SInghaiyi

Vietnam Town



- Bought for US$33.05M
- Originally 115 out of 256 planned condominium units was built and 64 units of the 115 build units were already sold, target to sell off unsold 51 built units within the next 2 years (Est. 2015) and the sales proceeds of the 51 units shall be sufficient to fund the construction of remaining 141 units, target completion of construction and sale of 141 units within the next 3 - 5 years (Est. 2018 - 2020)
- Based on average selling price of US$550 psf, the 51 units will fetch around US$28.05M and the 141 units will fetch around US$77.55M. After deducting the acquisition cost of US$33.05M, Profit est. to be around US$44.5M
- Seven units have been sold; Expects few more units to be sold at this price before end of FY2014

Tri-County Mall



- Bought for US$45M which is 77% discount to unaudited net book value
- EBITDA for the 6-month period ended 30 June 2013: US$2.6M or 11.5% yield at 84% occupancy rate. Further upside of 16% unfilled occupancy.
- Historically, the pre-tax profit is US$10M in 2008, when it was at full occupancy.
- Has been marketed as a lifestyle mall
- There are plans to increase occupancy rate; Currently in talks with several national anchor tenants and plan to lease out portions of land to operators of restaurants or a business hotel in order to increase revenue without incurring significant capital expenditure
- Plan to furthur improve yield and financial performance

Based on latest presentation slides, it reported collecting S$1.2M for 1 month. So if that is true, that will be S$14.4M per annual.

Charlton Residences



- 21 units Freehold
- 80% stake
- 100% sold
- GDV: ~S$60M
- TOP in Dec 2014
- Recognised S$16.2M Revenue in 1H2014

Pasir Ris One



- 447 units DBSS
- 80% stake
- 65% sold
- GDV: ~S$280M
- TOP in Jun 2015
- Expected to commence revenue recognition in FY2016

CityLife@Tampines



- 514 units EC
- 24.5% stake
- 100% sold
- GDV: ~S$528M
- TOP in May 2016
- Expected to commence revenue recognition in FY2016

CosmoLoft



- 56 units freehold
- 90% stake
- 10% sold
- GDV: ~S$52M
- TOP in Apr 2016
- Expected to commence revenue recognition in FY2017

2 out the 4 developments are fully sold. DBSS should at least breakeven as it is 65% sold. CosmoLoft is not selling well.

Current projects will keep SingHaiyi busy until FY2017

TripleOne Somerset



- Acquired 20% stake of Perennial Somerset Investors Pte Ltd for S$66M on 9 January 2014; funded by internal resources, second largest shareholder of the consortium
- Perennial Somerset Investors Pte Ltd is a wholly-owned subsidiary of Perennial Real Estate Holdings Pte. Ltd. 100% stake of Perennial Somerset Investors Pte Ltd is worth S$330M, while acquisition of TripleOne Somerset costs S$970M
- Total gross floor area: 766,550 sq ft
- Adjacent to Somerset MRT station in Orchard Road shopping precinct
- 17-storey property with two office towers, two floors of retail space
- SingHaiyi will be appointing a representative to be part of project management team for an asset enhancement initiative to enhance value of property and rental income
- Expected to commence recognition of rental income from 1 April 2014
- consortium planning to spend S$150 million to spruce up TripleOne Somerset
- consortium include breadtalk(5.3%), Boustead(5.5%), SingHaiyi(20%), Mr Ron Sim(CEO of OSIM International) and other undisclosed investors.
- TripleOne Somerset’s office tenants include AXA Life Insurance, Parkway Group, and Petra Foods among others,while its retail tenants include NTUC FairPrice, Imperial Treasure, and many more.
- A previous Business Times report pegged TripleOne Somerset’s annual net property income at around S$40M, which would translate to a 4% net-yield based on the S$970M purchase price.

Assuming the NPI of at least S$40M is shared according to the respective stakes, Singhaiyi may get S$40M / S$970M * S$66M = ~S$2.7M of NPI per year.

SingHaiyi on 19 February 2014 tendered S$192.9 million – less than 1% higher than the second-highest bid – for the successful bid for the 175,237 square feet Anchorvale Crescent Executive Condominium site in Singapore.

This will be the 5th development locally.

5 Thomas Mellon Circle



- Acquiring 5 Thomas Mellon Circle for US$24.4M, a 4.69-acre waterfront land along San Francisco Bay, California, just to the south of the Candlestick Cove town houses. Valuation of US$35M which is ~43.0% above acquisition price.
- An attractive bay side location in close proximity to major highways in between the San Francisco City Centre and the San Francisco International Airport.
- An office building is situated on the land , ~50% occupied and yielding annual rental income of ~US$1M.
- Intends to demolish office building and develop a 528 units Continuing Care Retirement Community for senior residents.
- GDV: ~US$600M
- Plans to fund the construction by external borrowings (payable from the US$400M of upfront refundable entrance fees to be collected from Senior Residents who desire to occupy a unit within the Continuing Care Retirement Community project).
- Expected to recognize sizeable long term recurring rental income from 31 March 2017 (FY2017) onwards from Continuing Care Retirement Community 528 Units via monthly fee of US$3,500 to US$7,500 per unit.

Assuming monthly fee of US$3,500 to US$7,500 per unit, for 528 units, the annual fee will be in the range of US$22.176M to US$47.52M. Not sure if this monthly fee includes healthcare facilities costs and trained professionals (Doctors and Nurses) salaries.

The waterfront land is part of the Executive Park/Candlestick Point Project Area, a 71-acre swath of waterfront land at the south eastern border of San Francisco. The area was originally conceived as a suburban office park but over the past several years has been subject to a city-sponsored general plan amendment to provide for the development of some 2,800 residential units. The northern parcel will consist of approximately 85,800 square feet and has been approved for 171 units. The southern parcel, consisting of 118,385 square feet, has been approved for 329 units.

Victoria Yu, director of project development for APIC, said the company has shifted its focus from the Pacific Northwest to the Bay Area.

“Everybody likes San Francisco these days — it’s vibrant, diverse, and beautiful,” she said. “San Francisco is such an internationally acclaimed destination. In Asia San Francisco enjoys a special reputation everywhere you go.”

She thinks Candlestick Point will be a different place once development gets going.

“Right now there is not much out there, but it’s a beautiful place right by the Bay,” she said. “We think in five years time the place will be very attractive residential location.”

She said it would take six months to do the design review and another six months to complete construction documents.

“We would like to start construction as soon as we can,” she said. “The end of next year would be a good goal, though maybe optimistic.”

Altogether 13 new residential buildings will replace Executive Park, a struggling 1970s office park that was built to attract back-office users. Eight of the building sites, where 1,100 units will be built, are owned by Universal Paragon Corp.; the remaining land, slated for some 500 units, is now owned APIC.

The property is a 10-minute walk to both the Bayshore Caltrain station and the T-Third line.