Isetan Singapore

^^^ Usually undervalued stocks with growing NAV and/or dividends are preferred.

MOS increases over time and/or get paid while waiting.

testwrite, 2.5% p.a. with a backend-loaded 100% capital gains. Also not bad.

(25-03-2015, 09:54 PM)bchang Wrote:

(25-03-2015, 09:21 AM)lanoitar Wrote:

(24-03-2015, 02:58 PM)bchang Wrote: Could this be a step towards value unlocking?

History might provide some hints to your question. 8 years ago, Isetan minorities fought for their Section 44 tax credits, by attempting to oust the ID's. Some related articles are archived here:

http://www.myinvestmentforum.com/categor...48-25.html

Yes 8 years ago there was action by minorities and though they did not manage to oust the IDs, Isetan did pay a special dividend to appease them. Small consolation for MIs... most of the value in the company still to be unlocked.

Separately, noted that Starhill's Jan 15 quarterly presentation talks about possibility to unlock unutilised GFA (100,000 sq ft) at Wisma. See slide 25 of their quarterly presentation. Wld Isetan benefit??http://starhillglobalreit.listedcompany.com/newsroom/20150127_204426_P40U_OOEY4BZLYQRSCC7V.3.pdf

Starhill : Was there many times and couldn't find out or see unutilised GFA , all space are rather pack , no empty space ??

^^ if have leftover over plot ratio, can do something like Mandarin Gallery.
just remove the steps. Which I think is useless.

(27-03-2015, 06:33 PM)opmi Wrote: ^^ if have leftover over plot ratio, can do something like Mandarin Gallery.
just remove the steps. Which I think is useless.

You meant outside the building , next to the office tower ?

(27-03-2015, 06:42 PM)cfa Wrote:

(27-03-2015, 06:33 PM)opmi Wrote: ^^ if have leftover over plot ratio, can do something like Mandarin Gallery.
just remove the steps. Which I think is useless.

You meant outside the building , next to the office tower ?

the whole steps and short escalators. What a waste of frontage.

unlikely Isetan will tear down their retail annex. The Office block is on it.
Just subdivide into smaller retail lots for better rent psf. Top floor convert to F&B and rent out to Breadtalk.

Above is my imagination only...haha

(27-03-2015, 06:59 PM)opmi Wrote:

(27-03-2015, 06:42 PM)cfa Wrote:

(27-03-2015, 06:33 PM)opmi Wrote: ^^ if have leftover over plot ratio, can do something like Mandarin Gallery.
just remove the steps. Which I think is useless.

You meant outside the building , next to the office tower ?

the whole steps and short escalators. What a waste of frontage.

unlikely Isetan will tear down their retail annex. The Office block is on it.
Just subdivide into smaller retail lots for better rent psf. Top floor convert to F&B and rent out to Breadtalk.

Above is my imagination only...haha

If to reconstruct , need to seek cooperation from Isetan ?

(27-03-2015, 07:09 PM)cfa Wrote:

(27-03-2015, 06:59 PM)opmi Wrote:

(27-03-2015, 06:42 PM)cfa Wrote:

(27-03-2015, 06:33 PM)opmi Wrote: ^^ if have leftover over plot ratio, can do something like Mandarin Gallery.
just remove the steps. Which I think is useless.

You meant outside the building , next to the office tower ?

the whole steps and short escalators. What a waste of frontage.

unlikely Isetan will tear down their retail annex. The Office block is on it.
Just subdivide into smaller retail lots for better rent psf. Top floor convert to F&B and rent out to Breadtalk.

Above is my imagination only...haha

If to reconstruct , need to seek cooperation from Isetan ?

Yes. Need to vote in MCST EGM.

last time, When Wisma used the plot ratio for redevt, they passed some GFA to Isetan. It is in the PRIME REIT IPO prospectus.

(27-03-2015, 07:13 PM)opmi Wrote:

(27-03-2015, 07:09 PM)cfa Wrote:

(27-03-2015, 06:59 PM)opmi Wrote:

(27-03-2015, 06:42 PM)cfa Wrote:

(27-03-2015, 06:33 PM)opmi Wrote: ^^ if have leftover over plot ratio, can do something like Mandarin Gallery.
just remove the steps. Which I think is useless.

You meant outside the building , next to the office tower ?

the whole steps and short escalators. What a waste of frontage.

unlikely Isetan will tear down their retail annex. The Office block is on it.
Just subdivide into smaller retail lots for better rent psf. Top floor convert to F&B and rent out to Breadtalk.

Above is my imagination only...haha

If to reconstruct , need to seek cooperation from Isetan ?

Yes. Need to vote in MCST EGM.

last time, When Wisma used the plot ratio for redevt, they passed some GFA to Isetan. It is in the PRIME REIT IPO prospectus.

But Starhill G Reit owns more than 70% of its share in this property , EGM will just a formality ?

^^ don't know if REDEVT is a special resolution in MCST.

(27-03-2015, 07:31 PM)opmi Wrote: ^^ don't know if REDEVT is a special resolution in MCST.

Extracted from a DBS broker report from Jan 15 on Starhill Global:

"The Trust has an additional 100k of unutilised GFA at the space between Wisma Atria and Ngee Ann City (near the Spanish steps). We understand that negotiations with Ngee Ann Kongsi and Isetan are underway to redevelop the area and unlock the additional GFA in the medium term."