Chip Eng Seng

(23-02-2016, 11:07 PM)Ray168 Wrote: CEL Residential Development Pte. Ltd. has emerged as the top bidder of the land parcel at New Upper Changi Road/Bedok South Avenue 3 (Parcel B) (the “Site”) for residential development. The tender price for the Site is S$ 419,380,000 or S$8,187 per square meter (“sqm”) per plot ratio.


http://ir.chartnexus.com/ces/announcement.php

if I didn't remember wrongly, there is a commercial zoning/region at the area around Tanah merah mrt in the recent ura master plan. There are two empty land plots left around it for future development

For the Tanah Merah site, my estimates are:

Assumed construction and other cost: $390 psf
Land cost: $768 psf (increased from $760psf after omitting child care centre GFA)
Total cost: $1,158 psf

Assumed ASP: $1,280 psf (lower than The Glades)
Gross profit psf: $122 psf

NSA: 546,031 (assuming its the same as GFA although it's likely to be higher, and omitting the Child Care centre space)

Total gross profit: about $66.6 million (assuming zero profit from Child Care)

Gross EPS: 10.7 ct (based on 621m shares)

This site win gives visibility to CES earnings post-High Park, and will provide steady stream of revenue and profit going into 2017-19. The fact that it is bidding for this big site alone (unless I am wrong) shows that the company growing in confidence for big projects.

May I ask why is NSA likely to be higher than GFA? tks.

Probably, because this has been discussed in nextinsight .

http://www.nextinsight.net/index.php/for...g?start=96

Just reading up this thread. Just wondering if it is a good time to invest in this company, CES.

By the way, anyone know who is this alan wang, it seems he has a hand in many listed companies and is a astute investor. Is all his aquisition making $$?

The Board of Directors of Chip Eng Seng Corporation Ltd (the “Company”) is pleased to announce that the Group has incorporated a wholly owned subsidiary, CES Gladstone (Vic) Pty Ltd (“CES Gladstone”) in Australia and CES Gladstone has entered into a Contract of Sale to purchase a commercial carpark and development site at 15-85 Gladstone Street, South Melbourne, Victoria, Australia (the “Site”). The purchase price for the Site is A$52,000,000 (the “Purchase Price”).

The purchase of the Site is subject to the approval of Foreign Investment Review Board of Australia (“FIRB”). The settlement date for this transaction is the later of 11 April 2016 or 3 business days after FIRB approval has been obtained.

The Site is predominantly open land and is currently leased as a commercial car park to a car parking operator. The Site is situated in the Montague Precinct of the Fishermans Bend Urban Renewal area. Located between Melbourne’s city centre and Port Phillip Bay, Fishermans Bend is one of the largest urban renewal areas in Australia.

The Site has an area of 5,984 square metres and comes with a town planning permit for 742 residential apartments over three towers with associated street level retail spaces and a number of podium levels of secure car parking (the “Proposed Development”).

The Purchase Price and the Proposed Development will be financed by internal sources and bank borrowings and the Proposed Development is not expected to have any material impact on the net tangible assets and earnings per share of the Group for the current financial year ending 31 December 2016.

(27-03-2016, 06:58 PM)Hill Wrote: Just reading up this thread. Just wondering if it is a good time to invest in this company, CES.

By the way, anyone know who is this alan wang, it seems he has a hand in many listed companies and is a astute investor.  Is all his aquisition making $$?

Heard that Fulcrum has about 50 units sold or ~40% sold. Good if someone can also confirm this info. tks.

Wah that sounds like good news... liquidity abundant

Meanwhile, CES had put its Perth site in the market a couple of months ago, via expression of interest. I don’t think it is sold yet though as the ad is still around.

http://www.realcommercial.com.au/propert...-501833426

And a hotel behind CES has also been put up for sale:

http://www.realcommercial.com.au/propert...-501926386

About half the size of CES site, the Indian Ocean land however comes with an old hotel. Nevertheless the land can be redeveloped further.
CES’ land is, however, more prime as it’s nearer to the ocean and just next to the main road (West Coast Highway). It can also possibly be redeveloped into 18-storey residential cum commercial spaces, compared to Indian Ocean’s lower density restriction under the area’s plan.

I believe CES bought the site for about A$20m and I suspect they are asking quite a bit more for it now, with the higher density and height limits more or less settled under the area’s redevelopment plan.

We can keep an eye on the sales of these 2 sites.

(18-04-2016, 10:14 AM)Sumeria Wrote: Meanwhile, CES had put its Perth site in the market a couple of months ago, via expression of interest. I don’t think it is sold yet though as the ad is still around.

http://www.realcommercial.com.au/propert...-501833426

And a hotel behind CES has also been put up for sale:

http://www.realcommercial.com.au/propert...-501926386

About half the size of CES site, the Indian Ocean land however comes with an old hotel. Nevertheless the land can be redeveloped further.
CES’ land is, however, more prime as it’s nearer to the ocean and just next to the main road (West Coast Highway). It can also possibly be redeveloped into 18-storey residential cum commercial spaces, compared to Indian Ocean’s lower density restriction under the area’s plan.

I believe CES bought the site for about A$20m and I suspect they are asking quite a bit more for it now, with the higher density and height limits more or less settled under the area’s redevelopment plan.

We can keep an eye on the sales of these 2 sites.

They bought during boom time and failed to cash out during the peak. Property is very hard to move in Perth a the moment and high end beach side stuff is getting a beating. But for $20m its not gonna affect CES much.