United Engineers

[DP28]

$694 Psf? Bro, where did you get this data.. if its true I like to have one unit too.

[opmi]

$694 Psf? Bro, where did you get this data.. if its true I like to have one unit too.

I also want...

[kbl]

$694 Psf? Bro, where did you get this data.. if its true I like to have one unit too.

Good morning DP28 san.

here the link...



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

$694 Psf 1 should be a penthouse.

<not vested>

[opmi]

8 Riversuites 4-Bedroom Floor Plan

Eight Riversuites Floor Plan|4 Bedrooms
1-Bedroom 2-Bedroom 2+Study 3-Bedroom Duay-Key 4-Bedroom

http://www.8eightriversuites.com/2013/06...n-4bedroom

biggest one - 1356 sqf X $694 psf - $941k...cheap cheap

[NTL]

Shall drop by later and take a look. Look like they are clearing stocks.

[kbl]

8 Riversuites 4-Bedroom Floor Plan

Eight Riversuites Floor Plan|4 Bedrooms
1-Bedroom 2-Bedroom 2+Study 3-Bedroom Duay-Key 4-Bedroom

http://www.8eightriversuites.com/2013/06...n-4bedroom

biggest one - 1356 sqf X $694 psf - $941k...cheap cheap

hi Opmi san

4BD where got sell $694 psf?

http://www.8eightriversuites.com/2013/05...rices.html

biggest one are the
Penthouse

1453 - 2508 sqft

fr S$1.8xM (Price on Application)



Strata Terrace

2820 - 3003 sqft

fr S$2.7xM (Price on Application)





<not vested>

[opmi]

Paiseh...

Assume the $694 psf one is 3003 sqft one = $2.08m.

or the 2509 sqft penthouse = $1.74m.

TDSR probably shrink the pool of potential buyers.

BTW, can foreigners buy the strata landed? this project before or after the restrictions? Thanks

Update: Friend called. $694 psf is for the terraces...

[NTL]

Price of Terrace fall from $2.7XM to $2.08M. That is close to 20% off launch price?

I wonder if the same discount is given for the other units. The last time I visited the showroom somewhen last year, they are only offering a 3% discount.

And to answer opmi, they acquired the land before the restriction, so foreigners can buy the strata units.

[greengiraffe]

Small divestment but streamlining remains on track...

http://infopub.sgx.com/FileOpen/Ann_Dive...eID=292239

[greengiraffe]

The following is an extract of highlights of AGM held on Friday by a friend:

UE's theme for 2013 annual report - "More United" enticed my friend to attend the meeting after UE's mega purchase of WBL that was followed by a 1-for-1 rights issue.

At the end of the meeting, he felt that the theme song "Let It Go" from the movie "Frozen" was the appropriate strategy for UE shares after its strong outperformance this year. He added that the enlarged group appears "More Disunited" notwithstanding sitting on a lot more property assets and more business divisions resulting from the WBL purchase.

UE continued to be searching for a new CEO to replace Jackson Yap who served a notice to retire in Jan 14 and left by the end of March. A concerned shareholder was puzzled that UE took such a long time to appoint a new CEO. Chairman Tan noted that they are looking for a CEO that can manage the enlarged group to which WBL business was substantially larger than UE's. The shareholder that candidly responded to his comments that - "Are you implying that your board wasn't aware that WBL is a larger and more diverse business when UE mount a takeover?" - much to the amusement of those present.

Chairman Tan was on several occasions a little confused over what can or cannot be disclosed:

i) On the question of the status of UE E&C potential corporate action disclosed to SGX, chairman said that the original offer has been withdrawn only for CFO to add that the board continues to evaluate other offers that emerged. So deal or no deal... your guess is as good as theirs...

ii) On the cross holdings of UE shares held by WBL, Chairman Tan again hesitated on disclosure but disclosed that UE has obtained an fresh 12 month extension for the potential unwinding of the cross holdings on the part of WBL... - is this another piece of sensitive info that warrants proper disclosure?

My take:

UE has strongly outperformed this year on little fresh news and concrete initiatives apart from the sale of several small divisions in WBL's China property arm.

At current prices of pre-rights $3.20, it is trading at levels last seen before it mounts the expensive takeover of WBL. UE was previously trading above $3 when the market is abuzz with speculation that it is one of the two remaining non core banking assets (the other being WBL) that OCBC group could be attempting to divest.

Given that OCBC/GE has partnered UE to consolidate their WBL holdings under UE, it appears that UE is in WBL for the long haul. A corporate office has been set up under UE to streamline and integrate WBL into UE and the hunt for the "more capable" CEO continues.

At present prices, UE has since reverted to a more appropriate discount to book value which is based on annual revaluation of property holdings. Perhaps, gains should be locked in especially for holdings accumulated at distress levels closer to the rights price of $1.50 given that streamlining and integration of WBL is more likely to throw out more pains than hidden value.

Odd Lots
Vested
GG