Low Keng Huat (Singapore)

LKH's 40% stake in Westgate Towers to benefit from HSR terminal project should Jurong East location be picked?

However, where in Jurong East will HSR terminal be located given that the entire area is already well built?

Could Sim Lian's Vision Exchange be another potential winner?

Vested
GG

(10-04-2014, 10:07 AM)greengiraffe Wrote: However, where in Jurong East will HSR terminal be located given that the entire area is already well built?

1. Demolish those 4-storey offices where the CPF is and where the banks have vacated. Easy to integrate with Jcube. Called the Jurong Gateway Rd
2. The old JTC ship-like building.
3. Science Centre is not moving or else could be a potential site.

I thought Jurong East Bus Interchange will be a good candidate for the underground train station.

(10-04-2014, 10:07 AM)greengiraffe Wrote: However, where in Jurong East will HSR terminal be located given that the entire area is already well built?

This is where the Land Acquisition Act magic will come in useful. Whoosh, and all your real estate are belong to us (govt).

(10-04-2014, 12:18 PM)cif5000 Wrote: 1. Demolish those 4-storey offices where the CPF is and where the banks have vacated. Easy to integrate with Jcube. Called the Jurong Gateway Rd
2. The old JTC ship-like building.
3. Science Centre is not moving or else could be a potential site.

I think the terminal will require quite big plot of land (even if arrivals / departure are located underground), and it makes sense to do it as part of an integrated development of hotels + offices + malls. My money is on the old JTC building, plus the old abandoned buildings opposite Science Centre - previously used for a junior college (behind Genting's hotel under construction) and the plot of land belonging to Jurong Country Club between the two parcels.

Those who after SERS should check out Blks 101-107 Jurong East St 13. The old HUDC Ivory Heights could also be next for enbloc after this takes off.

http://www.lkhs.com.sg/uploads/pdf/LKH-AR2014.pdf

LKH's latest annual report revealed several interesting changes:

The company like many others that have made big money from developments are moving into the landlord space to build recurrent income -

i) the original consortium in which LKH has a 80% stake in PL Square development has sold the entire retail space to a new consortium in which LKH has a reduced 55% stake

ii) following the successful sale of PL Sq office, LKH seems to have a change in the view and taken a 40% stake in a consortium that bought out Capitaland Group's office development Westgate Tower in Jurong East.

Major lucrative developments appear to be at the tail end of the respective developments and LKH will be booking sizable profits for the shrewd reading in the previous years in FY15. There are also 2 restructuring in its Malaysian holdings via associate and a fully owned subsidiary.

The fully owned subsidiary sold some KL land for good profits while a 20% associate that is part of the UOL consortium sold a prime land in KL for an estimated pretax gains of S$19m.

The notable replenishing of landbank are as follows:

- 70% owned subsidiary completed a S$84.2m collective purchase of Kismis Lodge. LKH expects to redevelop Kismis Lodge into 31 units of landed terraces and 7 strata landed terraces (all 3 storey high)
- 99% owned subsidiary also paid S$77.4m to purchase 15 commercial units and a penthouse residential unit at Balestier Tower for development purposes.

Balestier Tower has been trying to go for enbloc sales since 2007:

http://www.stproperty.sg/articles-proper...le/a/50804

The price that LKH has paid so far appears to be quite high given that it remains unknown how close LKH is for the entire Balestier Tower to meet the enbloc redevelopment requirements.

Its 49% associate has also entered into an option to purchase 616461sf of land in Bandar Seri Alam for RM74m (RM120psf) for development.

The sale of a warehouse in Sungei Kadut appears to be off already.

Apart from the above, the divisional performance are nothing note worthy.

Page 23 revealed the detailed Disclosure on Renumeration while page 24 shed light on Remuneration of Immediate Family Members of Directors or Substantial Shareholders.

Vested
GG

the original consortium in which LKH has a 80% stake in PL Square development has sold the entire retail space to a new consortium in which LKH has a reduced 55% stake

LKH 11 Jun 2013 announcement already disclosed the above. Are we talking about the same thing? If yes, I am afraid it was not a new development...

Introduction. The board of directors (“Board”) of Low Keng Huat (Singapore) Limited (the “Company” and together with its subsidiaries, the “Group”) wishes to announce that its subsidiary, Paya Lebar Square Pte. Ltd. (“Purchaser”), in which the Company has a 55%
interest, has exercised the Option to Purchase (“OTP”) to purchase all the retail units at Paya Lebar Square (“Retail Units”) granted by another of its subsidiary, Paya Lebar Development Pte. Ltd. (“PLD”), in which the Group has a 80% interest (“Proposed Transaction”)

Nobody post the latest quarterly result?

http://infopub.sgx.com/FileOpen/20140612...eID=301130

Current book value $0.67

Predictable results, 1 more quarter closer to TOP of several projects.

Recent pull back in price seems like a good opportunity to accumulate.

(vested)

(13-06-2014, 09:17 AM)Wildreamz Wrote: Nobody post the latest quarterly result?

http://infopub.sgx.com/FileOpen/20140612...eID=301130

Current book value $0.67

Predictable results, 1 more quarter closer to TOP of several projects.

Recent pull back in price seems like a good opportunity to accumulate.

(vested)

if you are looking for excitement then LKH is not the stock. Results is boring and predictable. in any case just sit tight and wait for the 1/2 yr results and look forward to a special 1 cent special div.

Can be exciting when it hits $1.50 :-)

via XperiaZ1 with tapatalk

http://infopub.sgx.com/FileOpen/20140708...eID=304571

Total price paid $141.27m is more than double expected S$60.3m back in 2007. PPR land costs worked out to be S$1571 psf for a mixed commercial / residential development.

Is it fair?

Vested
GG



Old article - http://www.stproperty.sg/articles-proper...le/a/50804

INVESTORS looking for hotel development sites have just been given a choice of three properties in the Balestier/Lavender area.

The Urban Redevelopment Authority (URA) yesterday made available for application a 99-year leasehold reserve list site at Jellicoe Road opposite Lavender MRT Station.

And the freehold Ruby Plaza and adjoining Balestier Towers are being offered for collective sale.

Realtorhub Real Estate, which is marketing the two adjoining properties through separate sale exercises, said the joint owners expect bids above $670 per square foot of potential gross floor area.

Based on this unit land price, the price for Ruby Plaza would be at least $79 million and that for Balestier Towers at least $60.3 million.

Ruby Plaza is on a 39,493 sq ft site and Balestier Towers on 29,986 sq ft. Both sites are zoned for commercial and residential use with a 3.0 plot ratio - the ratio of maximum potential gross floor area to land area - under Master Plan 2003.

Ruby Plaza has received outline planning permission for hotel use and Realtorhub believes the same permission will probably be given for Balestier Towers.

Realtorhub director Daniel Ng believes developers could also seek URA permission to redevelop the sites into a medical centre, to capitalise on strong demand for such space.

As for the 45,408 sq ft hotel site at Jellicoe Road being offered by URA, CB Richard Ellis executive director Li Hiaw Ho reckons it can be developed into a hotel with about 400 rooms.

He estimates the site could fetch slightly more than $420 psf per plot ratio achieved for the tender of URA hotel site at Belilios Road this week.

This is because the Jellicoe Road plot has a better location and easy access to the MRT.