SINGAPORE (Nov 10): DBS is maintaining a “buy” call on Perennial Real Estate with a target price of $1.32, excited over the developer’s medium- to long-term plans in Singapore and China, the company’s biggest markets.

In Singapore, TripleOne Somerset sold a few units at an average price of $2,600 psf, after renovation on two floors were completed, says lead analyst Rachel Tan in a Wednesday note.

In 3Q16, a few units at AXA Tower were sold at an average price above $2,550 psf, while anchor tenants AXA Insurance and BOC Aviation, which take up 16% of net leasable area, have renewed their leases.

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