Sing Holdings

[CY09]

Good evening every1.

150 units Waterwoods sold. Left 223 units.

1 more unit sold

At this rate of selling, breaking even for Waterwoods EC is a good thing for Sing Holdings/ UE E&C.

I predict Sing Holdings will get around total of 54M profits from Robin Sales. This means approx. 13.5 cents gain per share for FY 14-16.

I wonder how the company intends to provide a decent ROE for shareholders over FY 14-16 (current equity is around 56 cents per share); 1) reduce equity by cash payout or 2) find some good business

[kbl]

Good morning every1.

153 units Waterwoods sold. Left 220 units

http://www.executivecondominium.sg/WaterWoods.html

[Behappyalways]

got angbao $6,888 so people buy ^^

The Waterwoods will TOP in 2016....so 2 more years to go and since it is EC, Sing Holdings will have to acct for its revenue and profit in one lump sum when TOP

2 years or more to go for it to TOP so company needs to sell around 10 units per mth on average.......

Nov Sales = 131 units
Dec Sales = 8 units
Jan Sales = 11 units (if 150 units )

Analyst estimate that company stands to make around $50m if they sold all at $750psf.....so if they are able to sell all at $800psf, then the profit maybe around $60m ++(after tax)

Gross Floor Area of Waterwoods is around 500,000sq f
Average selling price $800psf
Total gross sale proceeds if all sold = $400m (500,000 x 800)
Taking 150 units sold, that's 40% or present gross sale proceeds of $160m......
They kinda got back the land cost......

In 3Q2013 balance sheet, long term debt of $235m well they already got $160m gross sale proceeds.....

that's why I think the Lees should delist.....market is bearish on them but their short term debt and long term debt is kinda 'covered'.....so little risk for them while they can reap the profits from Waterwoods, Robin and Office Units(valued at $535psf cost but latest sale done at $905psf)

Update: Waterwoods EC Dec 2013
Cumulative Units Sold to-date: 139
Median Price ($psf) in the Month: 807
Units sold in the month: 8
Cumulative Units Launched but Unsold: 234
Total Number of Units: 373

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

Good evening every1.

150 units Waterwoods sold. Left 223 units.

1 more unit sold

At this rate of selling, breaking even for Waterwoods EC is a good thing for Sing Holdings/ UE E&C.

I predict Sing Holdings will get around total of 54M profits from Robin Sales. This means approx. 13.5 cents gain per share for FY 14-16.

I wonder how the company intends to provide a decent ROE for shareholders over FY 14-16 (current equity is around 56 cents per share); 1) reduce equity by cash payout or 2) find some good business

[pianist]

today got property news said that waterwood selling quite well

[CY09]

one of the best performance in a week for Waterwoods.

Sold 4 units this week. Total units sold 154 units

http://www.executivecondominium.sg/WaterWoods.html.

The reason why I mentioned Waterwoods is likely to only break even is because I calculated land cost (160M) + Development cost ($111.2M) + Misc cost ($8.8 M). Thus I estimate waterwoods need to be approx. 70% sold to breakeven to all my costs tabulated. I assumed the units are sold at 790 psf in my revenue assumption.

[Behappyalways]

gone are those days where launches are mostly or fully sold when preview......

Waterwoods has more than 2 years to TOP and the earliest next EC launch will be in August 2014......the sales should be ok......Waterwoods should do a roadshow between now and august 2014 to further sales.....

anyway looking at the recent few EC tenders....Sing Holdings did not participate.....probably meaning they are no longer interested in EC (unless there is a very good site).....interestingly what they are going to do with the $$$ since the next few tenders excluding EC are quite big so I doubt they will participate too........

instead of returning cash, Lees should be smart enough to use the cash to buy out the minority shareholders......

[CY09]

gone are those days where launches are mostly or fully sold when preview......

Waterwoods has more than 2 years to TOP and the earliest next EC launch will be in August 2014......the sales should be ok......Waterwoods should do a roadshow between now and august 2014 to further sales.....

anyway looking at the recent few EC tenders....Sing Holdings did not participate.....probably meaning they are no longer interested in EC (unless there is a very good site).....interestingly what they are going to do with the $$$ since the next few tenders excluding EC are quite big so I doubt they will participate too........

instead of returning cash, Lees should be smart enough to use the cash to buy out the minority shareholders......

Hi Behappy,

I did explore the possibility of delisting by the Family. Here is my opinion:

Assuming delisting at 50 cents/share, the family needs abt 127 Mil to buy over the rest. So where can they raise these $127M?

One way is to use about 100M of the company's cash (70% of [160M Receivables+100M Cash-116M of short term debt]) and borrow only 27M to do a buyout. This is fairly easy and it can be done by borrowing 27M from the sister company (Sing Investments). Not sure how the Lee Family can do it but its possible. Do take note Sing Holdings (Robin) Pte Ltd is definitely capable of using its internal resources to fund the robin plot's development since buyers have to pay 20% of sales proceeds within first 3 months

However, delisting is not likely too as the majority shareholders are enjoying quite good bonuses being CEO/Chairman of the company. In essence, they are enjoying both worlds earning dividends and salary despite only having about 37% of the company

[Behappyalways]

The office units are valued at cost ($535psf) and it is worth $28m at cost......If they want to offload, they should be able to sell at a higher profit.......


If they delist even at NTA, they stand to gain from the profit from Waterwoods(you might choose to disagree), Robin and Office Units.....

The 2 projects should TOP in 2-3 years time so that's a pretty good ROE on their investment

[ngcheeki]

one of the best performance in a week for Waterwoods.

Sold 4 units this week. Total units sold 154 units

http://www.executivecondominium.sg/WaterWoods.html.

The reason why I mentioned Waterwoods is likely to only break even is because I calculated land cost (160M) + Development cost ($111.2M) + Misc cost ($8.8 M). Thus I estimate waterwoods need to be approx. 70% sold to breakeven to all my costs tabulated. I assumed the units are sold at 790 psf in my revenue assumption.

Look like the "CNY Ang Bao" gimmick is working in pushing the EC sales!! Hopefully Boss Lee also gives big "Ang Bao" to Sing Holding shareholders. By the way, last year result announcement was on 13 Feb 2013 and result should be announced next week.

[kbl]

gone are those days where launches are mostly or fully sold when preview......

Waterwoods has more than 2 years to TOP and the earliest next EC launch will be in August 2014......the sales should be ok......Waterwoods should do a roadshow between now and august 2014 to further sales.....

anyway looking at the recent few EC tenders....Sing Holdings did not participate.....probably meaning they are no longer interested in EC (unless there is a very good site).....interestingly what they are going to do with the $$$ since the next few tenders excluding EC are quite big so I doubt they will participate too........

instead of returning cash, Lees should be smart enough to use the cash to buy out the minority shareholders......

Hi Behappy,

I did explore the possibility of delisting by the Family. Here is my opinion:

Assuming delisting at 50 cents/share, the family needs abt 127 Mil to buy over the rest. So where can they raise these $127M?

One way is to use about 100M of the company's cash (70% of [160M Receivables+100M Cash-116M of short term debt]) and borrow only 27M to do a buyout. This is fairly easy and it can be done by borrowing 27M from the sister company (Sing Investments). Not sure how the Lee Family can do it but its possible. Do take note Sing Holdings (Robin) Pte Ltd is definitely capable of using its internal resources to fund the robin plot's development since buyers have to pay 20% of sales proceeds within first 3 months

However, delisting is not likely too as the majority shareholders are enjoying quite good bonuses being CEO/Chairman of the company. In essence, they are enjoying both worlds earning dividends and salary despite only having about 37% of the company

Good evening CY09 San, Behappyalways San, Ngcheeki San and all. Robin Residences foundation work already completed so another 10%.