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My overview of Sing Holdings now:
Currently Waterwoods units is 66.5% sold with overall GFA of 65.5% sold. In my view, the total sales upon TOP is likely to be at 75%; this is because till now the 5 bed rm and above are hardly moving. Therefore, for ppl who wish to value Sing Holdings FY 15 earnings which has 2 TOPs, its best to estimate revenue at 75% of waterwoods is sold.
For Robin residence, it is a mixed bag as we do not have any website to track units sold/unit size in Robin Residence other than URA's monthly update. my personal view is only 75% of Robin residence will be sold upon TOP in Q4 FY 15 at $2250 PSF as well.
For Land bidding, Sing Holdings is adamant to invest in residential with commercial plots. No doubt there is margin for developers to earn, but given the fact Chinese developers are in the mix, one can expect project development margins of 10%. It is likely Sing Holdings will bid for the Lorong Putong or Tampines Road site which will be out soon. And if they do not win any, a JV will be formed to jointly bid for Holland Road site in December 2014.
Currently Waterwoods units is 66.5% sold with overall GFA of 65.5% sold. In my view, the total sales upon TOP is likely to be at 75%; this is because till now the 5 bed rm and above are hardly moving. Therefore, for ppl who wish to value Sing Holdings FY 15 earnings which has 2 TOPs, its best to estimate revenue at 75% of waterwoods is sold.
For Robin residence, it is a mixed bag as we do not have any website to track units sold/unit size in Robin Residence other than URA's monthly update. my personal view is only 75% of Robin residence will be sold upon TOP in Q4 FY 15 at $2250 PSF as well.
For Land bidding, Sing Holdings is adamant to invest in residential with commercial plots. No doubt there is margin for developers to earn, but given the fact Chinese developers are in the mix, one can expect project development margins of 10%. It is likely Sing Holdings will bid for the Lorong Putong or Tampines Road site which will be out soon. And if they do not win any, a JV will be formed to jointly bid for Holland Road site in December 2014.