Isetan

Isetan

Postby behappyalways » Thu Aug 17, 2017 3:26 pm

血要热 头脑要冷 骨头要硬
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Re: Isetan

Postby winston » Wed Sep 11, 2019 9:10 am

not vested

CLARIFICATION ANNOUNCEMENT ON BUSINESS TIMES ARTICLE DATED 10 SEPTEMBER 2019

https://links.sgx.com/FileOpen/Isetan%2 ... eID=578015
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Re: Isetan

Postby winston » Wed Sep 11, 2019 1:09 pm

vested

Sep 10, 2019

Isetan halts trading after shares jump 9.6% on report SGReit to buy over its Wisma Atria stake

The BT report said that SGReit's manager, part of the YTL Group controlled by Malaysian tycoon Francis Yeoh, issued a letter of intent to Isetan more than a month ago , to open talks on acquiring the Japanese firm's share in the shopping mall.

It is also believed that, to close is grip on the property, YTL Starhill Global Reit Management has signalled that it is prepared to offer more than $290.7 million - the fair value of Isetan's investment stake in Wisma Atria as at the end of 2018, as determined by an independent valuer.




Source: Business Times

https://www.straitstimes.com/business/c ... -sgreit-to
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Re: Isetan

Postby winston » Thu Sep 12, 2019 8:26 am

vested

41m Shares
If Wisma Atria is sold, Isetan will get Sin$290m (Sin$7/Share)
Existing Cash Per Share: Sin$100m (Sin$2.40/ Share)
Total Cash Per Share: Sin$9.40

Share Price (Sept 11): Sin$5.20
Discount to Cash: 55%

Is my calculation correct?

What am I missing?
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Re: Isetan

Postby winston » Thu Nov 14, 2019 3:27 pm

vested

3Q Results

Revenue: -9%
Loss After Tax: +35% (Increase in Losses)

https://links.sgx.com/FileOpen/3Q%20FY% ... eID=585497
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Re: Isetan

Postby winston » Sun Jan 19, 2020 6:50 pm

vested in Isetan

Starhill Global REIT poised for stronger income on the back of potential investments: CGS-CIMB

by Stanislaus Jude Chan

7/10/2019

SG REIT is said to be planning to unlock an unutilised gross floor area of 100,000 sq ft between Ngee Ann City and Wisma Atria, which could coincide with the upcoming Orchard MRT station on the Thomson-East Coast Line in 2021.

The 100,000 sq ft space could be used to connect to the MRT station via the construction of covered walkways both above- and under-ground.

“This would enhance traffic flow to the malls and generate added rental income as more commercial space is built. Our calculation shows ROI to be in the low double-digits depending on construction cost,” Eing says in an Oct 4 report.

Meanwhile, SG REIT has also submitted an expression of interest to acquire Isetan Singapore’s strata area at Wisma Atria.

Isetan currently owns 26% in Wisma Atria’s total share value of strata lots, with the remaining owned by SG REIT.

“Based on our estimates, the valuation of Isetan’s stake in Wisma Atria (at $4,600 psf) is significantly lower than the valuation of SG REIT’s stake in the property (at $6,300 psf),” says Eing.

Eing notes that there is a large rental gap between the areas at Wisma Atria owned by Isetan and SG REIT.

Based on her estimates, the areas owned by Isetan command rental of around $13 psf, compared to rental of around $34 psf for areas owned by SG REIT.

The way she explains it, this disparity is because many of Isetan’s tenants occupy large floor spaces that usually command a lower rent psf.

“We believe SG REIT could improve rental yield with the right strategy,” Eing says.

“Owning the entire property also makes it easier for future AEIs and tenant mix planning. However, there is no certainty that Isetan is willing to divest its stake in Wisma Atria,” she adds.

Source: The Edge

https://www.theedgesingapore.com/capita ... tments-cgs
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Re: Isetan

Postby winston » Sun Jan 19, 2020 6:55 pm

vested in Isetan

10 things I learned from the 2019 Starhill Global REIT AGM

By Adam Wong

December 3, 2019

6. Chairman Tan Sri Dato’ Francis Yeoh said that the management is pursuing a deal to buy over the remaining 25.8% stake at Wisma Atria from Isetan Singapore.

The management has approached Isetan every 3-4 years on the possibility of a sale but has been unsuccessful so far.

He added that Isetan Singapore isn’t doing well and dilutes the average rent at Wisma Atria by leasing space to tenants at a lower rate than SGREIT.

The chairman revealed that a major hotel group had already approached the management about the possibility of adding a hotel component to Wisma Atria and owning 100% of the property would give SGREIT the opportunity to explore that option.

Developing a brand-new hotel from the ground up would normally take years but refurbishing an existing building would take less time. Coupled with its prime location along Orchard Road, Wisma Atria would be an attractive site for a premium hotel operator.


Source: Fifth Person

https://fifthperson.com/2019-starhill-global-reit-agm/
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