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Another major contract win - the 5th in 2010! - by BBR.....
http://info.sgx.com/webcoranncatth.nsf/V...6001C59E6/$file/NAGPressRelease.pdf?openelement
While BBR holds only a 25%-share in this huge $413.8m contract to restore two iconic heritage monuments in the heart of the Civic District - the former Supreme Court and the adjacent City Hall - scheduled to begin in Jan11 and to complete in the second half of 2014, it is still a significant contract that will add to BBR’s already big order book of $520m as at 9Nov10.
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28-12-2010, 04:37 PM
(This post was last modified: 28-12-2010, 04:41 PM by dydx.)
Today's BT article on the proposed restoration of the City Hall and former Supreme Court buildings, reproduced below.....
"Published December 28, 2010
Former Supreme Court, City Hall to be restored for $530m
Work to be finished by 2014; buildings will house new National Art Gallery
By LINETTE LIM
GAZETTED as national monuments, the City Hall and former Supreme Court buildings will be restored to the tune of some $530 million.
Construction work will commence from January next year and is expected to be completed in the second half of 2014.
When completed, the two iconic landmarks in the Civic District will have three additional basements and will house the 60,000 square metre National Art Gallery, Singapore.
The National Art Gallery is conceptualised as an exhibition space for permanent and temporary galleries of local as well as international art.
'The Gallery will be the largest museum in Singapore, and will help to position Singapore as a regional and international hub for visual arts,' said Michael Koh, chief executive of the National Art Gallery, Singapore.
Takenaka-Singapore Piling Joint Venture has been appointed the main construction contractor.
The JV - co-owned by Japanese construction provider Takenaka Corporation and BBR Holding's wholly-owned subsidiary Singapore Piling & Civil Engineering Private Limited - clinched the $413.8 million contract from the National Heritage Board.
The main challenge of the construction will lie in the preservation of the two 80-year-old national monuments.
Special provisions have to be made to ensure that the buildings are preserved and protected for posterity, said the National Art Gallery.
Other challenges include poor soil conditions and the need for enhanced security due to the buildings' prime location.
'We look forward to preserving and at the same time, reinventing these iconic buildings,' said Masaru Chayama, general manager of Takenaka Corporation's Singapore office.
'We are truly excited to be involved in such a prestigious project in the local arts scene and we look forward to working with Takenaka Corporation over the coming months,' said BBR Group chief executive Andrew Tan.
He added that the project was 'an important contract win' for mainboard-listed BBR, as it marked another major step forward into the public sector space.
According to the National Art Gallery, as the buildings will house invaluable artworks and masterpieces, special floor loading considerations and conservation conditions for humidity, climate and illumination levels will have to be in place.
These, as well as IT and security provisions comparable with international museum standards have also been factored into the cost and timeline of the construction project.
The gallery is slated to open progressively from end-2014 onwards."
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BBR did another share buy-back - the 3rd, and the largest so far! - from the open-market today (10Jan11), of 431 lots at $0.265/share.....
http://info.sgx.com/webcorannc.nsf/Annou...endocument
So, BBR's management and BOD think the current share price is low and attractive enough.
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Hi dydx,
ask you something about BBR.
since "8 Nassim Hill" already topped, does that mean the construction cost has been fully expensed on the associate company?
since there are still un-sold unit, does that mean for every unit sold from now on, it will be recognized as profit?
thanks.
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(11-01-2011, 09:50 AM)freedom Wrote: since "8 Nassim Hill" already topped, does that mean the construction cost has been fully expensed on the associate company?
since there are still un-sold unit, does that mean for every unit sold from now on, it will be recognized as profit?
The "8 Nassim Hill" super high-end condo project is being held under a 48%-owned associate Tennessee P/L. More details on Tennessee can be found under Notes 1 (p34) and 14 (p61) in the FY09 AR.....
http://info.sgx.com/listprosp.nsf/07aed3...500196608/$FILE/BBR%20Annual%20Report%202009%20230410.pdf
All development costs of "8 Nassim Hill" should be captured at the level of and within Tennessee. At BBR Group level, BBR accounts its share of Tennessee's NP into its own P&L, and its share of Tennessee's Net Assets (or Equity) into its own B/S, by way of the equity accounting method.
Since the "8 Nassim Hill" project has reached TOP, we can assume most of the related development expenditures have been captured in Tennessee's B/S.
I believe it is reasonable to assume that as and when the remaining unsold units in "8 Nassim Hill" are individually sold and the related proceeds collected, the related profits will be booked into Tennessee, and BBR will account for its share of the profits in its quaterly P&L and result announcements.
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Today (11Jan11), BBR did another - the 4th so far - share buy-back of 69 lots at $0.265/share.....
http://info.sgx.com/webcorannc.nsf/Annou...endocument
Including this transaction, BBR now holds a total of 1.5m treasury shares.
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today recruitment section on papers publish 14 different job roles BBR is hiring ranging from architect to draftsman, i guess in anticipation of the upcoming big project at city hall.
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By today's (16Feb11) announcement.....
http://info.sgx.com/webcoranncatth.nsf/V...900303042/$file/BBRH_Keppel_Viaduct.pdf?openelement
, BBR has secured its 1st major construction contract for 2011 - a $79.8m job from LTA to widen Keppel Viaduct.....
http://www.streetdirectory.com/asia_trav...el_site_1/
Based on the long string of major construction jobs secured and awarded by various public sector agencies - National Heritage Board, URA, LTA, and HDB - in the last few months, there is little doubt that BBR is one of the better engineering/construction companies in Singapore in the eyes of the public agencies.
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The FY10 (ended 31Dec10) full-year results announcement (released yesterday evening) makes interesting reading.....
http://info.sgx.com/webcoranncatth.nsf/V...00028A87C/$file/FY2010_FS.pdf?openelement [FY10 results announcement]
http://info.sgx.com/webcoranncatth.nsf/V...00028A87C/$file/FY2010_Press_Release.pdf?openelement [Press release]
The "8 Nassim Hill" luxury condo project held under 49%-owned associate Tennessee P/L contributed a further $7.647m in profits, after it obtained TOP and another unit was sold during the year. There are still 8 units (out of a total 16 units) to be sold. Based on the some $20.5m in profits from the 8 sold units booked in FY08 through FY10, and assuming the 8 remaining units can be sold at similar prices, BBR stands to book a further approx. $20.5m in profits - equivalent to approx. $0.067/share (based on the 307.21m outstanding issued shares) - from the "8 Nassim Hill" over time.
With the wholly-owned 56-unit "Lush on Holland Hill" condo project nearly fully sold now, BBR stands to book approx. $25.0m of profits (based on a rough estimate of $450k/unit) - equivalent to $0.081/share - over the next 2 to 3 years in accordance with the progress of the construction.
For conservative reason, I shall not try to project any profit from the new unnamed condo project located at 2A/B/C/D Simon Lane, until after its sale has been successfully launched at a later date.
With a $620m backlog of good construction jobs lasting till 2014 - with likely more new contracts to come - and the more or less secured profits from the existing residential property development projects, I believe BBR is a pretty good value opportunity for those willing to take a longer view.
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Following the release of the FY10 (ended 31Dec10) full-year results, today (28Feb11) S&P has issued a positive update report on BBR.....
http://research.sgx.com/reports/rpt_view.pl?id=6413
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