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have you look into their financial if they are able to do so immediately??? I am not comfortable with their pay..do check out on their salaries.........and compared to salaries of those in Orchard Parade, Metro, Guthrie.......
Tanglin Shopping Centre collective sale gets nod
(Singapore)
OWNERS controlling at least 80 per cent of the share values and strata area of the freehold Tanglin Shopping Centre have given consent for its collective sale.
The tender for the sale is slated to be launched around the end of this month by marketing agent ERA Realty Network. With a reserve price of $1.25 billion, it will be the biggest collective sale launched for a commercial building in the Orchard/Tanglin area.
The reserve price works out to about $4,021 per sq ft of potential gross floor area - a record price if it is achieved. The assumption in the unit land price calculation is that no development charge is payable and the new owner will be able to build up to the property's existing gross floor area of 310,800 sq ft (pending verification by Urban Redevelopment Authority) - even though this slightly exceeds the maximum 287,750 sq ft allowed for the site under Master Plan 2008.
Millennium & Copthorne Hotels (M&C), the London-listed hotel arm of City Developments Ltd (CDL), disclosed in June that it had signed the collective sale agreement for Tanglin Shopping Centre. M&C holds its stake in the shopping and office complex through its wholly owned subsidiary King's Tanglin Shopping Pte Ltd. The company owns 85 freehold strata retail/office units and 325 car parking lots that have been held as a long-term investment since 1981. This works out to about 34 per cent interest in the total strata area.
Tanglin Shopping Centre has a freehold land area of 68,512 sq ft. Under Master Plan 2008, the site is zoned for commercial use with a 4.2 + plot ratio - the ratio of maximum potential gross floor area to land area - and a maximum height of 20 storeys.
'This will be a very attractive site for redevelopment into a super luxury residential project with a commercial or hotel tower, or residential units with a retail podium,' ERA said. 'Some developers are already eyeing the property in view of its prime location.'
While market watchers agree the site is prime, they say it remains to be seen whether developers will be willing to pay the steep reserve price.
The 12-storey centre comprises retail space from basement two to level six, including about two levels of medical suites; offices from levels seven to 12; and parking lots in the basement and a rear multi-storey block.
(Singapore)
OWNERS controlling at least 80 per cent of the share values and strata area of the freehold Tanglin Shopping Centre have given consent for its collective sale.
The tender for the sale is slated to be launched around the end of this month by marketing agent ERA Realty Network. With a reserve price of $1.25 billion, it will be the biggest collective sale launched for a commercial building in the Orchard/Tanglin area.
The reserve price works out to about $4,021 per sq ft of potential gross floor area - a record price if it is achieved. The assumption in the unit land price calculation is that no development charge is payable and the new owner will be able to build up to the property's existing gross floor area of 310,800 sq ft (pending verification by Urban Redevelopment Authority) - even though this slightly exceeds the maximum 287,750 sq ft allowed for the site under Master Plan 2008.
Millennium & Copthorne Hotels (M&C), the London-listed hotel arm of City Developments Ltd (CDL), disclosed in June that it had signed the collective sale agreement for Tanglin Shopping Centre. M&C holds its stake in the shopping and office complex through its wholly owned subsidiary King's Tanglin Shopping Pte Ltd. The company owns 85 freehold strata retail/office units and 325 car parking lots that have been held as a long-term investment since 1981. This works out to about 34 per cent interest in the total strata area.
Tanglin Shopping Centre has a freehold land area of 68,512 sq ft. Under Master Plan 2008, the site is zoned for commercial use with a 4.2 + plot ratio - the ratio of maximum potential gross floor area to land area - and a maximum height of 20 storeys.
'This will be a very attractive site for redevelopment into a super luxury residential project with a commercial or hotel tower, or residential units with a retail podium,' ERA said. 'Some developers are already eyeing the property in view of its prime location.'
While market watchers agree the site is prime, they say it remains to be seen whether developers will be willing to pay the steep reserve price.
The 12-storey centre comprises retail space from basement two to level six, including about two levels of medical suites; offices from levels seven to 12; and parking lots in the basement and a rear multi-storey block.
imagine the possibilities SC, Hongfok and Shaw could jointly do with this site. time is about ripe
DanielXX ( Date: 24-Oct-2010 22:48) Posted:
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Looking at the number of shops & offices left deliberately vacant at Shaw Center....you don't need rocket scientist to tell you something is definitely brewing.
Jackpot2010 ( Date: 13-Oct-2009 12:13) Posted:
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cheong family is old money. but management not very aggressive. maybe should learn some tricks from the cousin.
Have you guy check on good years and bad years, how much is the pay of the directors compared to the profits??? Please enlighten me.....
Anyone know the pay of directors from HongFok? Are their pay very high?
Sebastian Chong is from Shareowl.com
Tks. Very good article by Sebastian Chong - sounds familiar, who is he? I guess I will sit on it till at least NAV of $1.22. Holding 250 lots since last Dec 09.
Someone sent me the following extract of an analysis by Sebastian Chong on HongFok.
Comments :-
The 360 unit luxury condo known as Skyline has no “separate”
land cost. Basically, Hong Fok has just demolished its 20-year old
podium in the Concourse and is replacing it with the four blocks of
luxury condos. The piling for the foundation of the condo towers is
nearing completion. The units vary from 800 sq ft to 2,500 sq ft. I
estimate that the total revenue from the Skyline could exceed $1
billion. Assuming a profit before tax of $600 million or net profit of
$490 million. Divide this by 660 million shares, the net profit
contribution from the Skyline could be 74 cents per share. Add this
to the reported NAV of $1.22, we get an NAV of $1.96 by Dec
2013 even before adding:
1. the future net recurring profit from the existing 41-storey
office tower
2. the potential redevelopment of International Building at
Orchard Road (next to Shaw Centre and Shaw House).
International Building was revalued at $258 million by Knight
Frank on 24 Feb 2010 in its original condition with an old 12-
storey commercial building.
3. various small current developments/future redevelopments
If we take the above into consideration, the NAV of Hong Fok by
Dec 2013 could easily exceed $2.50 which is 5 times the closing
price on Thursday 27 May 2010. The redevelopment of
International Building is a big trump card which Hong Fok is not
mentioning at all in its annual report or to the media. I am not
surprised if they are just doing preliminary redevelopment concept
plans with architects. By the time it is redeveloped, it would be
2015 at the earliest.
Inactive counters but last few days saw vol up alot. Share with u an OLD article from BT (Dec 2007). Sad to say, HongFok mgt not pro-active & has done nothing on it. I m stuck with this 1 @ 71c.
Business Times: Hong Fok’s Orchard site plans December 9, 2007
Hong Fok’s Orchard site plans
It plans to develop International Bldg site with $62m state plot it
is buying
By KALPANA RASHIWALA
HONG FOK Corporation yesterday gave a glimpse of its plans for a
commercial development on the combined site of its International
Building property at Orchard Road and an adjoining 9,023 square feet
plot along Claymore Hill that it plans to buy from the state for
$62.35 million.
Based on earlier reports, International Building, inclusive of a
surface carpark at the rear, has a total land area of 45,467 sq ft.
In its statement to the Singapore Exchange, Hong Fok said that
unless prior written permission of the government is given, the land
it plans to purchase from the state will be used together with its
International Building site for the purpose of commercial
development with a gross plot ratio not exceeding 6.16.
Market watchers said that based on this plot ratio, the combined
54,490 sq ft site – comprising International Building, including its
surface carpark, and the state plot Hong Fok plans to buy – can be
developed into a commercial project with 335,660 sq ft maximum gross
floor area (GFA). Assuming an 80 per cent efficiency, the net
lettable area would work out to about 268,530 sq ft.
Hong Fok did not elaborate on its plans for International Building,
but market watchers said that it has a few options. One would be to
do a full redevelopment on the enlarged site (including the state
plot being purchased), involving tearing down the present 12-storey
retail and office block.
Another option would be to spruce up the old block and connect it to
a new extension that could be developed on the new site alone, or on
the new site as well as the carpark.
Market watchers said that based on a full redevelopment scheme and
assuming a 335,660 sq ft maximum GFA, the construction costs, fees
and interest would easily amount to about $170 million. They also
reckoned that Hong Fok may have to pay a development charge to the
state for building a bigger project.
In its release yesterday, Hong Fok said that it has accepted an
offer by the Singapore Land Authority to alienate the state land on
a freehold basis for $62.35 million.
The offer was made following an application by Hong Fok to buy the
land, and the proposed alienation is subject to several terms and
conditions. Hong Fok will fund the purchase by bank borrowings.
Hong Fok also owns The Concourse at Beach Road, where it is expected
to develop apartments for sale.
On the stock market yesterday, Hong Fok ended six cents higher at
$1.33
Focus on ASTI for short term play first !
soulcries ( Date: 25-Mar-2010 18:18) Posted:
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Do not be harry, eventually, it could be your counter's turn bullish. Just one by one, awaiting for my fund gathering very strong and start buying this counter. Time is not ripe yet for property market I suppose!
sarsar ( Date: 20-Sep-2010 17:21) Posted:
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Can give property counters a miss after garment intervention to cool the market. If got holding power, just dig in. 
sarsar ( Date: 20-Sep-2010 17:21) Posted:
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Dear all,
Please help to give some advice on this counter? Was told the NAV is $1.22 for long term hold.
Thanks!
seems like this counter forgotten?
any news for this counter
still monitoring this counter
Hong Fok is poised to push higher in the coming days after it broke above the 50‐ and 100‐days moving average. Stock climbed 8% to S$0.74/share. The ADX with +DMI is well above the ‐DMI suggesting uptrend is gaining momentum. Recommend buy with a short‐term target of $0.82 and stoploss below $0.69
NAV $1.28 - price can hit $1! Goldmine in Skyline Concourse + 38 Conduit Rd HK (world record price set in that mid-level residence) + Int'l Building redevelopment + Beach Rd office blocks sitting on MRT.
Singer88 ( Date: 15-Jan-2010 09:43) Posted:
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