SINGAPORE (Dec 31): NRA Capital has kept its “overweight” call and target price of 33 cents on TEE Land following the property firm’s Christmas Eve announcement that it has acquired additional units in the same strata-titled property in Sydney.

The latest announcement was for the purchase of two more suites at 2-14 Kings Cross Road for A$535,000 ($552,144), bringing TEE Land’s total stake in that 12-storey building into nearly half.

In a Dec 30 note, NRA Capital notes that recent launches of neighbouring projects have set record prices of A$1,800 psf. By contrast, TEE Land has been paying an average of A$900 to A$1,000 psf.

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