Metro Holdings

[ngcheeki]

I'm actually looking forward of the sale of metro City beijing, as stated in the press release document (pg 5 of 7)

"Rental income from the Group’s investment properties is expected to remain stable,
subject to the impact of any disposal of Metro City Beijing materialising further to the
announcement of the intent to divest dated April 14, 2011."

What will be the price tag?? It should be at least S$337 million. This means metro Holding cash level will increase S$168 million. There should be more dividend coming in the coming half year result if the sale goes through.

Based on the AR2010, the valuation of the Metro City Beijing is approximately S$337 millions. The following is the further detail of the property.

Metro City, Beijing is a 5-storey, 2-basement retail mall with almost
117,000 square metres of nett lettable area. It is located in East Beijing,
in the Chaoyang District, a major district with a population of over 1.7
million.

Metro City, Beijing, which is still undergoing adjustments of its retail
tenant mix, achieved an occupancy rate of 74.6% as at March 31, 2010.

% owned by Group 50%
Site area (sqm) 32,484
Lettable Area (sqm) 116,973
Tenure 40 year term from 2004
No. of Tenants 14
Occupancy Rate (%) 74.6
Valuation (100%) S$337 million

vested.