Eastern Holdings

[opmi]

EHL should do a 'Elite KSB' and distribute all the cash. Since minorities owned only <15%, ST would get back all most of these cash. And still can sell the listed shell for a RTO with an personal offer to buy back the existing businesses.

Anyway, an offer at 36 cents would mean EPL building and publishing business are assigned zero value. Means still worth it to privatize.

[smallcaps]

According to this ad, one of the semi-detach has been sold:

http://singapore.gumtree.sg/c-Apartment-...Z467877785

Hope more to come soon, if all sold the cash flows from Grove Residences alone would be quite substantial since completion is expected in 2014

Seems like another 2 sold... landed freehold still in demand I guess...

http://www.propertyguru.com.sg/listing/1...-residence
http://www.propertyguru.com.sg/listing/1...-residence

Grove Residence developer sales for march:

------------ 1 sold for 2,462 psf ------------

Assuming it's the one stated below in the agent's ad, then it was sold for 5.8 mil.

------------------

http://leoriccheok.wix.com/eraleoriccheok#!page2/cjg9

Grove Residence Land ( sqft) Build up(sqft) Land psf Build up (psf) Price list
Plot 1 -House 81 2356sqft 3946 Sold
Plot 1 -House 83 2190sqft 3522 2,635 1,638 $5,770,000
Plot 1 -House 85 2254sqft 3613 2,612 1,629 $5,888,000
Plot 1 -House 87 3126sqft 4780 2,491 1,629 $7,788,000
Plot 1 -House 89 3318sqft 4805 2,407 1,662 $7,988,000
Plot 1 -House 99 2507sqft 3721 2,536 1,708 $6,358,000

Asking prices on the remaining 3 units seems to have been up-ed by 5%:

Grove Residence Land ( sqft) Build up Price list
Plot 1 -House 87 3126sqft 4780 $8,188,000
Plot 1 -House 89 3318sqft 4805 $8,388,000
Plot 1 -House 99 2507sqft 3721 $6,680,000

Current asking prices (upper range) from property guru listings:

http://www.propertyguru.com.sg/project-l...er_page=50

Plot 1 -House 87 3126sqft 4780 $8,600,000
Plot 1 -House 99 2507sqft 3721 $7,050,000

Seems like prices up-ed by another 5%+

And based on the number of listings, the 4th unit sold might be house 89. Will know soon when the caveat appears...

If add up the 3 known caveats + the listing prices for the other 3 units, then total revenue would be around $41 mil.

If 15% margin, then total gross profit would be around 6 mil.

[opmi]

Grove Residences from 2 piece of land. Total cost - $22.8m

BRYTON
VILLAS
81 Grove Drive
1 10 27 279120 Resale 889 Land 10300000 11586 1076 18-JUL-2007 Private

83 Grove Drive
1 10 27 279122 Resale 1012 Land 12500000 12358 1148 25-JUL-2007 Private

See below transactions. Some 'genius' flipped to Eastern for $2.3m profit in less than 2 mths.
or another way to look at it. Someone just missed out $2m in less than 2 months.

BRYTON
VILLAS
81 Grove Drive
1 10 27 279120 Resale 889 Land 8000000 8999 836 04-JUN-2007 Private

[smallcaps]

Ya, bought at previous peak loh and thus stuck for so long. Luckily it's freehold and EHL's balance sheet was strong enough. Can imagine what's going to happen to those small developers with high debt, if property market crashes and they bought land at the peak. I remember from one of EHL's AGM, that they were not allowed to sell the land away? If not enough $$ to develop then how? What's more now got QC...

Grove Residences from 2 piece of land. Total cost - $22.8m

BRYTON
VILLAS
81 Grove Drive
1 10 27 279120 Resale 889 Land 10300000 11586 1076 18-JUL-2007 Private

83 Grove Drive
1 10 27 279122 Resale 1012 Land 12500000 12358 1148 25-JUL-2007 Private

See below transactions. Some 'genius' flipped to Eastern for $2.3m profit in less than 2 mths.
or another way to look at it. Someone just missed out $2m in less than 2 months.

BRYTON
VILLAS
81 Grove Drive
1 10 27 279120 Resale 889 Land 8000000 8999 836 04-JUN-2007 Private

[opmi]

MBT just bot 299,000 shares at 27.9 cents. Highest price bot.

[smallcaps]

Hmmmm... so he's the one who bought it up on monday.
That's > 50% premium over the previous offer price of 18 cents alreadi.

MBT just bot 299,000 shares at 27.9 cents. Highest price bot.

[smallcaps]

Came across this nice summary with chart of ST's purchases so far:

http://www.asia-insider-news.com/news/newsDetails/1093

[smallcaps]

ST continues his buying at new magic price of 28 cents:

2013-12-10 : 30 lots @ 28.0 cents
2013-12-09 : 18 lots @ 28.0 cents
2013-12-05 : 30 lots @ 28.0 cents
2013-11-25 : 299 lots @ 27.96 cents
2013-09-05 : 50 lots @ 25.0 cents
2013-09-04 : 362 lots @ 25.0 cents
2013-08-30 : 50 lots @ 24.5 cents
2013-08-28 : 241 lots @ 24.5 cents
2013-08-21 : 45 lots @ 24.5 cents
2013-08-20 : 162 lots @ 24.5 cents
2013-08-16 : 155 lots @ 24.5 cents
2013-08-13 : 12 lots @ 24.5 cents
2013-08-12 : 64 lots @ 24.5 cents
2013-08-06 : 273 lots @ 24.5 cents
2013-08-05 : 31 lots @ 24.5 cents
2013-08-02 : 212 lots @ 24.5 cents
2013-07-31 : 165 lots @ 24.2 cents

[dydx]

I guess it is a matter of time ST will attempt another privatisation GO. This time round it will likely be a make-or-break deal for him.

I guess it is also entirely possible that the company pays out a very good dividend before ST makes another GO, as he will probably need the extra money to do it, as the share price has risen by some $0.10 since his last GO attempt at $0.18/share.

[opmi]

Ya. drip and drap....will take long long to hit 89.9999%. By then, all the property built and/or sold already.
How to offer at big discount to RNAV then? Unless IFA blind one.