SINGAPORE (Oct 7): OCBC is maintaining its ‘hold’ rating on Roxy-Pacific Holdings but cuts its fair value estimate to 52 cents from 55 cents citing softer residential prices. In a note on an announcement that Roxy-Pacific will acquire a freehold residential site in eastern Singapore, OCBC says the deal is favourable for the developer. OCBC estimates the break-even price per square foot for developing the property between $1,200 and $1,400. “Despite residential prices being mired in a downtrend, these break-even levels are well below average transaction prices at comparable residential projects,” OCBC notes. Roxy-Pacific is trading flat at 49 cents.