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29-08-2014, 12:14 PM
Good strategy... but few years behind Mapletree.
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Boustead Singapore
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Boustead Singapore
29-08-2014, 12:20 PM
Mapletree inherited from Temasek one. In other words, Mapletree is 'Ah Siah Kia' hahaha.
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"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
29-08-2014, 12:26 PM
29-08-2014, 03:06 PM
(28-08-2014, 07:17 PM)greengiraffe Wrote: Wah... Middle Eastern Sovereign Wealth Fund... If BP is to sell all its High Quality Industrial DB&L to BDP (in which they have 50% equity), they would earn yearly Management & Service Fees. This sounds like REIT structure to me. Except, missing one important REIT advantage, the zero tax. Nonetheless, I will keep my eyes on the following: "The BDP will bolster Boustead Projects’ capabilities in financing a significantly larger pipeline of design-build-and-lease projects, development projects and redevelopment projects, particularly for larger scale projects with higher capital requirements."
My views are your Gilbert & Sullivan's:
"The flowers that bloom in the spring, have nothing to do with the case".
19-09-2014, 06:44 AM
Corporate: Boustead Singapore secures partner to expand its industrial property portfolio
By Leu Siew Ying 1815 words 15 Sep 2014 The Edge Singapore EDGESI English © 2014 The Edge Publishing Pte Ltd. All Rights Reserved. Boustead Singapore (Boustead) CEO Wong Fong Fui reaches for a custard bun that is getting cold on the table and bites into it. He knows the rich Chinese dessert cannot be good for his health, but the sweet-and-salty egg yolk filling is too enticing for him to resist. When it comes to business, however, Wong has little appetite for risk. In fact, the infrastructure-related engineering company that he runs has been seeking a partner to share the risk of its efforts to become a major industrial properties player. Boustead has been building a portfolio to form a real estate investment trust (REIT), which entails significant investments. In January, it incorporated a 55%-owned subsidiary called Boustead Crescendas Holdings to jointly build up a portfolio for the REIT with Crescendas, but nothing has come of it so far. On Aug 29, Boustead’s real estate unit Boustead Projects said it had entered into a partnership with Abu Dhabi Investment Council (ADIC), a sovereign wealth fund of the Middle Eastern state, to develop industrial properties in Singapore. Under the so-called Boustead Development Partnership (BDP), each of the two parties will inject $125 million for a 50% share of the venture. The combined equity can be leveraged up to more than $600 million, giving BDP ample funds to bid for projects. Boustead itself is not short of cash to pursue these industrial property investments. The company had a cash hoard of $164 million as at end-June. Yet, Wong, 71, eschews borrowing too much and is mindful that interest rates will rise in future. Back in his own private meeting room in the newly completed Edward Boustead Centre after lunch, Wong tells The Edge Singapore: “I can go to the market to raise bonds. We have been advised that there will be no difficulty at all in selling the bonds. But we say, ‘No point having a lot of money. We have a lot of money already — we’ve got to have projects.’” Company officials say the enquiries pipeline is healthy, yet the order book of Boustead’s real estate division fell to $105 million in 1QFY2015 (the company has a March year-end) from $174 million in the previous quarter. More than anything else, the partnership with ADIC, which manages assets estimated at US$627 billion ($794 billion), opens the company’s horizon to projects it would not normally consider because the risks are too much to take on by itself. “Now, with this agreement in place, we would dare to look at it because 50% of the risk is shared with ADIC,” says Keith Chu, vice-president for corporate marketing and investor relations at Boustead. “ADIC’s name can also get us better financing terms.” A project that the company let go of recently illustrates the rationale for the partnership. Boustead Projects bid for the construction of a logistics space for one of the world’s biggest logistics players. “If we had been in a position to share it 50:50, we could have sweetened the deal; but we had no partners, so the management was a bit more cautious,” says Chu. The project, worth more than $100 million, would have significantly boosted Boustead’s portfolio of 14 industrial properties. Under its deal with ADIC, any projects completed will be added to Boustead Projects’ existing portfolio. The whole portfolio will eventually be brought to market, allowing ADIC to exit. According to some analysts, Boustead’s portfolio of 14 industrial properties could be worth as much as $500 million when they are all completed and leased. As at end-March, Boustead carried these properties, including three that are still under construction and not fully accounted for, at $149 million in its books.
20-09-2014, 09:26 PM
http://www.sgx.com/wps/portal/sgxweb/hom...stockfacts
Top 5 owners by shares held Number of shares held Percent of shares held Wong, Fong Fui 173,439,018 33.66% Chartered Asset Management Pte. Ltd. 69,490,302 13.49% Marrickville Group Limited 46,193,919 8.97% Sang Chun Holdings Pte Ltd 23,084,000 4.48% Fidelity Investments 10,261,261 1.99% Fido appears to be new...
20-09-2014, 10:43 PM
(20-09-2014, 09:26 PM)greengiraffe Wrote: http://www.sgx.com/wps/portal/sgxweb/hom...stockfacts It is rather strange though, Chartered Asset Management last reported disposal on 21-Mar-2014. Their share ownership at that time was 7.8%. http://infopub.sgx.com/FileOpen/_eFORM3V...eID=288070 There was no announcement since then. Did I miss anything?
My views are your Gilbert & Sullivan's:
"The flowers that bloom in the spring, have nothing to do with the case".
20-09-2014, 10:56 PM
(20-09-2014, 10:43 PM)ksir Wrote:(20-09-2014, 09:26 PM)greengiraffe Wrote: http://www.sgx.com/wps/portal/sgxweb/hom...stockfacts Gd point, S&P could have made mistakes... |
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