Capitaland Investment

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CapitaLand divests The Star Vista for S$296 million

CapitaLand announced today that it has entered into an agreement to sell The Star Vista for S$296 million to Rock Productions, owner of The Star Performing Arts Centre that is co-located with The Star Vista in the same development. Based on the latest independent valuation, The Star Vista was valued at S$262 million as at 30 June 2019. The divestment is targeted to be completed by end 2019 and is expected to generate for CapitaLand net proceeds of approximately S$145 million and a net gain of approximately S$32 million.

Located next to the Buona Vista MRT Interchange, The Star Vista is part of a 15-storey integrated development which also includes a 5,000-seat auditorium. Opened in September 2012, the mall comprises three levels of retail space – two levels above ground and one basement level – with a net lettable area of about 162,500 square feet. The mall registered an occupancy of 95% as at 30 June 2019. Its major tenants include Beauty in the Pot and LeNu, Canton Paradise Teahouse, Redman by Phoon Huat, Swee Lee and Cold Storage.

More details in https://links.sgx.com/FileOpen/20191120_...eID=586771

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4 May 2020 Capland 1Q2020 Result
https://links.sgx.com/FileOpen/CL_1Q2020...eID=609120

(click to read sgx)

My summary:
Capland change to half-yearly reporting as per 26 Feb 2020 announcement
Financial position are healthy but business activities affected due to C19, in particular in residential, retail and lodging.
Relatively, offices, business parks, logistics and fund management (recurring income) remains resilent.
Overall, will have an adverse impact on financial performance for FY2020, in term of profitability, credit, valuation of investment properties and capital recycling.

Watch out for Green shoots from China as it's the first country to recover from C19.
All retail malls opened but footfall and sales increased but yet to return to pre-C19 levels.

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5 May 2020 TOP for previous CPF building @ 79 Robison Rd
https://links.sgx.com/FileOpen/News%20re...eID=609325
(click for details)


Broght in 2016 with $550m, followed by development $1b, old CPF building TOP with 70% pre-commitment from MNC:
Allianz, EFG Bank, Howden Insurance and William Grant& Sons.
Tenants will take over from June 2020 and expected to move in from 3Q2020.

The remaining space consists of primarily high-rise floors eg. double-volume Sky Village on the top floor
will be offering for CaptiaLand's owned coworking and flexible workspace BU
Bridge+

Stay home, stay healthy, valuebuddies.

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12 May 2020 Capland update for 1Q20

(click for ppt)

As per 4 May 2020, Capland announced it's 1Q20 result (click for vb post)

A quick update for busy valuebuddies:
Development
- Residential: sales impacted across core residential market but green shoots have appeared in China
- Retail: sharp drop in shopper traffic; tenant assistance measures such as security deposit to offset rental, rental relief
- Office: resilience; construction on track, continue divestments and reconstituation; extended rent rebates; pass-thru ppty tax rebate
Lodging
- impact not ascertainable yet; new source of business for guests in self-isolation, healthcare workers
Fund Management
- increase by 54.2% vs 1Q19

Stay home and stay safe, everyone.

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22 May 2020 CapitaLand launches ecommerce platform eCapitaMall and online food ordering platform Capita3Eats (pronounced as “capitatreats”)

Aims to drive sales for retailers during Phase 1 safe reopening and beyond
(click for news release)

Stay home and stay safe, everyone.

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15 June 2020 Capitaland digital platform
https://links.sgx.com/1.0.0/corporate-an...c07edc14dc

It's good to know that CapLand understood the important of digital platform and is aggressively rolling them out in Singapore and China, too.

"In mid-March 2020, CapitaLand rolled out a “Homes” feature on CapitaStar’s WeChat catering to house hunters in China. By the end of May 2020, more than 2,700 viewing appointments have been booked through the feature. From January to May 2020, the Group sold more than 1,400 residential units worth about RMB4 billion. About half of the sales was achieved in the month of May alone. Notable launches in May 2020 included Parc Botanica in Chengdu and La Botanica township in Xi’an, which sold out a combined total of 722 units within four days. "

Stay home and stay safe, valuebuddies.

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29 June 2020 Meeting Minutes for CapLand
https://links.sgx.com/FileOpen/CL2020AGM...eID=621437

The Company’s dividend policy is to declare a dividend of at least 30% of the annual cash PATMI (profit after tax and non-controlling interests), defined as the sum of operating PATMI, portfolio gains/losses and realised revaluation gains/losses. Notwithstanding, dividend payout decisions have to be balanced with the need to conserve cash and to prevent a deterioration of the Company’s financial position taking into consideration the risk of a prolonged period of economic uncertainty due to COVID-19, higher volatility and uncertain demand outlook. We are providing Shareholders with the option to receive dividends in new shares.

Wear mask and keep your distance, everyone.

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PROFIT WARNING
6 July 2020 Capland to release 1H20 results(as at 30 Jun 2020) on early Aug 2020
https://links.sgx.com/FileOpen/CL_Profit...eID=622650

CapitaLand wishes to advise shareholders that for the six months ended 30 June 2020 (“1H 2020”):
a. operating PATMI1  is expected to reduce by 25% to 35%3  from the $361.3 million recorded in First Half of 2019 (“1H 2019”);
b. cash PATMI (comprising Operating PATMI and Portfolio Gains2) is expected to reduce by 40% to 50%3 from the $496.0 million achieved in 1H 2019; and 
c. CapitaLand has adopted annual valuation in December with effect from 2020. Any revaluation gains or losses on investment properties will only be recorded in its full year results and accordingly, will not be comparable in 1H 2020 to that for 1H 2019, which recorded revaluation gains of $379.4 million. Nevertheless, CapitaLand will continue to recognise its share of any revaluation gains or losses recorded and announced by its listed investments.
Therefore, CapitaLand anticipates that the Group’s total PATMI will be materially and adversely impacted. CapitaLand will closely monitor the situation and provide further update(s) as and when there are material developments in accordance with the listing rules of SGX. The Group expects to release its 1H 2020 financial results in early August 2020. 

Wear mask and keep your social distance, everyone.

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23 July 2020 1H Result (as at 30 Jun 2020) will be announced on Friday, 7 Aug 2020 before market start - CapLand
https://links.sgx.com/1.0.0/corporate-an...b34ca01b19

Wear mask and keep your social distance, everyone.

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27 July 2020 International Tech Park Chennai - CapitaLand
https://links.sgx.com/FileOpen/News-Rele...eID=625067

Dr C Velan, City Head, Chennai Operations, CapitaLand India, said: “With over 15 years of experience in Chennai, we are bringing state-of-the-art office space at ITPC, Radial Road, and best-in-class asset management services to our clients. This park is another demonstration of CapitaLand’s commitment to sustainability. Designed with green features to achieve water and energy efficiencies such as the 75% naturally lit office spaces as well as luscious landscape complementing Chennai’s weather and ecosystem, it will be a draw as tenants are increasingly placing sustainability as a top priority.” 

The Group is a key contributor to India’s IT industry development, having pioneered the renowned International Tech Park Bangalore in 1994. CapitaLand has deep expertise in India across the full real estate value chain - from owning, developing and managing properties to fund management through Ascendas India Trust and private funds.

Wear mask and keep your social distance, everyone