Roxy-Pacific Holdings

[Behappyalways]

Aspial's copycat

http://infopub.sgx.com/FileOpen/RPH_Ann_...eID=253276

Not vested.....

[zf87]

Strong demand for CLSA-Roxy's HK retail floors
The Business Times - February 11, 2014

A JOINT VENTURE between Singapore's Roxy-Pacific Holdings and CLSA Capital Partners has found strong demand for strata retail floor sales in a building in Hong Kong's prime Causeway Bay area.

Initially the vendors had planned to release only 10 of the total 21 floors they own in the 999-year leasehold building, 8 Russell Street. The "vertical retail floors" are being sold with one strata title per floor - of 4,718 sq ft gross floor area.

Some 120 cheques were received when submissions of interest closed last Friday for the initial 10 floors, which are on Levels 10-20 (there is no 14th floor in the building as the number is considered inauspicious in Cantonese). Savills (Hong Kong) is the coordinating agent for the sale.

A lottery system was used to select the 10 buyers, who were notified over the weekend and signed the sales and purchase agreement yesterday. The prices achieved range from HK$28,100 - HK$31,000 (S$4,600 - S$5,080) per square foot after discount. The average price achieved for the initial 10 floors is slightly above HK$29,000 psf.

Due to strong demand, the vendors released another four floors, of which two were sold, at 5 per cent higher prices. Level 22 fetched about HK$30,585 psf and Level 26, HK$30,953 psf.

Last month, the CLSA- Roxy tie-up completed the purchase of Levels 6-13, 15-23 and 26-29 at 8 Russell Street for HK$1.8 billion. This reflects close to HK$18,200 psf based on the total gross floor area of nearly 99,080 sq ft

Assuming CLSA and Roxy achieve an average price of about HK$30,000 psf for their 21 floors, their profit from the venture could be around HK$1.1 billion, based on a back-of- the-envelope calculation. For its 30 per cent share in the venture, Roxy stands to book a profit of close to HK$350 million.

Currently, the space is occupied by Shama Serviced Apartments, which is expected to cease operations in the building as the CLSA-Roxy partnership is selling the strata floors based on vacant possession.

The 29-storey building is on a site with 999-year leasehold tenure starting June 1861.

Located opposite Times Square, Russell Street is one of the world's most sought-after retail streets.

Emperor group owns the lower floors of 8 Russell Street. Last year, McDonald's moved out of its prime street-level spot in the building, making way for cosmetics chain Sasa, which agreed to pay HK$1.58 million a month rent for the 6,000 sq ft space. This is more than three times the HK$500,000 monthly rent McDonald's used to pay under its lease signed two years earlier, according to a South China Morning Post report in June last year.

[Melaos]

hi guys,

i'm new to this.

just check the reports for this company and been noticing that the cash flow from operation on an annual basis has been in deep red.

and as far as i can see, this company is just financing itself to stay in business?

can someone offer some advise on how to correlate the negative annual CFO?

thanks

[zf87]

Roxy just entered agreement to buy property at 59 Goulburn Street, Sydney, Australia.
http://infopub.sgx.com/FileOpen/RPH_Ann_...eID=293003

90.2 M AUD for net lettable area of 19552.7 m2, and the cost is calculated to be $4613/m2.

googled, and found the rental is around $400-500/m2, so the yield will be 8-11%, which is very high compared with Singapore's market.

IS Australia's property market really undervalued, or Singapore's market overvalued?



vested and biased.

[greengiraffe]

Singapore buyer in Sydney CBD
Mercedes Ruehl
316 words
28 Apr 2014
The Australian Financial Review
AFNR
English
Copyright 2014. Fairfax Media Management Pty Limited.

The Singaporean listed developer Roxy-Pacific Holdings has made its first Australian real estate purchase, buying a CBD office building in Sydney for $90.2 million.

The sale price reflected a yield of 7.31 per cent and was $4 million above the building's last valuation.

The 19,586 square metre tower, at 59 Goulburn Street, was sold by Charter Hall Office Trust.

The 28-storey building has options for other uses and has a weighted average lease expiry of about three years. It is 89 per cent leased by net lettable area, mostly to state and government departments, providing holding income for Roxy-Pacific. Fully leased it has an estimated net income of $7.9 million.

Roxy-Pacific was listed in 2008 and its main business is developing and selling residential and commercial properties. It also owns the Grand Mercure Roxy Hotel in Singapore, which is managed by Accor Group.

"The board believes the property to present a prime investment opportunity to the group," Roxy-Pacific told the Singapore Stock Exchange.

"With its relatively high tenant occupancy levels historically, and strategic proximity to Sydney's central business district, the board believes the property has potential to be a stable source of rental income . . . and would also be an opportunity for the group to enter the Australian property market."

CBRE's Rick Butler and Scott Gray-Spencer introduced the buyer, who marketed the asset alongside Knight Frank's James Parry and Richard Horne.

"This is further evidence of Asian and particularly Singaporean in­terest in the Australian market," ­Mr Butler said.

Many office assets that have sold in the last several months have been to offshore Asian investors, including the former Kerry Packer headquarters at 50 Park Street, Fairfax House at 19 Pitt Street, the Ausgrid Building at 570 George Street, and QBE's 80 Pitt Street.


Fairfax Media Management Pty Limited

Document AFNR000020140427ea4s0001p

[greengiraffe]

http://www.businesstimes.com.sg/premium/...s-20140527

PUBLISHED MAY 27, 2014
70-80% of Trilive to be dual-key units
Roxy-Pacific says launch date not fixed, but it should be within a month
BYLYNETTE KHOO
lynkhoo@sph.com.sg @LynetteKhooBT

LISTED developer and hotel operator Roxy-Pacific hopes to use dual-key units and the concept of three-generation (3G) living to unlock value at its new freehold project, Trilive.
Seventy to 80 per cent of the 222 units in the Tampines Road project will be dual-key units.
Roxy-Pacific chairman and chief executive Teo Hong Lim told The Business Times yesterday that the launch date has not been fixed, but that it should be within a month.
The pricing will take its reference from another freehold project in Kovan, The Tembusu by Wing Tai, which achieved a median price of $1,554 per square foot (psf), based on caveats lodged until last month. Leasehold properties in the area are going for $1,300 to $1,400 psf, he said.

[greengiraffe]

Singapore-listed Roxy-Pacific set for second Sydney CBD play
GREG BROWN THE AUSTRALIAN JUNE 26, 2014 12:00AM

SINGAPORE-listed giant Roxy-Pacific could be lining up its second Sydney development, the group emerging as leading bidder for the Bligh House office tower in the central business district.

The group is thought to have offered close to $70 million for the building, at 4 Bligh Street, which is owned by the listed Cromwell Property Group.

Cromwell chief executive Paul Weightman last year flagged that Bligh House had the potential to be redeveloped into a hotel or apartment tower.

He told The Australian last month that Cromwell Property Group would use the weight of money chasing assets to become a net seller over the next 18 months.

Mr Weightman declined to comment on the Bligh House off-market sales process, being handled by McVay Real Estate.

If a deal goes ahead, it will follow Roxy-Pacific’s purchase of another Sydney office building with residential conversion potential. It bought 59 Goulburn Street from a Charter Hall Group-managed fund in May for $90m.

The group is thought to be keen on building a substantial Australian portfolio.

Bligh House is next to the ­Sofitel Sydney Wentworth, purchased last month by another Singaporean group, Frasers Centrepoint, for $202m.

The tower was built in 1965 and has a net lettable area of close to 10,000sq m. The lease to the largest tenant, the NSW government, expires in 2018.

Roxy was founded in 1967 and listed on the Singapore Exchange in 2008. Between 2004 and last year, the group developed 36 small-to-medium projects comprising more than 2500 residential and commercial units in Asia.

It also manages the Grand Mercure Roxy hotel in Singapore.

[Curiousparty]

It is interesting to note that Mr Market has accorded a discount of only 13% to the ANAV (adjusted NAV) of 66.6 cents , based on the current share price of around 58 cents.

Extract from 2Q-2014 results
******
Book NAV = 29.5 cents
ANAV = 66.6 cents
Current Share Price = 58 cents
Discount to ANAV = 13%

[Behappyalways]

Update: Trilive July 2014
Cumulative Units Sold to-date: 23
Median Price ($psf) in the Month: $1663
Units sold in the month: 6
Cumulative Units Launched but Unsold: 57
Total Number of Units: 222

[Behappyalways]

Update: Trilive Sept 2014
Cumulative Units Sold to-date: 23
Median Price ($psf) in the Month:
Units sold in the month:
Cumulative Units Launched but Unsold: 57
Total Number of Units: 222