Heeton

Re: Heeton

Postby ichew » Thu May 21, 2015 1:04 pm

http://www.businesstimes.com.sg/real-es ... ts-amended

read tat
1) Heeton, about S$160 million in size, has potential QC charges running up to about S$19 million by end-2016 in the worst-case scenario.
2) iLiv@Grange (TOP oct-2013) rcv 3 bids with conditions and is 5 mths away from their 2yr QC deadline

Qualifying Certificate (QC) charges are calculated: at per annum rates of
- 1st yr = 8 % of the land purchase price
- 2nd yr = 16%
- 3rd yr & onwards = 24% per cent
The amount is pro-rated according to how many units are unsold.

iLiv@Grange land purchase price = S$72.8 m (en bloc purchase of the 20,325 sq ft Grange Road site in 2007 )
so i assume QC charges are
- 1st yr = 5.824m
- 2nd yr = 11.648m
- 3rd yr & onwards = 17.472m

read that b/even = $ 2000 psf
assume they sell at 2k psf
=> gfa = 4,362 sqm = 46,970 sqft
=> selling price =46,970 sqft x 2k = S$ 93.9m
(dear behappyalways or anyone here, pls correct if my way of calc is wrong)

Buyer's stamp duty = 5400 + 3% of (purchase px - 360k)
ABSD for entity = 15%
So if they set up some pte ltd to buy at 93.9m, means their
BSD = 2.81m
ABSD = 14.085m
total duties = 16.895m

make sense for them to do it but not sure how easy to get bank to lend them 100m to buy this freehold ppty
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Re: Heeton

Postby behappyalways » Thu May 21, 2015 2:41 pm

Hi ichew,

I did not really follow closely this counter. My take is that it is not the time yet. This counter is trading below much below NTA but the management does not seem to have EXECUTION ability hence you have all this unsold units hanging here and there.

Must give them time to clear all this 'mess' and watch their Sun Plaza.
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Re: Heeton

Postby ichew » Thu May 21, 2015 3:59 pm

thanks for the reply behappyalways
not vested yet too but was thinking if they can sell iLiv@Grange, shld be a catalyst
======

http://www.propertyguru.com.sg/property ... liv-grange
read in above link that "The company now plans to dispose the property for $110 million to $120 million, or $1,879 to $2,050 psf based on its overall strata area of about 58,500 sq ft."

i was thinking if they are able to find a single buyer, it would free up one headache.
Not sure abt the other 50%-owned The Lumos headache

Their 50%-owned sun plaza is listed in AR14 at 269.5m
so 50%= 134.75m or S$ 0.50

as at 1Q15,
num of sh = 268,615,194
NAV = S$ 1.1495
cash = 18,594m
debt = 410.274m
eqty = 324,036
investment ppty = 172.52m
devlpt ppty = 206.783m
amt due from assoc coy, JV = 180.911m

warrants ex 0.70 betw 3mar14 to 3sep15
at ld = 0.61, these r all OTM
outstanding = 44,725,994
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Re: Heeton

Postby behappyalways » Thu May 21, 2015 7:24 pm

Another headache might be their Jurong West EC with Koh Brothers.

If one will to follow Warren Buffett way of buying a good biz, then it is definitely a No. More like a cigarette butt. Good for a puff and a waste to throw away.

Personally I would just monitor the company and wait till they solve their 'headaches'.
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Re: Heeton

Postby ichew » Thu May 21, 2015 9:23 pm

thanks for the reminder
will monitor and see how too
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Re: Heeton

Postby behappyalways » Mon Jun 15, 2015 1:06 pm

JV between Heeton and Koh Brothers


Update: Westwood Residences EC May 2015
Cumulative Units Sold to-date: 118
Median Price ($psf) in the Month: 803
Units sold in the month: 118
Cumulative Units Launched but Unsold: 362
Total Number of Units: 480
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Re: Heeton

Postby behappyalways » Tue Aug 18, 2015 10:07 am

Koh Brothers Group and Heeton Holdings unveil $33 million asset enhancement at Sun Plaza
http://sgx.i3investor.com/servlets/fdnews/53189.jsp
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Re: Heeton

Postby behappyalways » Tue Nov 08, 2016 7:32 pm

Heeton sinks into the red in 3Q, incurs $11.3 mil in losses on disposal of iLiv@Grange
http://www.theedgemarkets.com.sg/sg/art ... ilivgrange
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Re: Heeton

Postby behappyalways » Wed Aug 09, 2017 4:12 pm

heeton-1h-earnings-climb-36-131-mil-higher-revenue
https://www.theedgesingapore.com/heeton ... er-revenue
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Re: Heeton

Postby behappyalways » Sun Nov 19, 2017 8:38 pm

S28m gain on disposal

heeton-back-black-3q-earnings-272-mil
https://www.theedgesingapore.com/heeton ... gs-272-mil
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