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Perhaps the sale of Dynon may not go thru if price is not up to expectation. The recent market turmoil would have dented sentiments.....hence buyers may not be too bullish about offering a higher price. This coupled with the weakening of AUD agaonst SGD (AUD/SGD rate used in FY2010 result was 1.2825 vs current approx 1.16.........approx 10% deterioration) will further impact the gains after FX translation.
Ref STL FY2010 announcement......
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_15CA815482CA8E4048257730003738E1/$file/SLC27may2010.pdf
see para 10......commentary on business outlook for next 12 months, it talked about rental revenues from Dynon commencing 24 July......Question? Why will they comment on rental revenues when the sale is pending? Is this a hint that the sale is called off for, at least till the market conditions improves? Perhaps.
But, keeping Dynon for rental revenue is not too bad. Based on the estimated net rental income of AUD 9.5m pa, it will contribute to eps of approx 1.28c (using 1.16 xc rate).......this is about 55% of STL eps for FY2010 (less the writeback on sale pf 100C pasir panjang).
Personnal opinion.
Caveat emptor
Agreed. I'm thinking if the drop from 56 cents is partly due to the lower sale price.
$130 million is quoted from the wall street journal. So i might believed it is an estimates by analyst.
Just wonder how come they can rumour about 130 Millions when it is supposed to be confidentail ?
SIC or SGX should into this insider info being leaked.
Stamford's Dynon plaza now rumoured to fetech $130 million only, not as good as "well in excess of $140 million" when initiated with the marketing campaingh
Yap. Just 2c worth, although results look creditable.
2 cents dividend declared.
1. where's the link?
2. i think is 1 hr delay
Yes, but AUD has weakened against SGD by approx 10% in past 2-3 days.....so this will temper the gains.
tonylim2 ( Date: 21-May-2010 16:39) Posted:
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Someone in CNA predicted a sale prcie of A$180 millions.
Is W.A. having the same time zone as Spore ?
That means close at 4pm local time
Bidding close at 1500 Hrs W.A Time. So another 15 minutes to go.
Offer price should be above A$ 140 millions.
Will CK OW sell at this price ?
Today is the closing date for the marketing of Dynons Plaza, anyone keen on entering the counter?
iPunter, my old pal
if entered at .46, then why don't let it runs its course since SL has only been inching up lately with small volume?
TA connoisseurs would have entered @.46 and are now 'leaving some for the next man'...
Thanks shplayer for your insight and sori for late response. Yeah, SL is looking good lately. Slowly but steadily moving up. Hope there will be further booster news coming.
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Hi Lausk22, Good hearing from you. As you may know, I am not too conversant with TA......but having said that, all the indicators are looking good. It has broken out of its upper bollies and vol has been very good since 26 March. I think all this is due to the news of the pending sale (rumour or truth?) of Dynons Plaza (and possibly other non hotel assets). If the sale goes thru, then it will certainly boost the bottomline profit....but it won't happen for FY2010...which just ended. This will certainly be a way to partially unlock the value of STL. A sale of Dynon Plaza at A$140m will give it an eps of about 7.4c?......and as you are also aware, Mr Ow is known to be generous with div to shareholders.....so, lets hope it materialises this time.
Still not too late to have a slice of the cake. Tarh=get price of 0.90 still intact.
Even without these new projects, its basic share price should be 60 cents. Moreover, commercial properties are least affected by any govt control measures which are targetting at residential properties.
tonylim2 ( Date: 21-Apr-2010 09:49) Posted:
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DYNONS PLAZA, PERTH CDB – A BLUE CHIP, LANDMARK PROPERTY INVESTMENT OPPORTUNITY CAPITALISING ON WESTERN AUSTRALIA’S RESURGENT, HIGH-GROWTH RESOURCES ECONOMY
Highlights:
● A rare blue-chip opportunity, riding on Western Australia’s resurgent, high-growth resources sector
● Brand new Dynons Plaza, an A-Grade Perth CBD office development, that comes fully leased to Blue Chip oil and gas company Chevron Australia, is now offered for sale
PERTH, WESTERN AUSTRALIA – Tuesday, April 20, 2010 – Stamford Land Corporation Ltd, a company which is listed on the Singapore Stock Exchange, (“Stamford”), Australasia’s largest independent owner/operator of luxury hotels and a developer of top-tier, landmark residential and commercial properties, is pleased to announce that it has appointed global property advisor Savills as exclusive marketing agent for Stamford’s Dynons Plaza development in the Perth CBD in Western Australia.
Dynons Plaza, is a landmark A-Grade office development, that showcases Western Australia’s economic
prosperity and prospects, driven by its resurgent, high-growth resources sector, on the back of record
demand from China and the Asia-Pacific.
The brand new 14-level tower features 13,360 sq m of A-Grade office accommodation, and is fully leased
for 10-years from April 2010 to major oil and gas company Chevron Australia Pty Ltd.
Savills Western Australia Managing Director Paul Craig said: “Savills is proud to be appointed by Stamford to market Dynons Plaza, a truly unique blue-chip investment opportunity for Australian and international investors. We are expecting a transaction price well in excess of AUD$140 million, going by
current market benchmarks.”
The Opportunity Western Australia’s resource sector is booming, on the back of record demand from China and the Asia-Pacific, and this property offers a rare opportunity to buy into the Perth market via the acquisition of a brand new, A-Grade landmark CBD office tower, that comes fully leased for 10-years to leading oil and gas company Chevron Australia.
According to Savills’ Mr Craig: “Dynons Plaza is the first new Perth CBD building leased to one blue-chip
tenant since the sale of Alinta Plaza in 2006, which heralded the emergence of international investors
taking a stake in the Perth CBD market.The sale of comparable CBD assets which offered 100% ownership are extremely rare over the past 20 years with the previous significant 100% leased CBD asset sale being BankWest Tower in the early 1990s.
“Given the huge new wave of resources projects and supporting infrastructure fuelling WA’s growth
prospects, and in particular the predicted growth outlook for WA by major economic researchers such as
the BIS Shrapnel and ACIL Tasman, Perth is emerging as a buy for more and more domestic and international investors, who are displaying a renewed appetite for acquisitions.”
According to Access Economics, Western Australia is forecast to be Australia’s fastest growing state in
2010, based on population growth rates exceeding the rest of the nation at 2.9 per cent for the year to
September 2009.
Dynons Plaza commands an annual net income of approximately AUD$9.78 million, with an attractive
rent review structure that provides for annual fixed increases.
According to Mr Craig, the sale of the Dynons Plaza should represent one of the largest ever commercial
property transactions in the Perth CBD.
“It’s Grade-A quality, underpinned by the quality Chevron lease and the resurgent resources sector in
Western Australia, Dynons Plaza is expected to set a new benchmark for Perth CBD sales,” he said.
“Dynons Plaza is such a unique opportunity and rare quality offering, that it is likely to attract strong
national and international interest, including from overseas pension funds.
Dynons Plaza is strategically positioned in a key precinct surrounded by other major resources
companies such as Woodside Petroleum, Shell and Worley Parsons.
According to Savills’ Miles Rowe: “Chevron’s long-term commitment to Dynons Plaza represents a major
vote of confidence in the project, and the WA economy in general. Chevron, along with Shell and ExxonMobil, is the main joint venture partner in WA’s Gorgon development, which will supply $50 billion worth of liquefied natural gas to China in one of Australia’s largest ever trade deals.”
Located on Hay Street in Perth’s sought after West End precinct, the property includes refurbished heritage retail and commercial buildings, that are also fully leased to a range of high-profile tenants, including prestige international retailers Hugo Boss, Canali and Versace, on long-term leases.
Expressions of Interest Campaign
Dynons Plaza is being marketed exclusively by Savills via an International Expressions of Interest
campaign closing at 3pm (Australian Western Standard Time) on Friday May 21, 2010.
ENDS
About Savills
Listed on the London Stock Exchange, Savills is one of the world’s leading real estate advisors with over 200
international offices and associates in more than 40 countries. The group has 40 offices in the Asia-Pacific region in China, Japan, Korea, Taiwan, Hong Kong, Singapore, Malaysia, Thailand, Vietnam, Indonesia, Macau, Australia and New Zealand.
Savills is a market leader in the Western Australia property market. In late 2009, Savills negotiated the largest
commercial office transaction in the Perth CBD in three years, with the off-market sale of Charter Hall’s 50% stake in the new Alluvion office tower to the Commonwealth Property Fund for AUD$95 million. This was Perth’s largest CBD office sale since Savills negotiated the sale of Allendale Square in December 2006.
Highlights:
● A rare blue-chip opportunity, riding on Western Australia’s resurgent, high-growth resources sector
● Brand new Dynons Plaza, an A-Grade Perth CBD office development, that comes fully leased to Blue Chip oil and gas company Chevron Australia, is now offered for sale
PERTH, WESTERN AUSTRALIA – Tuesday, April 20, 2010 – Stamford Land Corporation Ltd, a company which is listed on the Singapore Stock Exchange, (“Stamford”), Australasia’s largest independent owner/operator of luxury hotels and a developer of top-tier, landmark residential and commercial properties, is pleased to announce that it has appointed global property advisor Savills as exclusive marketing agent for Stamford’s Dynons Plaza development in the Perth CBD in Western Australia.
Dynons Plaza, is a landmark A-Grade office development, that showcases Western Australia’s economic
prosperity and prospects, driven by its resurgent, high-growth resources sector, on the back of record
demand from China and the Asia-Pacific.
The brand new 14-level tower features 13,360 sq m of A-Grade office accommodation, and is fully leased
for 10-years from April 2010 to major oil and gas company Chevron Australia Pty Ltd.
Savills Western Australia Managing Director Paul Craig said: “Savills is proud to be appointed by Stamford to market Dynons Plaza, a truly unique blue-chip investment opportunity for Australian and international investors. We are expecting a transaction price well in excess of AUD$140 million, going by
current market benchmarks.”
The Opportunity Western Australia’s resource sector is booming, on the back of record demand from China and the Asia-Pacific, and this property offers a rare opportunity to buy into the Perth market via the acquisition of a brand new, A-Grade landmark CBD office tower, that comes fully leased for 10-years to leading oil and gas company Chevron Australia.
According to Savills’ Mr Craig: “Dynons Plaza is the first new Perth CBD building leased to one blue-chip
tenant since the sale of Alinta Plaza in 2006, which heralded the emergence of international investors
taking a stake in the Perth CBD market.The sale of comparable CBD assets which offered 100% ownership are extremely rare over the past 20 years with the previous significant 100% leased CBD asset sale being BankWest Tower in the early 1990s.
“Given the huge new wave of resources projects and supporting infrastructure fuelling WA’s growth
prospects, and in particular the predicted growth outlook for WA by major economic researchers such as
the BIS Shrapnel and ACIL Tasman, Perth is emerging as a buy for more and more domestic and international investors, who are displaying a renewed appetite for acquisitions.”
According to Access Economics, Western Australia is forecast to be Australia’s fastest growing state in
2010, based on population growth rates exceeding the rest of the nation at 2.9 per cent for the year to
September 2009.
Dynons Plaza commands an annual net income of approximately AUD$9.78 million, with an attractive
rent review structure that provides for annual fixed increases.
According to Mr Craig, the sale of the Dynons Plaza should represent one of the largest ever commercial
property transactions in the Perth CBD.
“It’s Grade-A quality, underpinned by the quality Chevron lease and the resurgent resources sector in
Western Australia, Dynons Plaza is expected to set a new benchmark for Perth CBD sales,” he said.
“Dynons Plaza is such a unique opportunity and rare quality offering, that it is likely to attract strong
national and international interest, including from overseas pension funds.
Dynons Plaza is strategically positioned in a key precinct surrounded by other major resources
companies such as Woodside Petroleum, Shell and Worley Parsons.
According to Savills’ Miles Rowe: “Chevron’s long-term commitment to Dynons Plaza represents a major
vote of confidence in the project, and the WA economy in general. Chevron, along with Shell and ExxonMobil, is the main joint venture partner in WA’s Gorgon development, which will supply $50 billion worth of liquefied natural gas to China in one of Australia’s largest ever trade deals.”
Located on Hay Street in Perth’s sought after West End precinct, the property includes refurbished heritage retail and commercial buildings, that are also fully leased to a range of high-profile tenants, including prestige international retailers Hugo Boss, Canali and Versace, on long-term leases.
Expressions of Interest Campaign
Dynons Plaza is being marketed exclusively by Savills via an International Expressions of Interest
campaign closing at 3pm (Australian Western Standard Time) on Friday May 21, 2010.
ENDS
About Savills
Listed on the London Stock Exchange, Savills is one of the world’s leading real estate advisors with over 200
international offices and associates in more than 40 countries. The group has 40 offices in the Asia-Pacific region in China, Japan, Korea, Taiwan, Hong Kong, Singapore, Malaysia, Thailand, Vietnam, Indonesia, Macau, Australia and New Zealand.
Savills is a market leader in the Western Australia property market. In late 2009, Savills negotiated the largest
commercial office transaction in the Perth CBD in three years, with the off-market sale of Charter Hall’s 50% stake in the new Alluvion office tower to the Commonwealth Property Fund for AUD$95 million. This was Perth’s largest CBD office sale since Savills negotiated the sale of Allendale Square in December 2006.
Should resume uptrend after consolidation at this level.
Next target 0.60.
Errrrh, not sure where your source of info.......but looks outdated.
As of 3Q10, (31 Dec 2009)
Net profit was S$16.8m, eps 1.95c
NAV - 50c.
pharoah88 ( Date: 03-Apr-2010 15:24) Posted:
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