Wheelock Properties

Re: Wheelock Properties

Postby winston » Fri Jan 11, 2013 12:37 pm

not vested

After a long hiatus from land purchases, Wheelock Properties yesterday announced that it has successfully clinched a leasehold 99-year residential site at Ang Mo Kio Ave 2 for S$550m.

The site, located next to St Nicholas Girls' School and the future Mayflower MRT station with an allowable gross floor area of 696,302 sf, attracted a total of 12 bids.

Wheelock’s tender price works out to S$790 psf ppr and we estimate a $0.15/share accretion to NAV assuming breakeven of $1,250 psf and a selling price of $1500-1600 psf.

This site acquisition is timely, given the group’s depleting landbank in Singapore, currently
comprising of Ardmore Three and unsold units at Scotts Square. It also signals a broadening of the group’s focus on the prime residential districts to strategically located leasehold sites in suburban locations.

Flushed with cash from the progressive collection of sale proceeds of Scotts Square, Wheelock’s cash position swelled to over S$1b earlier last year. It has since deployed over $300m to invest in financial assets and recently raised its stake in SC Global from 16.07%
to 17.9% through open market purchases.

We believe more active deployment of its capital could serve to narrow the stock’s current discount of 29% from its NAV of $2.86/share.

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Re: Wheelock Properties

Postby winston » Thu Jan 17, 2013 1:29 pm

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Wheelock disposes 18% stake in SC Global at S$1.80/share

Wheelock properties announced that it has agreed to sell its entire holding of 74.2m(17.93%) shares in SC Global at S$1.80/share. The total value of disposal is S$133.5m.

Impact on Wheelock: After disposal, Wheelock will be realising a gain of S$92.6m (the book value of disposal shares as at end Dec is S$41m). The transaction will result in 8 S cents(3%) accretion to its book and to our RNAV.

While the initial investment cost of Wheelock is much higher at about S$2.33/share the company has written down its investment value over last few years.

Management noted that the rationale for disposal is to sharpen its focus on its existing investments and strengthen the financial position in light of the recent property measures. Wheelock recently won tender for Ang Mo Kio site for about S$550m and will be building 600 residential units in the site.

Valuation - Maintain BUY with a target price of S$2.28/share pegged at a 20% discount to its RNAV of S$2.83/share.

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Re: Wheelock Properties

Postby behappyalways » Mon Jan 20, 2014 12:08 pm

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Re: Wheelock Properties

Postby behappyalways » Mon Feb 24, 2014 7:14 pm

An allowance for diminution in value of $110 million (2012: nil) was made on the Ang Mo Kio project (The Panorama) due to the weakening market conditions and the slow take up rate of the property.
http://infopub.sgx.com/FileOpen/WPSL_AN ... eID=275856
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Re: Wheelock Properties

Postby Jordankbl » Mon Feb 24, 2014 8:47 pm

Good evening Behappyalways San and all.

**Scotts Square, comprising 2 luxury residential towers above the boutique Scotts Square mall, obtained its Temporary Occupation Permit on 22 August 2011.
On 8 and 10 January 2013, the development obtained its Certificate of Statutory Completion and Subsidiary Strata Certificates of Title respectively. The final 15% payments under the progress payment structure were received for all sold units.**

Please read the words in bold.

Sing holdings-$117M trade receivables-is this the final 15%?

I will be sending Boss Lee another email this wkend :evil:

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Re: Wheelock Properties

Postby behappyalways » Tue Feb 25, 2014 9:33 am

From The Straits Times

Wheelock paid $550m for the land......which works out to $790psf.


Update: The Panorama Jan 2014
Cumulative Units Sold to-date: 58
Median Price ($psf) in the Month: $1343
Units sold in the month: 58
Cumulative Units Launched but Unsold: 62
Total Number of Units: 698

If company takes a $110m diminution on The Panorama that meant they reduce land cost by around 20% or $160psf. New Land cost will be around $630psf plus $400psf build up cost that would meant a breakeven of $1030psf compared to $1190psf ($790+400) before the $110m diminution.

This gives them room to cut price by around 20% to 30% from $1343psf average to clear stock.

I guess in the end they should be able to reduce the total losses in the project.
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Re: Wheelock Properties

Postby behappyalways » Mon Mar 17, 2014 1:22 pm

5 returned units and 1 sold.... hence negative 4 units sold. (The latest to launch EC Skypark Residences has 294 units as of Feb 2014 yet the latest update as of 14 Mar 2014 states that 290 units are sold. Negative units sold)

Update: The Panorama Feb 2014
Cumulative Units Sold to-date: 54
Median Price ($psf) in the Month: $1323
Units sold in the month: 1
Cumulative Units Launched but Unsold: 66
Total Number of Units: 698



behappyalways wrote:From The Straits Times

Wheelock paid $550m for the land......which works out to $790psf.


Update: The Panorama Jan 2014
Cumulative Units Sold to-date: 58
Median Price ($psf) in the Month: $1343
Units sold in the month: 58
Cumulative Units Launched but Unsold: 62
Total Number of Units: 698

If company takes a $110m diminution on The Panorama that meant they reduce land cost by around 20% or $160psf. New Land cost will be around $630psf plus $400psf build up cost that would meant a breakeven of $1030psf compared to $1190psf ($790+400) before the $110m diminution.

This gives them room to cut price by around 20% to 30% from $1343psf average to clear stock.

I guess in the end they should be able to reduce the total losses in the project.
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Re: Wheelock Properties

Postby behappyalways » Mon Jun 16, 2014 1:11 pm

Update: The Panorama Feb 2014
Cumulative Units Sold to-date: 54
Median Price ($psf) in the Month: $1323
Units sold in the month: 1
Cumulative Units Launched but Unsold: 66
Total Number of Units: 698

After the relaunch and price cut

Update: The Panorama May 2014
Cumulative Units Sold to-date: 156
Median Price ($psf) in the Month: $1241
Units sold in the month: 100
Cumulative Units Launched but Unsold: 90
Total Number of Units: 698

(maybe need another cut......)
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Re: Wheelock Properties

Postby winston » Thu Jul 03, 2014 10:58 am

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Wheelock Properties (S) Ltd: Buying solid value with decent yield

We initiate coverage on Wheelock Properties Ltd (Wheelock) with a BUYrating and S$2.38 fair value estimate (30% RNAV disc).

With a solid balance sheet with ~S$451m in cash and a low net gearing of 6% at end 1Q14, Wheelock is in good stead to ride out the domestic residential downturn.

In addition, with the stock currently priced at 0.5x RNAV and 0.7x book value, we believe that Wheelock offers investors solid value on top of a steady yield of 3.4%.

We view the group's recent participation with Ong Beng Seng in a consortium offering for HPL shares as another strong positive; the move has allowed Wheelock to accumulate undervalued HPL shares and will precipitate further upside should HPL decide to undertake a value-accretive redevelopment combining its large freehold / 999-year sites in the west Orchard area.

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Re: Wheelock Properties

Postby winston » Mon Jul 07, 2014 8:56 am

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Analysts are revisiting the likelihood of a privatisation offer for Wheelock Properties (S) Ltd.

Its share price at $1.905 is trading at 0.76 times its book net asset value of $2.49 as at Mar 31.

The most recent research to suggest that Wheelock's Singapore unit could be a privatisation candidate is OCBC Investment Research. However, in the latest press conference, management has told analysts that there are no plans to take Wheelock private.

During the conference, it was also revealed that Wheelock has had some success in selling units at The Panorama in Ang Mo Kio. The provision of $110 million made for The Panorama in 2013 has given the marketing team more flexibility in selling the project.

Since its initial launch at the start of the year, the project has sold more than 350 units at an average selling price of $1,200-$1,300 psf. OCBC Investment Research has a buy rating on Wheelock with fair value of $2.38. It has estimated an RNAV of $3.39.

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