Wheelock Properties

[Boon]

Yes nothing ad hominem, just a clarification on how to justify certain aspect of a valuation that might be subjective to some.

Anyway back to wheelock. From their sales of ardmore three and panaroma, we should see massive cash inflow into its coffers next year(maybe reaching a bil). Which could potentially lead to a special div or a big subtantial landbank purchase(australia perhaps?). I find their assets and associate assets to be very synergised. They can also easily maximize gfa by forming a link between wheelock place and hilton/four seasons to conquer the western orchard belt. To each his/her own.

How do you get the $1 billion figure? As of 3Q 2016 Wheelock has about $400m cash.

The Panorama was already 94% sold as of FY 2015, wouldn't those sales have already contributed to the current cash pile?
7 units of Ardmore Three were sold by end-2015 vs 50 sold as of the MRQ, so 43 units have been sold so far this year. Each unit is about 1750 square feet, so assuming an average PSF of $3300, that's close to $250m. But why would that cash only flow into Wheelock's coffers next year?

Hi bardmanship,

Panaroma should TOP next year once TOP, developers get 25% of the total sales and on completion date another 15%. Assuming 1.2mil avg per unit for a total of 698 units, 40% will be 335mil. To date, Ardmore three has sold a total of 50 units(ard 290mil). If you add them all up its very likely to hit 1bil sgd.

There is a recent article on this too: http://sbr.com.sg/commercial-property/ne...op-1b-1h17

The other rough indicator to look at for potential cash inflow is the value of "development properties" under current asset which stands at SGD 882 million as at 30-Sep-2016.

"The developer has two investment properties, Wheelock Place and Scotts Square retail, which generates a recurring rental income of ~$40m per annum." - wondering how the 40 m is arrived at ?
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