Roxy-Pacific is expected to launch a project soon. Chances are the response will be good, as the property mkt sentiment is simply buoyant (despite the govt measures recently). Look at the luxury seafront condominium The Vision at the West Coast. CNA has just reported that all of the 100 units allocated for its first phase of sale on the opening day of its private preview have been sold. Prices for the two-bedroom to four-bedroom units range from around S$1,000 to S$1,2000 per square foot. All the penthouse units have also been snapped up fetching S$3.6 million each. The 99-year leasehold condominium by Hong Kong developer Cheung Kong offers a rare mix of strata terraces and 281 apartments. Nearly half of the 14 strata terrace units were sold with the highest going for S$3.2 million. Cheung Kong said that over 60 per cent of the buyers were home upgraders while the remaining were long-term investors in the property leasing market. In view of the strong demand, it will be release 20 specially selected units for sale this weekend on a first-come-first-served basis. These will comprise two-bedroom to four-bedroom units. Source : Channel NewsAsia ââ¬â 12 Mar 2010
Back of the envelope calculation - the S$280 m in revenue from pre-sales will be $140 m this year (assuming 50-50 split). That\'s already enuff to put Roxy on track for record year, esp if its hotel business recovers, as it should. In fact, am just taking things right off this article:
www.nextinsight.net/content/view/2096/79/
Now, the exciting year is really 2011, when the $300-400 m in projected revenue from 6 new projects start to be recognised. Now, using 50-50 revenue split for 2011 and 2012, the total project devt revenue wld be $140 m + $150 m = $290 m. What a bumper year! Will Roxy be willing to pay out a bumper dividend? :)
In the first 10 minutes this morning....Roxy was galloping on news that property sales were hot in Jan & Feb - already exceeded Q1 sales of last year. Overall, market sentiment towards property launches is hot, so Roxy is going to have a good time with its 4 property launches this year. Coming soon.