Unrealised foreign exchange (forex) gains of RM15.7 million and gains from the sale of its 50% stake in the Sungai Besi land boosted associate income to RM20.7 million.

Section 13 in Petaling Jaya has seen much transformation in the past few years under the revised Special Area Plan, which aims to promote self-sustainability. And it is set to undergo more change with the launch of several mixed-use developments.

Prices on the secondary market here are strong, mirroring that of adjoining Kota Damansara. A major catalyst is the Tropicana Gardens project, which includes an MRT station and a mall, where residences were launched at over RM1,000 per square foot (psf).

The weaker-than-expected results were largely due to lower revenue (a decrease of 52% q-o-q, a decrease of 47% y-o-y) following the completion of two blocks of the Andaman Condominium project in 4QFY15, and most of its unbilled sales were booked under joint-venture projects.

Fulton Lane is S P Setia’s maiden project in Australia and is being handed over two months ahead of schedule.

In the review period, transactions of non-landed residences in the secondary market have yet to breach the RM1,000 psf level, although this will likely change once Tropicana Gardens is completed, as primary prices there have exceeded that threshold.

The 1HFY15 core net profit represents 65% and 58% of our and consensus estimates. The operating result was beyond expectations, with estimated earnings before interest and taxes at 76% of our full-year forecast.

Based on theedgeproperty.com’s analysis of transactions in the 12 months to 3Q2014, the average transacted price per square foot (psf) was RM539 in 3Q2014, while the average transacted price per unit was RM661,000.

Goh Youn Peng says the developer is targeting local and foreign high-net-worth individuals for its condominiums in Jalan Stonor, which will be much larger than the average size available in the KLCC area.

Whilst we do not foresee a quick turnaround in the property market, due mainly to deteriorating affordability and cooling measures, we expect UOA to ride through the slowdown fairly comfortably.