Guess which SG developer plans to build this Down Under?

 
  This 65-storey iconic building in an Australian city (consisting of 500+ apartments, and 12 levels of shops and offices) has been proposed by a smallish Singapore developer, which paid only about A$25m for the land. Plot ratio could be higher than 60X.

Wanna guess who the developer is?
 
 

 
CLUE: This developer also plans to build the project below in another Australian city. This one consists of 170 apartments, 5 townhouses and 71 "holiday units", in addition to shops, restaurants and offices.

Ok, enough teasing. It's Chip Eng Seng. Check out its Aussie website:
 
celaustralia.com.au/
 
The company has already fully sold 1 project in Melbourne, called 33M, and has submitted plans for the 65 storey iconic building (the pic I posted) in Melbourne. The other project is in Perth, but I am not sure if approval has been granted.
 
Here is an article about the slim, iconic project in Melbourne:
 
www.theage.com.au/business/property/tall...-20120408-1wjp0.html
 
and the one in Perth:
 
www.oneperth.com.au/2010/10/26/white-sands-high-rise-plans/
 
Are these potentially CES' big profit sources from Down Under?
 

 
Sumer where you get the information the land cost for this project is only A$25m:
This 65-storey iconic building in an Australian city (consisting of 500+ apartments, and 12 levels of shops and offices) has been proposed by a smallish Singapore developer, which paid only about A$25m for the land. Plot ratio could be higher than 60X.
Chip Eng Seng is sweeten by paying divident for the last 3 years is 3%, 4% & 4%. Well I'm into it. Good Luck.

It purchased 3 parcels of land in Australia so far, and announced these over SGX website:
 
1. Site on which 33M (TOP end 2012) is built on - A$20.2m
2. 150 Queen Street - A$25.5m
3. Scarborough Perth - A$20m (stake raised to 100% now)
 
The interesting thing is that while the land cost for 33M is cheap, the GDV of the project could be very high - perhaps A$150-180m, as CES managed to build 388 apartment units on it. Based on an estimated A$440k per unit, that works out to A$170m.
 
I am not sure what construction cost is like in Australia, but NRA has a report which seems to indicate that this project is highly profitable, and the full profit will be recognized in Q4 this year, on TOP.
 
So for the time being, we will have to wait for Q4 results to see how the maths work out, but if it's very good, then it bodes well for CES' 2 other Aussie projects, as the land costs are very low, and apparently the approved plot ratios can shoot through the roof (in the scale of over 50X).
 
To me, CES now is like what Hiap Hoe was like when I started accumulating it (30ct+). It's got its little secrets that many investors are not really aware of yet. At the same time, it's well supported by its generous dividend policy. I expect a DPS of 3ct for this year, if 33M does indeed bring in the surprise profit.
 
I can't accurately estimate its RNAV at the moment as there are a few unknowns that I am waiting for clearer picture of, but if my guesses are correct, its RNAV may rise to above $1.30.

Thanks Sumer for your infor. I'll only vested only on companies with growth potential.
Some of my stocks are Roxy-Pac., Hiap Hoe, Superbowl, Standford Land, First Reit, Biosensors, CIT and Cordlife.