Pollux Properties

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Came across this page, thought that the (however) was amusing... also suprised to see the actor agent

http://www.singaporepavilionsquare.com/

Again, the same actor appears in a video for East Coast Collections:

http://www.youtube.com/watch?v=Alg7yOgmcvc

[revelationofpyramids]

Pollux sold off all its remaining holdings in Lorenzo couple of days ago, at 8.4 ct. Lorenzo shares surged after that. On hindsight, could Pollux not have sold partial and leave remainder to sell in the open mkt, thus making more?

Nevertheless I like this counter bcos of its unbooked profits, mainly coming from Pavillion Sq & Resi. It also has a more prime site at Ganges Ave, near to Tiong Baru MRT, altho this one is 99 year, but land cost is reasonable.

I estimate gross profit for Pollux (b4 tax) of $38m for Pavillion, maybe $25m from its 3 east coast projects and $16m from Ganges Ave. Overall, co could make about $90m from launched and unlaunched projects (all profit that is not booked).

RNAV maybe as high as 18ct or 19ct.

[smallcaps]

Pollux sold off all its remaining holdings in Lorenzo couple of days ago, at 8.4 ct. Lorenzo shares surged after that. On hindsight, could Pollux not have sold partial and leave remainder to sell in the open mkt, thus making more?

Nevertheless I like this counter bcos of its unbooked profits, mainly coming from Pavillion Sq & Resi. It also has a more prime site at Ganges Ave, near to Tiong Baru MRT, altho this one is 99 year, but land cost is reasonable.

I estimate gross profit for Pollux (b4 tax) of $38m for Pavillion, maybe $25m from its 3 east coast projects and $16m from Ganges Ave. Overall, co could make about $90m from launched and unlaunched projects (all profit that is not booked).

RNAV maybe as high as 18ct or 19ct.

$38mil sounds like like too much? It's a joint venture leh...

[revelationofpyramids]

Haha.. maybe a tad on high side, but maybe its cos I assumed $5,500 psf ASP and $1,060 psf cost for shops (15,883 sf) and $1,400 psf ASP and $990 psf cost for resi (18,293 sf), I arrived at total of over $76m total gross profit, so half share is $38m. Ok, maybe a bit too optimistic... $30m could be achievable.

I read shop spaces went for $4,000+ to $8,000+ psf, so $5,500 psf ASP shd be ok?

If $5,500 psf and $1,400 psf are ok ASP for shops and resi then prob $36m is doable?

[smallcaps]

Haha.. maybe a tad on high side, but maybe its cos I assumed $5,500 psf ASP and $1,060 psf cost for shops (15,883 sf) and $1,400 psf ASP and $990 psf cost for resi (18,293 sf), I arrived at total of over $76m total gross profit, so half share is $38m. Ok, maybe a bit too optimistic... $30m could be achievable.

I read shop spaces went for $4,000+ to $8,000+ psf, so $5,500 psf ASP shd be ok?

If $5,500 psf and $1,400 psf are ok ASP for shops and resi then prob $36m is doable?

Caveats info for Pavilion Square retail units:

--unit---sqft---psf
#02-38 129 5,637
#B1-24 183 4,907
#01-36 108 8,250
#B1-11 161 5,067
#03-15 344 2,288
#01-17 97 10,395

[revelationofpyramids]

In Pollux's latest annual report, Koh Wee Meng is listed as a top 20 shareholder. I guess he shd be the billionaire who owns Fragrance (among other companies).

Wonder what Koh sees in Pollux? Undervaluation and good mgt? Like what he sees in Roxy-Pac, which he also own a rising stake?

I think due to liquidity problem (stock is tightly held by major shareholder and 85% of scrip in the hands of top 20 shareholders) Koh may not be able to buy as much as he would like of Pollux. Perhaps only a placement issue would allow him to gain a bigger stake in it.

Annual report also said that the Ganges Ave site will be developed into a serviced suites. Not sure if that will mean the co is keeping the block, or maybe serviced suites also will be sold.

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Perhaps these companies could join forces to do a big mixed development...like Guthrie/LKT

[opmi]

Basically means Koh thinks buying small caps developers is better than developing physical properties.

[yawnyawn]

Haha.. maybe a tad on high side, but maybe its cos I assumed $5,500 psf ASP and $1,060 psf cost for shops (15,883 sf) and $1,400 psf ASP and $990 psf cost for resi (18,293 sf), I arrived at total of over $76m total gross profit, so half share is $38m. Ok, maybe a bit too optimistic... $30m could be achievable.

I read shop spaces went for $4,000+ to $8,000+ psf, so $5,500 psf ASP shd be ok?

If $5,500 psf and $1,400 psf are ok ASP for shops and resi then prob $36m is doable?

Hi revelationofpyramids,

may i ask how did you get gfa 15,883 sqft for commercial and 18,293 sqft for residential.

Acquisition of 345 Geylang Road

From SGX Annx, i see that the land area is 1,350.2 sqm which is 14,533 sqft.

Residential = 7430 sqft x 3.0 plot ratio = 22,290 sqft

Commerical = 7104 sqft x 2.8 plot ratio = 19,891 sqft

Do correct me if my calculations are wrong. Thanks!

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Juz did a sum of the 60 commercial caveats lodged so far (most recent was 2013-05-16) and it added up to revenue of $56 mil. Total sq ft was 10,580 for the 60 lodged caveats.

Thus, average psf is $5,293 so far for the commercial units.