CGS-CIMB Research is reiterating its “add” call on developer UOL Group with an unchanged target price of $9.65, which is based on a 20% discount to RNAV.

This comes after paying a visit to UOL’s Amber 45 show flat, where CGS-CIMB noted improvement in take-up rates for the project to about 65% presently from 55-60% during the initial May 2018 launch of 139 units.

In a Tuesday report, analyst Lock Mun Yee underscores the group’s declining share price over recent weeks, in tandem with its property peers yet trading slightly above its long-term average discount trend at its current 34% discount to RNAV. She also notes how the steady residential take-up momentum indicates continued buyer interest in the development, which is slated to complete in 2021.

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