Stamford Land 03 (Feb 11 - Dec 25)

Re: Stamford Land 03 (Feb 11 - Dec 13)

Postby winston » Thu May 09, 2013 8:31 pm

vested

Time: 9:10AM
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Re: Stamford Land 03 (Feb 11 - Dec 13)

Postby winston » Fri May 10, 2013 8:46 pm

vested

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Re: Stamford Land 03 (Feb 11 - Dec 13)

Postby winston » Thu May 23, 2013 8:27 pm

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Stamford Land full-year net profit falls 41% By Kalpana Rashiwala

Stamford Land Corporation posted a net profit of S$31.7 million for the year ended March 31, 2013, down 40.6 per cent from the previous year. Revenue fell 45.1 per cent to S$266.7 million.

The group did not give its earnings for the January-March 2013 quarter.

Stamford Land said revenue and operating profit from its hotel ownership and management business fell as a result of the weak performance of its two Adelaide hotels, as well as lower exchange rates. Furthermore, the exceptional contribution from its Auckland hotel during the Rugby World Cup held in FY2012 was not repeated in FY2013.

The property development segment, too, recorded lower revenue and operating profit because of completed sales of just 16 apartments in FY2013 compared with 131 units in the previous year.


Source: Business Times
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Re: Stamford Land 03 (Feb 11 - Dec 13)

Postby winston » Fri Jul 26, 2013 7:16 pm

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Stamford Land's Q1 net profit up 41.3%.

Stamford Land Corporation's net profit for the 1Q ended June 30 rose 41.3% to SGD6.35m from SGD4.49m a year earlier.

EPS grew to 0.73 cent from 0.52 cent previously.

NAV per share was 56 cents from 60 cents as at March.

Topline grew 5.8% to SGD64.43m from a year ago on the back of higher revenue contribution from its property development business.

Revenue from its property development segment more than doubled to SGD8.07m from SGD2.89m in the year-ago period.

On the other hand, revenue from its main cash cow, the hotel owning and management business, fell 2.9% to SGD51.95m on weaker performances from its two hotels in Adelaide and poor forex rates.

The off-plan sales of the AUD400m (SGD465.52m) Macquarie Park Village housing 700 units in North Ryde Sydney has been scheduled for an October launch.

Source: Business Times
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Re: Stamford Land 03 (Feb 11 - Dec 13)

Postby tonylim » Sun Nov 03, 2013 5:13 pm

RE: Stamford Land

http://www.propertyobserver.com.au/news ... 3110266091

Macquarie Park Village secures same-day 378 apartment sales on initial North Ryde offering
By Jonathan Chancellor
Saturday, 02 November 2013
CBRE estate agents sold 378 apartments off the plan today to keen buyers in North Ryde.

It was at the Macquarie Park Village where prices ranged between $480,000 and $980,000 in the first stage of Stamford Land Corporation's Macquarie Park Village at 110 Herring Road.

The Singapore-listed Stamford Land Corporation last month opened the display room to inspectees of its $420 million residential development.

On the first weekend they had 400 groups inspecting the AJ+C-designed apartments.

CBRE agent Ben Stewart said pending buyers had then paid $5000 to register for today's sale of units.

It's part of a redevelopment of the site of the Stamford Grand North Ryde Hotel into apartment towers. The 378 sales has been suggested as being the highest number of same day sales on record in Sydney, exceding Mirvac's 37-level Chatswood tower ERA, which secured 295 same day sale in 2011, also with a high proportion of Chinese-Australian community buyers.

Stamford Property Services secured permission to redevelop its hotel site at Macquarie Park after winning state government approval in October 2012.

The Stamford Grand North Ryde will be demolished and replaced with apartment towers of four to 20 storeys, in a mixed-use project known as Macquarie Park Village.

The project will have 576 apartments, 746 car spaces, with some commercial and public spaces. On completion, Macquarie Park Village will comprise seven residential apartment buildings, named after Australia’s state or territory capitals. Stage one buildings are The Adelaide, The Brisbane, The Darwin and The Perth followed by The Hobart, The Melbourne and The Sydney in stage two.

Stamford's Anthony Rice has described the apartment product as “middle ­market” noting a latent demand from the 25,000 to 30,000 people working within the ­Macquarie Park area and those working and studying at the nearby university.

The NSW government’s Planning Assessment Commission said the site was appropriate for higher density housing because of its location and the area’s changing nature shifting from a light industrial and business park area to a high-tech specialised urban centre, supported by the recently-built Epping to Chatswood rail line.

But recently retailer Gerry Harvey failed to secure redevelopment permission for converting the Domayne/Harvey Norman store site into an apartment and office development.

Harvey Norman sought 229 apartments for its 1.97 hectare site in Macquarie Park plus a 12-storey office tower above the existing Domayne building.

The group hoped to also construct a new hotel, which was likely to be a Stamford, although other operators were also in the frame.

Gerry Harvey described the site, on which he built the existing store in 2003, as a “gold mine”, perfect for the launch of the group’s apartment and hotel ambitions.

But Ryde Council engaged property consultants SJB Planning to review the proposal. SJP Planning recommended the development not proceed citing Harvey Norman’s proposal for residential apartments as not aligning with the council’s goal for the precinct as an economic hub with employment opportunities.

The report prepared by SJP stated Harvey Norman's analysis of the impact of merging residential and commercial developments was not persuasive enough to justify changing the council's original plans.
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Re: Stamford Land 03 (Feb 11 - Dec 14)

Postby winston » Tue Jan 21, 2014 9:01 pm

Stamford Land seeks permission to develop prime site in Sydney, Australia By Dennis Chan

Stamford Land Corporation has lodged an application to redevelop a heritage site in Sydney, Australia.

The mainboard-listed company said in a statement that the proposal for the development of 93-97 Macquarie Street where its Sir Stamford Circular Quay hotel currently stands, includes retaining and adapting the former Health Department Building.

The building is listed on the State Heritage Register.

Stamford will also build a 19-storey building for residential and commercial use.


Source: Straits Times
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Re: Stamford Land 03 (Feb 11 - Dec 14)

Postby winston » Wed Jan 22, 2014 8:41 pm

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Stamford Land Corporation confirms it has lodged a development application for 93-97 Macquarie Street in Sydney where its Sir Stamford Circular Quay hotel currently stands.

The proposal includes retention and adaptive reuse of the former Health Department Building as well as the construction of a 19-storey building for residential and commercial use.

With a gross floor area of 14,835 sq m, the proposed building will comprise 104 residential apartments and 1,331 sq m of retail and commercial space. (Closing price: S$0.58, -0.855%)

Source: Phillips
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Re: Stamford Land 03 (Feb 11 - Dec 14)

Postby winston » Sat Feb 15, 2014 8:26 pm

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Stamford Land’s FY2013 revenue up 10.7%.

Stamford Land announced a 10.7% increase in revenue for FY13 while net profit rose 30.5% to SGD24.25m from SGD18.59m.

Earnings per share increased to SGD2.81 cents from SGD2.15 cents in 2012.

Meanwhile, net asset value of the group is at SGD0.55/share.

In January 2014, the Group lodged its development application for the redevelopment of Sir Stamford Circular Quay into 104 residential apartments and 1,331sqm of commercial space.

Separately, 97% of 468 units launched for Macquarie Park Village ("MPV"), which is currently operated as Stamford Grand North Ryde ("SGNR") hotel, were pre-sold.

The remaining 160 units will be released for sale on 1st March 2014.


Source: DMG
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Re: Stamford Land 03 (Feb 11 - Dec 14)

Postby winston » Mon Mar 24, 2014 2:19 pm

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A journey marked by tenacity, common sense
March 25, 2009

‘MY greatest achievement is to have got here safely without too many battle scars.’

Ow Chio Kiat (or, CK Ow, as he is known in business circles) knows what steadfastness and sustainability are all about. He has survived and thrived in cut-throat businesses which have seen many of his compatriots fall by the wayside over the past four decades.

‘Achievements are relative, and come in stages,’ observes Mr Ow. ‘The human instinct is to improve oneself. There are two things to aim for in this life: First, to get what you want. And after that to enjoy it. Only the wisest men can achieve both. But to be successful, one needs to be tenacious, pragmatic, steadfast, and most importantly, do regular reality checks. There is no place for fantasy checks.’

A reality check came when he was just a 16-year-old schoolboy in 1962. That’s when he suddenly found himself inheriting his father’s wooden ‘tongkang’ (lighter) business, Hai Sun Hup, after the senior Ow died of a heart attack.

The fourth child, and second boy, in a family of six, he was chosen by his mother – who saw a certain grit and determination in her young English-educated son – to run the family business comprising six barges and two tugboats.

‘While my other siblings were pursuing their own professional careers, and quite happily so, this business was thrust upon me,’ he recalls, as he sits in his plush office (which has an authentic English pub attached) occupying the entire ninth floor of Southpoint building at Cantonment Road. ‘My mother had me believe that my whole world and my family would crumble if I did not take up my new responsibilities.’

The teenager soon found himself in a tough business dominated by competitors who would stop at nothing in the rough-neck waterfront trade.

‘I wasn’t satisfied with merely getting ahead of the pack within this industry. I wanted to move out of the trade and upstream into the coveted ship agency business, which was then mainly under the control of the British trading houses.’

And he did so by attracting and recruiting talented young executives from the European shipping companies, the port authority and even government agencies, then setting up his first agency.

The move into the shipping agency business proved to be a big breakthrough for a young man who was barely 30 years old. At 32, he was appointed the chairman of Mitsui OSK Lines Singapore – the youngest head of a locally based shipping agency. His youth raised eyebrows among some senior executives within the Japanese shipping giant.

After trying a stint at law school – which was interrupted by his business – Mr Ow pursued his chartered shipbroker qualification, while still running his business.

In 1978, Hai Sun Hup acquired its first ocean-going vessel, Singa Satu. By 1981, Mr Ow was already operating three berths under the PSA’s appropriated berth scheme. Handling about two million tonnes annually, he was the biggest operator at the port.

Then followed a series of joint ventures and tie-ups with some of the major players on the global shipping scene, including Sumitomo Warehouse of Japan, Wilhelmsen Lines of Norway, Wallenius Lines of Sweden and Clipper Lines of Denmark. Mr Ow headed all these joint ventures.

In 1989, with S$12.7 million in net profit, Hai Sun Hup listed on the Singapore bourse to become the second largest listed shipping company here. Its IPO – one of only two that year – was subscribed 100 times.

In 1994, cashed up with the listing proceeds and a couple of well-timed share placements, Hai Sun Hup started acquiring hotels in the leading Australian cities of Sydney, Melbourne, Brisbane, Adelaide and Perth.

‘I was uncomfortable investing more money in ship-owning,’ Mr Ow says. ‘I saw in Australia not just a country, but also a continent. And properties there could be acquired at huge discounts to their replacement value – something like 30 cents in a dollar.’

Over the next two years, he spent some A$300 million (S$299 million) to acquire luxury hotels from global chains which included Ritz-Carlton, Regent, Intercontinental, Sheraton and Beaufort. Hai Sun Hup also started buying other Australian commercial and residential properties for development over the rest the 1990s.

Mr Ow also defied all convention by not just owning the hotels but also firing the global brand managements, and re-branding all the properties under the ‘Stamford’ name. Many thought at the time that this was a risky move. But it paid off.

Hospitality industry guru John Smith of Horwath Asia Pacific marvelled: ‘Compared with the development of its peers, Stamford should not have had the right to be born – let alone achieve all it has today. Consider what it had to contend with: It started in the business 30 years late. It chose the farthest corner of the world in which to build its empire. It adopted a strategic plan that was not focused around pursuing lucrative long-term management agreements from hotel investors. And it wasn’t born of wealthy US or European parents looking for personal fame and global notoriety. And it went about buying luxury hotels at a time when other investors were ducking for cover from the recession of the 1990s.’

Stamford didn’t seem to care for any of the existing rules, Mr Smith observed.

In late 2000, Mr Ow demerged the group’s shipping and logistics businesses, placing them under Singapore Shipping Corporation Ltd (SSC). By then, SSC owned 14 vessels, managed 32 more and operated a three-berth terminal at PSA, and had consolidated assets of S$210 million.

The property arm, with combined assets of A$700 million mainly in hotels and land in Australia, was listed as a separate vehicle, Stamford Land Corporation Ltd.

Recently, Stamford Land confounded the Australian business community by pre-leasing its entire 14-storey new Grade A-category Perth office tower to a subsidiary of oil giant Chevron, despite generally poor market conditions.

Today, the group operates 10 hotels with nearly 2,500 rooms in five major Australian cities. According to Mr Ow, the hotel investments have provided a steady income stream which stabilised the group’s bottom line and protected it from the vagaries and turbulence of the shipping industry.

‘Every man and his dog can start a shipping company, due to its low entry barrier,’ Mr Ow says. ‘My strategy has always been to buy into distressed assets, as long as they are cashflow positive and show potential to improve their performance.’

In 2006, Mr Ow decided to hive off SSC’s thriving logistics, agency and terminal operations businesses into Cougar Logistics Corporation – which became his third listed vehicle. In the process, he enriched SSC’s shareholders, giving them one Cougar share for every four SSC shares.

Between 2005 and 2006, Mr Ow had also started disposing of 10 of his bulk carriers, supertankers and container ships, raising some S$300 million in cash. The remaining ships are currently on long lease to the end of their lifespan.

‘The high tide which has lifted all boats cannot last forever,’ he told BT at the time. ‘Ship prices have reached dizzying heights. There are 4,000 new vessels on order globally and this will impact the balance of demand and supply.’

Cashed up, Mr Ow launched a takeover for SSC and Stamford Land. The offers failed because they were below market prices. Nevertheless, Mr Ow managed to buy back Mitsui’s 4.6 per cent stakes in each of the companies – raising his personal stake in SSC to almost 40 per cent and Stamford Land to 42 per cent. ‘As the market was not waking up to the group’s real worth, I decided to raise my stakes,’ he says.

Today, at 63, he says he is looking forward to the day when he can relinquish his role as CEO of his three listed companies, and just remain as the chairman of their boards.

‘My contribution to this business has been tenacity and common sense,’ he says. ‘I also always exhort my key staff to work themselves into a state of redundancy, because unless they are able to groom successors to take over their jobs, they cannot be promoted.’

Meanwhile, for their shareholders, SSC, Stamford Land, and Cougar Logistics have always delivered generous yields.

Over the past five years to end-March 2008, the companies have paid out some $356 million in dividends to shareholders, which is, remarkably, higher than the $300 million in cumulative net profits during the period.

This was possible because the company was cashed up from the sale of vessels, but had decided not to invest in ships at sky high prices.

And even after the generous payouts, the companies still have over $100 million in cash, remain profitable and generate positive cashflow.

While not physically big, Mr Ow is widely recognised as a giant among Singapore’s self-made millionaires. In 2008, he was ranked 14th among Singapore’s wealthiest men by Forbes magazine.

Today, he can sit back and reflect on his 40-year journey as he enjoys his fine wines, landmark properties (including his signature homes in Singapore, London and Sydney), expensive cars and exotic watches. He is Singapore’s non-resident ambassador to Argentina and also has several honours and titles bestowed upon him over the years by various governments and territories around the world.

‘My achievements are relative,’ he says. ‘I didn’t exactly come from a poor family, but I guess my son is more fortunate than I am.’

His friends point out that Mr Ow did not start out in life holding a good hand. But he played his cards well, they add. That he could have vaulted from a dying business – lighterage – to helming three profitable listed companies is a feat not many can achieve.

‘When I look around today, most of my peers who started with me four decades ago in the marine business are all gone,’ he says. ‘Some may say I’ve been lucky. Others would credit it to my survival instinct.

Whatever it is, I am still here. Perhaps this is because I have never been in the business of making bubbles.’

‘In Stamford Land, we have successfully managed an organisation of some 2,500 employees in a foreign country for the past 16 years. This is a very competitive environment where we had to battle with the local hoteliers and the global brands. It has definitely been a lot of sweat and toil.’

Going forward, Mr Ow sees the current recession as an opportunity for cashed-up companies to buy distressed assets with growth potential.

‘We are keeping our gunpowder dry even as we survey the battlefield,’ he remarks. ‘There are opportunities in the current economic adversities. You can acquire big projects, but you must have sufficient resources to sustain your ambitions. Your resources must match your vision. Vision without resources is hallucination.’

His longtime friend Chua Thian Poh, chairman and CEO of Ho Bee Investment, describes Mr Ow’s long journey in these terms: ‘CK’s achievement today is not due to a stroke of luck. It is his steadfast determination; intuitive foresight and natural intelligence that saw him successfully bring an unknown Singapore brand overseas.’

Indeed, if there is one lesson which Mr Ow’s success teaches, it is about sustained and measured growth, and survivability.

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Re: Stamford Land 03 (Feb 11 - Dec 14)

Postby winston » Tue May 20, 2014 4:50 am

vested

Time: 1:02PM
Exchange: SGX
Stock: Stamford Land(H07)
Signal: Bullish MACD Crossover
Last Done: $0.61

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