh 11588, Kingdom of Saudi Arabia. UBS Saudi Arabia is authorized and regulated by the Capital Market Authority to conduct securities business under license number 08113-37. United States: Distributed to US persons by either UBS Securities LLC or by UBS Financial Services Inc., subsidiaries of UBS AG; or by a group, subsidiary or affiliate of UBS AG that is not registered as a US broker-dealer (a ‘non-US affiliate’ ) to major US institutional investors only. UBS Securities LLC or UBS Financial Services Inc. accepts responsibility for the content of a document prepared by another nonUS affiliate when distributed to US persons by UBS Securities LLC or UBS Financial Services Inc. All transactions by a US person in the securities mentioned in this document must be effected through UBS Securities LLC or UBS Financial Services Inc., and not through a non-US affiliate. Canada: Distributed by UBS Securities Canada Inc., a registered investment dealer in Canada and a Member-Canadian Investor Protection Fund, or by another affiliate of UBS AG that is registered to conduct business in Canada or is otherwise exempt from registration. Brazil: Except as otherwise specified herein, this material is prepared by UBS Brasil CCTVM S.A. to persons who are eligible investors residing in Brazil, which are considered to be: (i) financial institutions, (ii) insurance firms and investment capital companies, (iii) supplementary pension entities, (iv) entities that hold financial investments higher than R$300,000.00 and that confirm the status of qualified investors in written, (v) investment funds, (vi) securities portfolio managers and securities consultants duly authorized by Comissão de Valores Mobiliários (CVM), regarding their own investments, and (vii) social security systems created by the Federal Government, States, and Municipalities. Hong Kong: Distributed by UBS Securities Asia Limited and/or UBS AG, Hong Kong Branch. Singapore: Distributed by UBS Securities Pte. Ltd. [mica (p) 107/09/2013 and Co. Reg. No.: 198500648C] or UBS AG, Singapore Branch. Please contact UBS Securities Pte. Ltd., an exempt financial adviser under the Singapore Financial Advisers Act (Cap. 110); or UBS AG, Singapore Branch, an exempt financial adviser under the Singapore Financial Advisers Act (Cap. 110) and a wholesale bank licensed under the Singapore Banking Act (Cap. 19) regulated by the Monetary Authority of Singapore, in respect of any matters arising from, or in connection with, the analysis or document. The recipients of this document represent and warrant that they are accredited and institutional investors as defined in the Securities and Futures Act (Cap. 289). Japan: Distributed by UBS Securities Japan Co., Ltd. to professional investors (except as otherwise permitted). Where this document has been prepared by UBS Securities Japan Co., Ltd., UBS Securities Japan Co., Ltd. is the author, publisher and distributor of the document. Distributed by UBS AG, Tokyo Branch to Professional Investors (except as otherwise permitted) in relation to foreign exchange and other banking businesses when relevant. Australia: Clients of UBS AG: Distributed by UBS AG (Holder of Australian Financial Services License No. 231087). Clients of UBS Securities Australia Ltd: Distributed by UBS Securities Australia Ltd (Holder of Australian Financial Services License No. 231098). Clients of UBS Wealth Management Australia Ltd: Distributed by UBS Wealth Management Australia Ltd (Holder of Australian Financial Services Licence No. 231127). This Document contains general information and/or general advice only and does not constitute personal financial product advice. As such, the Information in this document has been prepared without taking into account any investor’s objectives, financial situation or needs, and investors should, before acting on the Information, consider the appropriateness of the Information, having regard to their objectives, financial situation and needs. If the Information contained in this document relates to the acquisition, or potential acquisition of a particular financial product by a ‘Retail’ client as defined by section 761G of the Corporations Act 2001 where a Product Disclosure Statement would be required, the retail client should obtain and consider the Product Disclosure Statement relating to the product before making any decision about whether to acquire the product. The UBS Securities Australia Limited Financial Services Guide is available at: www.ubs.com/ecs-research-fsg. New Zealand: Distributed by UBS New Zealand Ltd. The information and recommendations in this publication are provided for general information purposes only. To the extent that any such information or recommendations constitute financial advice, they do not take into account any person’s particular financial situation or goals. We recommend that recipients seek advice specific to their circumstances from their financial advisor. Dubai: The research distributed by UBS AG Dubai Branch is intended for Professional Clients only and is not for further distribution within the United Arab Emirates. Korea: Distributed in Korea by UBS Securities Pte. Ltd., Seoul Branch. This document may have been edited or contributed to from time to time by affiliates of UBS Securities Pte. Ltd., Seoul Branch. Malaysia: This material is authorized to be distributed in Malaysia by UBS Securities Malaysia Sdn. Bhd (253825-x). India: Prepared by UBS Securities India Private Ltd. (Corporate Identity Number U67120MH1996PTC097299) 2/F, 2 North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra (East), Mumbai (India) 400051. Phone: +912261556000 SEBI Registration Numbers: NSE (Capital Market Segment): INB230951431, NSE (F&O Segment) INF230951431, BSE (Capital Market Segment) INB010951437. The disclosures contained in research documents produced by UBS Limited shall be governed by and construed in accordance with English law. UBS specifically prohibits the redistribution of this document in whole or in part without the written permission of UBS and UBS accepts no liability whatsoever for the actions of third parties in this respect. Images may depict objects or elements that are protected by third party copyright, trademarks and other intellectual property rights. © UBS 2014. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved.

 Singapore Residential 18 August 2014

 19

Page 1 www.ubs.com/investmentresearch This report has been ...

UBS does and seeks to do business with companies covered in its research reports. As a result, investors should be aware ..... REGENT GROVE. 2.37. 790. 3.6%. -7%. -4%. -12. NORTHVALE. 2.48. 827. 3.6%. -2%. 5%. -25. MI CASA. 2.84. 940. 3.6%. 1%. -3%. 13. BULLION PARK. 3.04. 1,009. 3.6%. -8%. -3%. -21. CASTLE ...

539KB Sizes 0 Downloads 215 Views

Recommend Documents

Page 1 www.ubs.com/economics This report has been prepared by ...
With lower savings, external income pressures, reduced credit expansion and .... Figure 5: Savings have fallen to their lowest level in 20 years ..... Authority (ISA).

Page 1 www.ubs.com/investmentresearch This report has been ...
information in this document is provided for the purpose of offering, marketing and sale by any means of any capital market instruments and services in the Republic of. Turkey. Therefore, this document may not be considered as an offer made or to be

This page has shifted - Hindustan Petroleum
Page 1. This page has shifted. Please click the link below to reach the page. http://www.hindustanpetroleum.com/documents/pdf/GATE_HPCL_2014.pdf.

This page has shifted - Hindustan Petroleum
Page 1. This page has shifted. Please click the link below to reach the page. http://www.hindustanpetroleum.com/documents/pdf/GATE_HPCL_2014.pdf.

This email has been sent to you from Conard High School .pdf ...
Page 2 of 2. Page 2 of 2. This email has been sent to you from Conard High School .pdf. This email has been sent to you from Conard High School .pdf. Open. Extract. Open with. Sign In. Main menu. Displaying This email has been sent to you from Conard

This day has been about learning about yourself and ...
Name: . LEGAL CONSIDERATIONS ... If, in any of the five social areas above, a person faces discrimination on any of these grounds, then she or he ... age—18-65 years (employment); 16+ years (accommodation); 18+ years (all other areas).

How Long has this Been Going On? Long-Term ...
the rates of job loss to, and job finding from, unemployment in the UK. ... likely than their shorter-term counterparts to find jobs—so-called negative duration.

This email has been sent to you from Conard High School .pdf ...
This email has been sent to you from Conard High School .pdf. This email has been sent to you from Conard High School .pdf. Open. Extract. Open with. Sign In.

This day has been about learning about yourself and ...
Canada is a country where freedom of expression is a right. .... “People like you have no business here” once to a person of colour or a woman, for the employee to .... opportunity in order to counter the effects of systemic discrimination.

This One Health Initiative website is currently linked or has been ...
One Health Network - http://www.onehealthnet.be/Grey.html. Ohio State ... Kansas State Diagnostic Laboratory - http://www.vet.k-state.edu/depts/dmp/service/.

Sample Report Cover Page-1
The survey was primarily conducted online with additional survey responses gathered at ... the existing network that connect cyclists to public transit, employment centers, ... o Bicycle counts also will provide data to measure the effectiveness of .

Sample Report Cover Page-1
imply its endorsement, recommendation, or favoring by the LASC, it's Board .... Adopt a policy of annual or bi-annual bicycle and pedestrian counts to collect ...

Where has been Tampered? From a Sparse ...
Department of Computer Science, National Tsing Hua University, Taiwan ..... degrees) dog image “AnAn” (see Fig. ... RPCA [15]; (c) DCT coefficient analysis [11]; (d) our method; and (e) JPEG ghost with the best recompression factor 60 [10].

Reaching your audience has never been easier Services
Google and the Google logo are trademarks of Google Inc. All other company and product names may be trademarks of the respective companies with which they are associated. GANL-CS-1401. About the Google Analytics 360 Suite. The Google Analytics 360 Su

Company has been removed from Dissemination Board of National ...
Dec 28, 2017 - 11 Aakar Leasing and Financial Services Limited. 12 Bharat Explosives Limited Ltd. 13 Peony Investments Limited Ltd. Amalgamated with another company. 14 Arihant Exports Limited. Continue to be on the Dissemination. Board of Designated

my Garden. Everything here has been grown using ... - Urban Emissions
1) The decomposing waste releases water and so it needs less watering. 2) it is virtually maintenance free. Bio-culture waste/garden clippings. Bio-culture.

Texture recognition has been widely implemented in ...
Dec 18, 2009 - components such as camera, LCD screen, power supply, light source ...... CC. 1. 2. 1. 2. 2. 1. , ln. , λ ρ. (3.33) where λi(C1,C2) represents the ...

Reaching your audience has never been easier Services
Finding the right people to take your survey can be a challenge, especially when trying to reach a niche or hard-to-find audience. Sure, you could ask screening questions, but these take up valuable space in your survey and can be inefficient for low

Much has been written, talked and discussed about ...
captive call centers and has now advanced to include risk analytics and other ..... increase seat utilization, call centers handle their voice-based services during ...

Transparency has long been Auctionata's top priority - cloudfront.net
Mar 31, 2016 - KPMG Governance and Compliance report was commissioned by ... monitoring adherence to the legal and regulatory requirements and has ...