Chip Eng Seng

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#81
(25-01-2013, 03:13 PM)mechu Wrote: And just for comparison, anyone knows what's the psf rental for Northpoint. Could be a good guage on the pricing CES can achieve for the retail units.

Northpoint is valued at $2420 psf NLA as of Sep 2012, based on FCT's report. This is with cap rate of 5.5%.

If Alexandra Central is anything to go by, individual shop units nearby could probably go for a fair multiple of this. Notwithstanding that Northpoint is adjacent to the MRT station and major bus interchange.
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#82
(25-01-2013, 08:20 PM)revelationofpyramids Wrote: Gfa for shops 108,500 sf n resi 158,480 ie about 40:60 ratio. Read Sumer writing in Ni forum. Can make $$$ because sale price of $3k-4k psf possible for shops, say BT. So profit of $86m upwards.[/align]

honestly, i think 86m of profits is too good to be true although there is still a chance, nothing is certain. However, i think profits should be much lower, otherwise other developers would have bidded a far higher price for such a fat profit margin
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#83
(25-01-2013, 10:26 PM)safetyfirst Wrote:
(25-01-2013, 08:20 PM)revelationofpyramids Wrote: Gfa for shops 108,500 sf n resi 158,480 ie about 40:60 ratio. Read Sumer writing in Ni forum. Can make $$$ because sale price of $3k-4k psf possible for shops, say BT. So profit of $86m upwards.[/align]

honestly, i think 86m of profits is too good to be true although there is still a chance, nothing is certain. However, i think profits should be much lower, otherwise other developers would have bidded a far higher price for such a fat profit margin

simple calculation:

residential portion: GFA: 158,480sf, land cost: $794 (assume equal for both resi n comm; just an accounting thingy), construction plus other costs: $350 psf, sale price: $900 psf, gross loss: $38.7m.

comm portion: NSA: 85,000sf (out of GFA of 108,500sf as stated by HDB website, walkways n toilets n podiums can't be sold), land cost: $794, other costs: $450psf, sale price: $3000psf, gross profit: $149.26m.

Combined gross profit: $149.2m-38.7m = $110.5m. oops, higher than Sumer's estimate.

More bullish estimate:

sale price $1,000psf resi (mixed devpts are hot; The Hillier 99yr also sold at average $1,474psf, so $1,000 psf for this one conservative).
resi loss = $22.8m

sale price $3,500psf for comm
comm profit = $191.7m.

Combine profit = $191.7-22.8 = $169 million...even higher

but of course many things can happen before launch, so i m just doing simple maths here based on everything-being-relatively-stable, if project can be launched tomorrow.
no build in of risks and good news not forseeable yet.

why other developers didn't bid far higher? i think each one has his own risk stomach n expectations of future scenarios, hence they come up with different figures.CES prob more land hungry and also seeing how hot Alexandra was, had a different feel and take of the mkt? far east knows how much it can make based on Hillier, so its bid quite near to CES.
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#84
CES is a construction company, so it should be able to do so at a reasonable cost. Is $350 considered a good estimate inclusive of gov development charge?

If residential will incur a loss, then why not just build retail component?

Vested.
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#85
Does anyone know who is Tan Yong Keng?
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#86
(31-01-2013, 06:28 PM)shn Wrote: Does anyone know who is Tan Yong Keng?

Just an investor.

I am surprised there are many related party transactions for the alexandra development. So means they see value.
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#87
(31-01-2013, 06:28 PM)shn Wrote: Does anyone know who is Tan Yong Keng?

Likely to be guy from Kenyon - a company that won Enterprise 50 award 6 times. Looks like shrewd guy.

Also surprise that quite a few units at Alexandra Central is bought by related parties. Got something they know but we don't know? Thought it was overpriced slightly.
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#88
(31-01-2013, 09:28 PM)revelationofpyramids Wrote:
(31-01-2013, 06:28 PM)shn Wrote: Does anyone know who is Tan Yong Keng?

Likely to be guy from Kenyon - a company that won Enterprise 50 award 6 times. Looks like shrewd guy.

Also surprise that quite a few units at Alexandra Central is bought by related parties. Got something they know but we don't know? Thought it was overpriced slightly.

Ya. I tot the pricing is for suckers. But it appears related parties bought quite a few units and at market price. Wow!
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#89
Tan Yong Keng continues his relentless buying from the open market. This guy must be pretty confident of the company's prospects.
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#90
(04-02-2013, 05:33 PM)Share Investor Wrote: Tan Yong Keng continues his relentless buying from the open market. This guy must be pretty confident of the company's prospects.

One thing I don't fully understand.. why would Tan Yong Keng's holdings be clubbed together with Maybank Kim Eng's holdings?
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