No sign of demand slowing down in sight for industrial land, as industrial
estate developers posted sterling performance in FY11. Given robust
demand and land scarcity, the industrial land price upward momentum
picked up where they left off at the end of 2011. The resurgence of
manufacturing sector, especially automotive and related sector, serves as
another catalyst for industrial land. We expect the trend to continue for
the next few years. Despite strong performance, industrial estate
developers are still trading at average 53% disc. to NAV. Positive view for
industrial estate plays.
