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GuocoLand to sell Shanghai building at post-tax loss in 610m yuan deal
MAINBOARD-LISTED developer GuocoLand is selling a building in Shanghai in a loss-making deal inked on Wednesday, the company has disclosed.
Wholly-owned Shanghai Xinhaolong Property Development Co will sell the former Guoson Mall, which is part of the Guoco Changfeng City project, for 610 million yuan (S$124.3 million) in cash to third-party buyer Shanghai Changfeng Investment (Group) Co.
While the property had a net book value of roughly 576 million yuan as at Aug 31, GuocoLand said in its bourse filing that it expected to recognise a net loss of about S$13.5 million on the back of taxes from the transaction.
Its price tag, which will be paid in three tranches, was reached at arm' s length on a willing buyer, willing seller basis, said GuocoLand.
The property in the Putuo district comprises a cultural centre of about 31,400 square metres and an underground commercial area of some 8,000 sq m. Guoco Changfeng City is a mixed-use office and retail development, with a gross floor area of more than 195,000 sq m, slated for completion in 2021.
GuocoLand
Between Aug 27 and 28, non-independent non-executive director Quek Leng Chan increased his deemed interest in the listed company by 63,100 shares.
GuocoLand Assets Pte Ltd acquired the shares at a consideration of S$91,495, at S$1.45 per share. Mr Quek maintains a 71.93 per cent total interest in GuocoLand.
He is also the chairman & CEO of Hong Leong Company (Malaysia) Berhad and has extensive business experience in various business sectors, including financial services, manufacturing and real estate.
GuocoLand' s full-year net profit halves to S$114m, proposes 6 cents per share dividend
GUOCOLAND on Monday reported that its full-year net profit has halved year on year to S$114.1 million, largely due to the absence of fair-value gains on investment properties.
Still, the group has proposed a first and final ordinary dividend of 6 Singapore cents per share for FY2020 ended June 30.
Full-year revenue was up 2 per cent on the year to S$941.8 million, mainly due to an increase in revenue from the property-development business, although this was partially offset by a decline in revenue from the hotels business amid the pandemic, said GuocoLand.
Specifically, revenue from the group&rsquo s property-development business increased by about 5 per cent year on year, but revenue from hotels fell by close to 30 per cent year on year.
Meanwhile, the group' s other income fell 32 per cent on the year to S$162.6 million. This is mainly due to the absence of fair-value gains on investment properties in the current year, the group said.
It said it is " paying close attention" to the Covid-19 situation and the impact on the group&rsquo s property-development and investment activities. Construction of the group&rsquo s ongoing development projects in Singapore, China and Malaysia have resumed.
As at June 30, GuocoLand had net debt of S$4.3 billion and gearing of 1x.
Wallich Residence 62% sold, 68 units left for sale
GuocoLand has also leased out 10 to 20 units at Wallich Residence, and has achieved high rentals, says group MD
WALLICH Residence, famed for Singapore' s most expensive penthouse, is 62 per cent sold.
That means the 181-unit ultra-luxe project in the Central Business District still has 68 units for sale, said Cheng Hsing Yao, GuocoLand Singapore' s group managing director.
Launched in 2017, Wallich Residence houses its residential units on the 39th to 64th floors of Guoco Tower, which sits atop Tanjong Pagar MRT station. On Guoco Tower' s lower floors are office, retail and F& B spaces. The office is 99 per cent tenanted.
At 290 metres above sea level, leasehold Guoco Tower is Singapore' s tallest building.
Last year, James Dyson, the founder of British consumer electronics maker Dyson, and his wife Deirdre paid S$73.8 million for a triplex penthouse at Wallich Residence. The super penthouse is perched on the top three levels of the 64-storey tower.
Many units have been sold in recent months and a lot of buyers are foreigners, said Mr Cheng in an interview, giving an update on some of the company' s residential projects.
The price of a unit at Wallich Residence depends on the floor level of the apartment. The price of units at lower floors can range from S$3,000 to S$3,880 psf (per square foot), while the higher floors ranges from S$3,450 to S$4,240 psf. Penthouses have hit prices close to S$5,000 psf.
The recent buyers are a mix of investors and owner occupiers, unlike the early days when more were bought for investment, he said.
" The foreigners (buying the units), it does not necessarily mean they will be migrating to Singapore. Many have businesses in South-east Asia with Singapore as their base and home," said Mr Cheng. Many now live at home instead of checking into hotels when they are in Singapore, he added.
GuocoLand has also leased out 10 to 20 units at Wallich Residence, and has achieved high rentals, he said.
Rates are S$8 to S$11 per sq ft which is high for residential, and translates to a gross rental yield of about 3 per cent, he said.
The median rent for Core Central Region (CCR, or high-end segment) is S$4.06 psf in the first half of 2020, said Christine Li, Cushman & Wakefield, head of research, Singapore and South-east Asia.
Prime CCR for newer and better quality condos' rent was S$4.97 psf in 1H 2020, she said.
" The occupancy of sold units is not too bad," said Mr Cheng when asked about the significant unlit portions of the upper levels of the building at night which typically reflects on the lack of residents.
Wallich Residence consists of one to four bedroom units, four penthouses, and one super penthouse.
Meanwhile, over in district 9, GuocoLand' s 450-unit Martin Modern is 90 per cent sold. Located at the corner of Martin Place & River Valley Close, the leasehold Martin Modern is situated at the lifestyle enclave of Robertson Quay. The project is expected to be ready in June 2022.
GuocoLand to develop second condo, third retail cluster at Guoco Midtown mega project
GUOCOLAND is expanding its multi-billion-dollar integrated development on Beach Road, Guoco Midtown, to include a second luxury residential project named Midtown Modern.
The condomininum will consist of two 30-storey towers with more than 500 apartments in a forest garden setting, as well as a retail podium, the mainboard-listed property developer announced in a press statement on Thursday.
It will have one-bedroom to four-bedroom units, and residents can enjoy " large green spaces and a wide range of recreational facilities not usually found in central business district projects" , GuocoLand added. More details will be released at a later date.
Its retail podium, named Midtown Square, will also be the third retail and food and beverage (F& B) cluster at the Guoco Midtown development.
Both the new condominium and podium will sit above the Bugis MRT station along Tan Quee Lan Street.
With the expansion, the combined site for Guoco Midtown now covers 1.5 million square feet (sq ft) of gross floor area spanning 3.2 hectares of prime land.
In all, the mega master development will comprise two condominiums, three retail clusters, a 30-storey office tower, a five-storey Network Hub building serving as a purpose-built business and social networking club, and over 20 concept gardens and public spaces.
GuocoLand opened the first condominium, Midtown Bay, last October. Prices at the 33-storey, 219-unit development started from S$1.38 million for a one-bedroom unit.
As for the retail and F& B clusters, aside from the newly announced Midtown Square, the other two are Midtown Garden along Beach Road and Midtown Market, which sits behind the Old Beach Road Police Station building. Midtown Garden was previously named City Room, while Midtown Market used to be named Market Place.
The three low-rise clusters will each surround a public space, which will be " different in character and atmosphere, with distinctive retail and F& B offerings" , GuocoLand said. The developer plans to actively manage these public spaces by curating events and activities - such as fitness programmes, markets, concerts and performances - with community partners, similar to its management of Guoco Tower at Tanjong Pagar.
The Guoco Midtown mixed-use development is expected to be completed in phases between 2022 and 2024.
It is expected to bring an additional 10,000 office workers, residents and visitors into the district daily, according to GuocoLand.
GuocoLand Singapore group managing director Cheng Hsing Yao said the mega project will " serve as a demonstration of how cities of the future can be liveable and sustainable while engaging its occupants and the community" .
Guoco Midtown is led by GuocoLand with a group of investors: Hong Kong-listed Guoco Group, Hong Leong Holdings and Hong Realty.
in terms of recent gain, guoco wins
john_ric ( Date: 14-Apr-2020 12:55) Posted:
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wing tai is a better counter than this one.
it will up ....
i think this is good news, but wondering why guoco so stagnant?
GuocoLand unit sells Guoman Hotel in Shanghai for 1.4 billion yuan in cash
FRI, APR 10, 2020 - 9:03 PMA China unit of mainboard-listed property developer GuocoLand will sell Guoman Hotel in Shanghai and 256 of its underground carpark spaces for 1.44 billion yuan (S$290.7 million) in cash.
The net book value of the real estate is about 509.5 million yuan as at March 31, and GuocoLand is expected to record a net gain of S$90.6 million.
The deal will be paid for with cash in four instalments, with the first instalment of 288.2 million yuan to be paid upon the execution of the agreement.
As part of the deal, the China subsidiary may also sell up to another 44 underground carpark spaces to the buyer, Shanghai Zhengjiu Industrial Co, at 160,000 yuan per space.
The subsidiary said that it has received 1.4 million yuan from the buyer as " earnest money" for this sale, although if the sale does not go ahead, it will return the sum.
Net proceeds from the transaction will be used for GuocoLand' s general working capital, including to repay debts.
Shares of GuocoLand closed at S$1.30 on Thursday, down 0.76 per cent.
https://www.businesstimes.com.sg/companies-markets/guocoland-unit-sells-guoman-hotel-in-shanghai-for-14-billion-yuan-in-cash
Corporate digest
FRI, MAR 13, 2020 - 5:50 AM
Guocoland
PROPERTY developer Guocoland has established a new subsidiary called Chongqing Xin Hao Ren Real Estate Development Company in China with a registered capital of RMB 1.3 billion (S$260 million), the mainboard-listed company said in an exchange filing on Thursday...
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1093
Woke up today.
Controlling sholder bought a few days ago.
john_ric ( Date: 18-Jan-2019 10:46) Posted:
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coming coming!!
john_ric ( Date: 13-Dec-2018 10:40) Posted:
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guocoland, going back to 1.8x - 1.9x level again.
Won' t be surprised if they announce rosy news/1Q earnings related to Tanjong Pagar Centre (Guoco Tower, Wallich Residence, Hotel Sofitel)
Basket. Today i panic sold at 2.09. Thought could buy back at 2.03 as Dow yesterday drop a lot .
Now 2.11 buy back si bei sian.
Nowadayz funds dont panic sell anymore ?
Singapore' s 1Q private home price growth fastest in nearly 8 years, backs recovery signs
By: Reuters
02/04/18, 01:15 pm
SINGAPORE (Apr 2): Singapore' s private home prices rose 3.1% in the first quarter, the fastest quarterly growth in nearly eight years, in a further sign of a nascent recovery in the city state' s housing market.
The pace of growth was the quickest since the second quarter of 2010 when home prices rose 5.3%, and was driven in particular by real estate in prime districts, data showed on Monday.
The private residential property index increased 4.3 points to 143.0 points in the first quarter from 138.7 points in the fourth quarter of 2017, according to estimates from the Urban Redevelopment Authority.
Prices of non-landed private homes rose 5% in the first quarter in the core central region, which includes the Orchard Road shopping area, helped by condominium projects such as City Developments' New Futura and GuocoLand Martin Modern.
Units at Martin Modern, for example, are being transacted at about $2,700 psf this year, compared with $2,300 when it launched last year, estimated Christine Li, head of research, at consultancy Cushman and Wakefield in Singapore.
https://www.theedgesingapore.com/singapores-1q-private-home-price-growth-fastest-nearly-8-years-backs-recovery-signs
Good if they do it. I wanted to buy at below $2 for a long time. Missed the boat when it was $1.80.
I like that Guoson Shanghai Project. Worth at least S$ 6 bil based on current market valuations.
Their "biggest mistake" was sell Guoson Beijing too early in 2015. Wasted. 500 000 sqm can build at least 1 mil sqm gfa of residential. About 10 000 x 100 sqm units = 10 000 x 100 x rmb 20000 profit psm
= RMB 20 000 mil profit
= RMB 20 bil profit
= SGD 4 bil profit
Based on asp of 50 000 psm in Beijing
Luckily they still have Guoson Shanghai
I like that Guoson Shanghai Project. Worth at least S$ 6 bil based on current market valuations.
Their "biggest mistake" was sell Guoson Beijing too early in 2015. Wasted. 500 000 sqm can build at least 1 mil sqm gfa of residential. About 10 000 x 100 sqm units = 10 000 x 100 x rmb 20000 profit psm
= RMB 20 000 mil profit
= RMB 20 bil profit
= SGD 4 bil profit
Based on asp of 50 000 psm in Beijing
Luckily they still have Guoson Shanghai
Stocky901 ( Date: 29-Mar-2018 21:33) Posted:
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Likely to go below $2.0 next week ..downtrend..