We upgrade our fair value from S$7.55 to S$8.00 per share to reflect the higher projected average selling price in The Marq. We are bullish on the Company and we believe that the best is yet to come.

We reiterate our BUY at fair value of S$6.60 per share as in our initiation report dated 14 June. We do not revalue its latest acquisition The Ardmore at this point in time. This leaves an upside of 10% from its previous close. As mentioned in our initiation report, sensitivity analyses carried out indicate a potential revision of its fair value to as high as S$8.80, depending on the average selling price achieved in the highly anticipated The Marq and Hilltops.The Ardmore. Just days after our initiating coverage on SC Global Developments Ltd, the Company announced that it has successfully made acquisition of a prime freehold site in District 9 currently known as The Ardmore for a purchase consideration of S$262 million. This works out to be approximately S$2,338 psf ppr (inclusive of development charge). We understand that the site was put up for en bloc sales on 8 May at an asking price of S$2,000 psf ppr. It is noted that in March this year, Anderson 18, another site located in the Ardmore area, was acquired by City Developments and Wing Tai at S$1,650 psf ppr.

Initiate coverage with a buy at fair value of S$6.60; strong potential for revision to as high as S$8.80.This Recommendation was posted on 14Jun. Since then, Price move up 60cents in 2 days to close @ $6.0 last Fri. Vol increase 4X to almost 2mil! With strong uptrend on the TA side, a revised short term tgt price of $7.20 is fair.