Heeton unveiled this 30-unit project yesterday in a private invitation event. Units will be priced at about $3,000psf. Heeton also said it will relaunch with a new showflat, the remaining units (19 sold so far) at the 53-unit Lumos (near Orchard) at about $3,200psf. This is a 50-50 jv with Koh Bros, and is highly profitable as the jv has bought the land at a very low price of $871psf. Meanwhile, its Mitre hotel site at Killiney will also see a renowned architect designing the project. Heeton is looking to bring its projects to China for sale.
Lim & Tan reported yesterday, quoting Australian news services, that St Land's Dynons Plaza in Perth is under contract to a European fund for slightly above A$130m. Due diligence is being carried out at the moment.
If Dynons Plaza is sold at A$130m, this will translate to about S$153m, or 17.7cts per share. Obviously, some of the proceeds will be used to pay off loans related to the project. A profit of about 5.5cts per share will be realized from the sale. St Land's AGM is due end of this month.
Perhaps questions will be raised then regarding use of the sale proceeds, if a sale is sealed by then. And if CEO Ow follows in Sp Ship's (Ow's other company) footsteps, perhaps a generous dividend can be expected for FY2011.
St Land is now trading cum dividend 2cts declared for year ended Mar 2010, to be paid out in Aug. AGM is schedule for 29 July. I am sure questions will be raised in the meeting on status of sale of Dynons Plaza (if its not already sealed by then) and use of proceeds from that sale.
As notified last Monday by St Land to SGX, there is as yet no deal for the sale of Dynons Plaza, with the shortlisted party (with an indicative price of A$134m) having let its exclusive diligence checking period lapse. St Land, however, said that there are other parties which are also keen on Dynons Plaza, and the door is now opened to them. Dynons Plaza is fully leased for 10 years, and is set to contribute to earnings this year.
Meanwhile, St Land CEO and major shareholder Ow Cho Kiat announced today he has bought 190,000 and 90,000 shares in St Land on 16 and 17 Sep 10, after last Monday's announcement on Dynons Plaza.
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