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Driver was then sleeping.
Had opportunity to sell years ago for profit, but it chose to sit on it.
Why need to sell at Fire Sale price ? Is Stamford Land in financial trouble now ?
Joelton ( Date: 31-Dec-2020 08:48) Posted:
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Why SGX is suspicius over this disposal , even suspect wh is the real buyer behind Redhill .
SLC-Response to SGX Queries-Final.ashx
In response to the query from the SGX-ST in their email dated 8 January 2021, the Board of Directors of the Company wishes to provide the following information in respect of the Company&rsquo s announcement dated 30 December 2020 (the &ldquo SGX Announcement&rdquo ) with respect to the &ldquo Divestment of Stamford Green (formerly known as Dynons Plaza)&rdquo . Unless stated otherwise, definitions found under the SGX Announcement will be adopted in this announcement. 1. Query: &ldquo In the Company&rsquo s 30 December 2020 announcement, it disclosed that the property is deemed a non-core asset. As the Company&rsquo s principal business is property development and property investment, please kindly elaborate the management&rsquo s rationale for classifying Stamford Green as a non-core asset and how is this consistent with previous transactions which the Company has deemed core assets such as the acquisition of the property located at 8 Finsbury Circus, London, United Kingdom announced on 26 July 2019.&rdquo Response: The Company has three main business segments, namely (i) Hotel Owning and Management, (ii) Property Investment, and (iii) Property Development. Stamford Green (the &ldquo Property&rdquo ) was acquired under the Property Investment segment. One of the factors taken into consideration by the management in determining whether an asset is a core asset, is the current and potential contribution of the asset to the Company&rsquo s revenue. The Property, has since the expiry of the lease with Chevron Australia Pty Ltd on 15 April 2020, continues to remain more than 90% vacant due to the challenging leasing conditions in Perth, Australia. It therefore no longer contributes materially to the Company&rsquo s revenue. The 8 Finsbury Circus property (which was also acquired under the Property Investment segment) was deemed a core asset as its acquisition was evaluated to position the Group for at least 13 years of multi-let tenancy revenue. One of the reasons for the acquisition of 8 Finsbury Circus was to cushion the impact of the near-term loss of recurring income from the Property, as announced in the Company&rsquo s annual report for FY2020. For the abovementioned reasons, and in particular, the Property&rsquo s position within the Group&rsquo s Property Investment segment, the Property as at the date of the Waiver application and the SGX Announcement: (i) is not critical to the real estate business activity of the Company (ii) is ancillary to the real estate business activity of the Company and 2 (iii) will not be considered as an asset which forms part of the Company&rsquo s existing principal business, if considered using the principles provided at paragraph 2.4, Practice Note 10.1 of the Mainboard Listing Rules. 2. Query: &ldquo Please provide details who the ultimate owners of Redhill Partners Investment Pty Ltd are. Please confirm whether any of the shareholders, directors or key management of the Purchaser or their associated are connected or affiliated to the Company&rsquo s substantial shareholders, directors or management and/or their associates.&rdquo Response: As far as the Company is aware: a. the ultimate owners of the Purchaser, Redhill Partners Investment Pty Ltd, are Redhill Holdings Ltd and 181 Investment Group Ltd, both companies of which are incorporated in the British Virgin Islands and b. the Company&rsquo s substantial shareholders, directors or management and/or their associates are not connected or affiliated to the shareholders, directors or key management of the Purchaser. As disclosed in the SGX Announcement, as far as the Company is aware, no Director or controlling shareholder of the Company has any interest, direct or indirect, in the Divestment (other than through their respective shareholdings in the Company, if any).
SLC-Response to SGX Queries-Final.ashx
In response to the query from the SGX-ST in their email dated 8 January 2021, the Board of Directors of the Company wishes to provide the following information in respect of the Company&rsquo s announcement dated 30 December 2020 (the &ldquo SGX Announcement&rdquo ) with respect to the &ldquo Divestment of Stamford Green (formerly known as Dynons Plaza)&rdquo . Unless stated otherwise, definitions found under the SGX Announcement will be adopted in this announcement. 1. Query: &ldquo In the Company&rsquo s 30 December 2020 announcement, it disclosed that the property is deemed a non-core asset. As the Company&rsquo s principal business is property development and property investment, please kindly elaborate the management&rsquo s rationale for classifying Stamford Green as a non-core asset and how is this consistent with previous transactions which the Company has deemed core assets such as the acquisition of the property located at 8 Finsbury Circus, London, United Kingdom announced on 26 July 2019.&rdquo Response: The Company has three main business segments, namely (i) Hotel Owning and Management, (ii) Property Investment, and (iii) Property Development. Stamford Green (the &ldquo Property&rdquo ) was acquired under the Property Investment segment. One of the factors taken into consideration by the management in determining whether an asset is a core asset, is the current and potential contribution of the asset to the Company&rsquo s revenue. The Property, has since the expiry of the lease with Chevron Australia Pty Ltd on 15 April 2020, continues to remain more than 90% vacant due to the challenging leasing conditions in Perth, Australia. It therefore no longer contributes materially to the Company&rsquo s revenue. The 8 Finsbury Circus property (which was also acquired under the Property Investment segment) was deemed a core asset as its acquisition was evaluated to position the Group for at least 13 years of multi-let tenancy revenue. One of the reasons for the acquisition of 8 Finsbury Circus was to cushion the impact of the near-term loss of recurring income from the Property, as announced in the Company&rsquo s annual report for FY2020. For the abovementioned reasons, and in particular, the Property&rsquo s position within the Group&rsquo s Property Investment segment, the Property as at the date of the Waiver application and the SGX Announcement: (i) is not critical to the real estate business activity of the Company (ii) is ancillary to the real estate business activity of the Company and 2 (iii) will not be considered as an asset which forms part of the Company&rsquo s existing principal business, if considered using the principles provided at paragraph 2.4, Practice Note 10.1 of the Mainboard Listing Rules. 2. Query: &ldquo Please provide details who the ultimate owners of Redhill Partners Investment Pty Ltd are. Please confirm whether any of the shareholders, directors or key management of the Purchaser or their associated are connected or affiliated to the Company&rsquo s substantial shareholders, directors or management and/or their associates.&rdquo Response: As far as the Company is aware: a. the ultimate owners of the Purchaser, Redhill Partners Investment Pty Ltd, are Redhill Holdings Ltd and 181 Investment Group Ltd, both companies of which are incorporated in the British Virgin Islands and b. the Company&rsquo s substantial shareholders, directors or management and/or their associates are not connected or affiliated to the shareholders, directors or key management of the Purchaser. As disclosed in the SGX Announcement, as far as the Company is aware, no Director or controlling shareholder of the Company has any interest, direct or indirect, in the Divestment (other than through their respective shareholdings in the Company, if any).
Stamford Land to sell Grade A Perth commercial development for A$67.8m
STAMFORD Land Corporation will be divesting Stamford Green, a Grade A commercial development in Perth for A$67.8 million (S$68.3 million).
Formerly known as Dynons Plaza, the property comprises a 14-storey office building and three adjacent heritage premises.
It has been vacant since Chevron' s lease expired in April 2020, said Stamford Land on Wednesday.
This was due to poor leasing conditions and high vacancy in the Perth central business district, further compounded by the Covid-19 pandemic in the beginning of the year, the luxury property developer added.
The trustee of Dynons Perth (2010) Trust, a wholly-owned subsidiary of Stamford Land, has signed the contract for the deal with buyer Redhill Partners Investment.
The contract is subject to the buyer obtaining approval from the foreign investment review board, among other things.
Stamford Land does not have to obtain prior shareholders' approval for the deal, as the Singapore Exchange has granted it a waiver from this requirement, subject to several conditions.
One reason its board of directors sought the waiver was that some shareholders including Stamford Land executive chairman Ow Chio Kiat, who hold a combined 50.1 per cent stake, will vote in favour of the divestment if a general meeting was required to approve the deal.
Stamford Land will have to submit an undertaking that Mr Ow and these other shareholders intend to vote in favour, and that they will not dispose of their shares till then.
Furthermore, the proposed divestment is time-sensitive and needs to be expedited so as to allow the company to avoid incurring significant costs and expenses, the board added.
It also believes that the sale of the property, a non-core asset of Stamford Land, will not cause a change in the risk profile of the company, and is in the commercial interest of the company.
The group plans to reinvest the net sale proceeds into any future opportunities.
No valuation was carried out in connection with the divestment due to the time-sensitive nature of the transaction, Stamford Land said.
However, the sale price and the property' s rental income - for the period from the development completion date till its divestment - is already more than 90 per cent over the inital investment outlay by the group, Stamford Land noted.
Stamford Green is located at 905-919 Hay Street, at the western end of Perth' s central business district, in the state of Western Australia.
Stamford Land posts 47.7% fall in FY20 earnings to $25 mil
SINGAPORE (May 26): Stamford Land announced that its FY20 earnings have dropped by 47.7% to $25.0 million from $47.7 million in FY19.
This came on the back of a 35.9% fall in revenue to $195.1 million from $304.2 million a year ago, mainly due to lower contribution from the group&rsquo s hotel owning and management, property development and trading business segments.
This was partially offset by a significant increase in the company&rsquo s property investment business segment, which saw revenue more than double to $29.5 million from $14.6 million a year ago.
Other revenue also increased by 2.4% y-o-y to $0.6 million.
Overall expenses decreased, with properties sold dropping 92.2% y-o-y to $6.6 million, consumables used falling 7.2% $14.0 million, staff costs decreased by 13.0% to $61.0 million and other operating expenses dropped 14.3% to $56.1 million.
These were partially offset by a 316.7% increase in depreciation expenses to $11.6 million and a significant increase in finance costs to $12.2 million from $3.9 million.
As at end-March, the company&rsquo s cash and cash equivalents stood at $55.3 million.
Stamford Land has also declared a final dividend of 0.5 cents per share.
Regarding the hotel industry, the company said that it was badly affected by the worst ever bushfire in Australia during the third quarter of FY20. While recovering from this bushfire, Covid-19 swiftly set in, resulting in the closure of all our hotels in Adelaide, Auckland, Brisbane, Melbourne and Sydney except Stamford Plaza Sydney Airport in the beginning of April 2020.
&ldquo We are closely monitoring when it will be expedient to reopen our hotels,&rdquo says Stamford Land.
Meanwhile, a significant fair value impairment on Dynons Plaza of $19.3 million in FY20 was recorded due to the expiry of the long lease to Chevron in April 2020. The acquisition of the property in London will mitigate the loss of revenue due to the current vacancy of Dynons Plaza which will undergo refurbishment to receive multi-let tenancies. Also, 34 units at Macquarie Park Village remain unsold but are currently leased out for recurring income.
Even 50 cents still a not so bad premium .
Company has been buying back its own shares. One intention I guess is to take it private but at a very low price. Don' t expect the big boss to pay you more.
Will this depressing market sentiment makes CK Ow take it private ?
Thats why stock marker not easy to play and we retailers have to depend on bb.. sentiment is not in property counters and they have been always under value in terms of share price vs NAV.. u need to get the right timing, otherwise u will hold it for v long time until bb start to push.. u incur opportunity cost in holding it.. i remember chip eng seng has been trading at 40-50cents range many years ago and they always give 4 cent dividends, which is very undervalue at that price range.. bb did not push it up only until few years ago.. u would risk missing out on all other counters that run up if u pick the wrong timing to buy the fundamentally good counter that did not run up during this time.. such is stock market
alexchew ( Date: 22-Mar-2019 12:52) Posted:
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lol.. for damn many years, ppl buy HK say its not shareholder friendly at all. only recently it ran up..
Jamesbond007 ( Date: 21-Mar-2019 21:24) Posted:
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they will sell it soon when the values come through
Jamesbond007 ( Date: 21-Mar-2019 21:24) Posted:
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HF is a much better run company.
this one is a huge disappointment.
not shareholder friendly and holding on to their properties when opportunity to sell came knocking at their door.
this one is a huge disappointment.
not shareholder friendly and holding on to their properties when opportunity to sell came knocking at their door.
johnng ( Date: 20-Mar-2019 21:22) Posted:
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Go go go !!!
be the next hong fok to play on M& A speculation? Property craze coming
CHiong arh!!
INCORPORATION OF SUBSIDIARY
Stamford Land Corporation Ltd (the &ldquo Company&rdquo ) wishes to announce that Stamford Investments Pte. Ltd. (the &ldquo Subsidiary&rdquo ) has been incorporated as a wholly-owned subsidiary of Sir Stamford Hotels & Resorts Pte Ltd, in Singapore with an initial issued share capital of S$2.00 for the purpose of real estate investments. Sir Stamford Hotels & Resorts Pte Ltd is a direct wholly-owned subsidiary of the Company.
None of the Directors and none of the substantial shareholders of the Company have any interest, direct or indirect, in the incorporation of the Subsidiary, other than through their respective shareholdings (if any) in the Company.
Stamford Land Corporation Ltd (the &ldquo Company&rdquo ) wishes to announce that Stamford Investments Pte. Ltd. (the &ldquo Subsidiary&rdquo ) has been incorporated as a wholly-owned subsidiary of Sir Stamford Hotels & Resorts Pte Ltd, in Singapore with an initial issued share capital of S$2.00 for the purpose of real estate investments. Sir Stamford Hotels & Resorts Pte Ltd is a direct wholly-owned subsidiary of the Company.
None of the Directors and none of the substantial shareholders of the Company have any interest, direct or indirect, in the incorporation of the Subsidiary, other than through their respective shareholdings (if any) in the Company.
I bought some years bavk and sold at a loss. Waste of time, opportunity cost hesvy. Company is just sleeping, and management not shareholder friendly. Review of its agm orovides the answer. Remember, the Mano saga?
Interest for property stock coming back...can feel it