KSH Holdings

[LionFlyer]

Kenna sued together with Ho Bee

http://infopub.sgx.com/FileOpen/KSHAnnou...eID=255830

The Board of Directors (the “Board”) of KSH Holdings Limited (the ‘Company”) refers to the
media reports on 10 September 2013 in relation to the legal proceedings (the “Suit”) brought by
the Management Corporation Strata Title Plan No. 3493 (the “MCST”) of the residential
development known as The Coast @ Sentosa Cove against the developer, Ho Bee Cove, Kim
Seng Heng Engineering Construction (Pte) Ltd (“KSHEC”), a wholly-owned subsidiary of the
Company, Architects 61 and Bescon Consulting Engineers.
KSHEC was the Main Contractor engaged to construct The Coast, which was completed in May
2009.
The MCST has made various general claims against KSHEC for alleged defects in the common
property of The Coast as well as specific claims on the warranties and indemnities jointly and
severally provided by KSHEC and several specialist sub-contractors in connection with the
construction of The Coast.
KSHEC has filed a comprehensive defence in response to the Suit and will take all necessary
steps to vigorously defend its interests, including filing indemnity claims against the relevant
sub-contractors as third parties to the Suit.
In the nature of the group’s business, legal claims similar to the Suit are not unusual. The Board
has been advised by its lawyers that the amount claimed in the Suit against KSHEC is likely to
be very insignificant. The Suit will thus not have any impact on the business and financial
positions of KSHEC or the Company, in any respect whatsoever.




vested.

[revelationofpyramids]

yes, there is this going on now. Like Ho Bee whose share price is also not affected.

There seems to be quite a bit of what looks like shorting pattern for KSH and CES recently, maybe because these 2 stocks are liquid for kateks to short. The non liquid property stocks didn't fall as much.
The selling pattern is to purposely sell it down at closing which I detect has been going on for quite a few days.

Anyway the more they short the cheaper we get to buy KSH. 1st half interim results out in November will show big jump in profit as Q1 already KSH made $11.5m, up 137%! EPS is already 2.76ct vs 1.23ct last Q1. SO I expect interim dividend to be paid, maybe 1.5ct. Last year they pay 1.35ct interim dividend. And then 1.15ct more full year.

KSH can afford to pay 3ct dividend total this current year with the big profit jump. Good yield of 6.5% at share price now.

---

Oh ya, forgot to add that at the Q1 rate of EPS, full year company may make nearly 10ct per share, so PE for the stock will be about 4.5 times.

3ct Dividend per share is within its capability as company does not need much cash for big land purchases recently. Past dividend policy is also attractive.

[CY09]

Hi all,

I am trying to research more on this counter.
Learnt its land/unit bank in Sg are the following:
1) No 160 changi road (JV)
2) Sam Leong Mansion (JV)
3) Half of Floraville Units (unsold 27/50)
4) 10% unsold in The boutiq
5) 12% unsold at Cityscape
6) 8% unsold at Lincoln Suites
7) 1 unsold unit at The Palacio
8) 2 Unsold units at Sky Green


I will like to check with other forumers if I missed out other SG properties it owns but have yet to redevelop/sell. Thanks

[yawnyawn]

Hi all,

I am trying to research more on this counter.
Learnt its land/unit bank in Sg are the following:
1) No 160 changi road (JV)
2) Sam Leong Mansion (JV)
3) Half of Floraville Units (unsold 27/50)
4) 10% unsold in The boutiq
5) 12% unsold at Cityscape
6) 8% unsold at Lincoln Suites
7) 1 unsold unit at The Palacio
8) 2 Unsold units at Sky Green
9) 57% unsold at The Whitley Residence [ Potential Troublesome unsold land bank because only Singaporeans or approved foreigners are eligible to buy]

I will like to check with other forumers if I missed out other SG properties it owns but have yet to redevelop/sell. Thanks

Taken from AR2012 Pg 14. Note that the JV at Changi Road was not included in the AR as it was announced after 31 Mar.

With regards to China, KSH has a property development in the outer ring of Beijing(Liang Jing Ming Ju) and a 30.6% effective stake in a township development at Gaobeidian (GBD) New Town – 30 mins away from Beijing city via at a newly-completed high-speed train line.

[Image: Q9wP20D.png]

http://files.shareholder.com/downloads/A...mbined.pdf

[ngcheeki]

Hi all,

I am trying to research more on this counter.
Learnt its land/unit bank in Sg are the following:
1) No 160 changi road (JV)
2) Sam Leong Mansion (JV)
3) Half of Floraville Units (unsold 27/50)
4) 10% unsold in The boutiq
5) 12% unsold at Cityscape
6) 8% unsold at Lincoln Suites
7) 1 unsold unit at The Palacio
8) 2 Unsold units at Sky Green
9) 57% unsold at The Whitley Residence [ Potential Troublesome unsold land bank because only Singaporeans or approved foreigners are eligible to buy]

I will like to check with other forumers if I missed out other SG properties it owns but have yet to redevelop/sell. Thanks

"Whitely Residence" is not owned by KSH Holdings it is under the company of "Hoi Hup Realty Pte Ltd". It 30% stakes of Whitley landbank is held under Unique Resi Estate Pte Ltd which has not be launched yet.

If I'm not wrong, other properties KSH owns by are as followed.

Rezi 26 (45%) TOP Dec 2015
Total Number of Units 106
Total Number of units Lauched 106
Total Number of Units Sold 106
Percentage of Sale 100.00%
Percentage ownership 45.00%


KAP RESIDENCES
Total Number of Units 142
Total Number of units Lauched 142
Total Number of Units Sold 142
Price $1,781.00
Percentage of Sale 100.00%
Percentage ownership 12.60%


NEWEST TOP March 2017
Total Number of Units 136
Total Number of units Lauched 136
Total Number of Units Sold 135
Percentage of Sale 99.26%
Price $902.00
Percentage Ownership 12.50%

Miss out landbank:

28-60 Lorong32 Geylang Road

There is a good company presentation slides on KSH which I found informative.

http://infopub.sgx.com/FileOpen/KSH-DBS_...eID=248079

Estimated locked-in profit from Property Development business amounts to approximately S$120 million**, to be progressively recognised in accordance with the stage of construction.
extracted from slide 19 of 35

vested

[CY09]

Thanks,

So I missed out 1 land banking site in Singapore and that is Lorong 32 Geylang Site. The new project is called Rezi 3two.

And the project is a 65 unit with 3 units so far.

So I guess their land bank is as follows:
1) No 160 changi road (JV), ownership 30%
2) Sam Leong Mansion (JV), ownership 35%
3) Half of Floraville Units (unsold 27/50), ownership 12.25%
4) 10% unsold in The boutiq, ownership 35%
5) 12% unsold at Cityscape, ownership 35%
6) 8% unsold at Lincoln Suites, ownership 25%
7) 1 unsold unit at The Palacio, ownership 32%
8) 2 Unsold units at Sky Green, ownership 25%
10) Rezi 3two 62/65 units unsold (95%), ownership 45%
11) NEWEST 1 unit unsold, ownership 12.5%

Cheeki, what is your opinion of this unsold land bank/units of KSH. Do you think KSH will be able to sell the unsold units especially Rezi 3two &The Whitley Residence? The whitley residence was purchased for $159 Mil, and from the looks of it, QC charges will hit them.

Also, what do you think of the Sam Leong & AIA changi purchase, will KSH's JV of trying to redevelop and sell/rent commercial units succeed?

[ngcheeki]

Thanks,

So I missed out 1 land banking site in Singapore and that is Lorong 32 Geylang Site. The new project is called Rezi 3two.

And the project is a 65 unit with 3 units so far.

So I guess their land bank is as follows:
1) No 160 changi road (JV), ownership 30%
2) Sam Leong Mansion (JV), ownership 35%
3) Half of Floraville Units (unsold 27/50), ownership 12.25%
4) 10% unsold in The boutiq, ownership 35%
5) 12% unsold at Cityscape, ownership 35%
6) 8% unsold at Lincoln Suites, ownership 25%
7) 1 unsold unit at The Palacio, ownership 32%
8) 2 Unsold units at Sky Green, ownership 25%
9) 57% unsold at The Whitley Residence, ownership 30%
10) Rezi 3two 62/65 units unsold (95%), ownership 45%
11) NEWEST 1 unit unsold, ownership 12.5%

Cheeki, what is your opinion of this unsold land bank/units of KSH. Do you think KSH will be able to sell the unsold units especially Rezi 3two &The Whitley Residence? The whitley residence was purchased for $159 Mil, and from the looks of it, QC charges will hit them.

Also, what do you think of the Sam Leong & AIA changi purchase, will KSH's JV of trying to redevelop and sell/rent commercial units succeed?

Thank for the Rezi 3Two, I had missed out on that. Base on the URA latest data, Rezi 3Two has sold 5 units to date. By the way, may I know where did you get the number of units sold/unsold? For me, I'll get for the URA website, see the following link for more information.

https://www.ura.gov.sg/realEstateIIWeb/p...rch.action


If I'm not wrong, their "Whitley Road land bank" is purchase at S$31 million instead of 159 million. As stated in the previous post, "The Whitley Residence" belongs to Hoi Hup instead of KSH Holdings consortium. The Whitley road land bank will be developed into 9 units cluster house.

http://files.shareholder.com/downloads/A...eyRoad.pdf

As most of the land banks (Whitley Road, AIA Changi, Sam Leong Mansion) are freehold, reasonable cheap land cost , at good locations and the amount invested is not too big. Hence, I'm not too worry about it. For example, the psf cost of Rezi 3Two is land size is 13,283 square feet and with a plot ratio of 2.8, Hence, the psf is only around S$607 psf.

I had attended KSH Holdings' AGM 2 years back in year 2011 in Furama City Centre and found that Executive Chairman and Managing Director Choo Chee Onn is a sincere and friendly to minority shareholder. I'm feel that he'll be fair and take good care of small shareholder like me

[CY09]

Hi,

I get mine from URA's caveat lodged where info is about a months old. Then I used the July corporate presentation to roughly calculate how many unsold units there are left then subtract from no of caveats lodged since the corporate presentation. Your method may be easier since everything is compiled together

For the Whitley acquisition, yes it was 31M. I think I made a mistake was looking at The Whitley residence which is Hoi Hup's and not KSH. So do you know what is the performance of KSH's whitely road project?

[ngcheeki]

Hi,

I get mine from URA's caveat lodged where info is about a months old. Then I used the July corporate presentation to roughly calculate how many unsold units there are left then subtract from no of caveats lodged since the corporate presentation. Your method may be easier since everything is compiled together

For the Whitley acquisition, yes it was 31M. I think I made a mistake was looking at The Whitley residence which is Hoi Hup's and not KSH. So do you know what is the performance of KSH's whitely road project?

OK. Based on my understanding, not caveat for the property purchase is not compulsory and hence it is more accurate to get the sale data of property from the "Prices of Private Residential Units Sold By Developers " at the URA website.

If I'm not wrong, their "Whitley Road" development has not been launched and so I don't know their sale status. The only information I had was it is 9 units instead of 11 units as indicated in their corporate presentation slide.

https://www.ura.gov.sg/realEstateIIWeb/p...!917174129

[revelationofpyramids]

Floraville is only one of 3 parts of the Seletar Garden land the JV bought. The other 2 parts are Flora Vista and Flora View. Flora Vista consists of 28 shop units, including eateries. Flora View has 90 apt units.

KSH also bought a piece of land in Klang of about 680,000 sf for S$36m. It has a 40% stake in it. The land has a plot ratio of 5 times, which makes the land cost psf ppr only S$10.50 psf, dirt cheap by Singapore standard. Planned for SOHO, Hotel, Serviced apt (which means condo), shopping mall. Not sure exactly where the land is, but it is within Greater KL, which has a population of about 7 million.

KSH earnings should be very good next couple of years as it is booking profit progressively from several projects, including the lucrative commercial ones.