Visited Robin Residences' show flats this afternoon.
Accordingly to Sales staff, a total of 35 units, mostly 1 bedroom suites and 1 bed room apartments have been sold.
"SINGAPORE (April 13): Sing Holdings ( Financial Dashboard)' non-executive chairman Lee Fee Huang will retire from the property developer's board of directors on April 28, when it holds its annual general meeting.
Lee, who founded the company, will not seek re-appointment as a director at the shareholders' meeting, Sing Holdings said in a regulatory filing.
Lee, 86, will be given the title "founding chairman" in recognition of his contributions to Sing Holdings over the past five decades, the company said.
His son, Sze Leong, currently a non-executive director, will take over as chairman.
Lee's other son, Sze Hao, is Sing Holdings' CEO.
Lee is also the founder of Singapore-listed Sing Investments & Finance ( Financial Dashboard).
Sing Holdings shares ended 1.6% higher at 32 cents last Friday.
"
http://www.theedgemarkets.com/sg/article...ceeded-son
Robin Residences was publicly launched from $2300 to $2500psf according to their sales staff.
As Waterwoods is an EC project, the project will be accounted for in one lump sum when the project TOP which is probably next year. Robin Residences at present is not doing so well. So this year profit will probably be near break even and share price most probably will not perform this year. Interested investors should monitor the Robin Residences sales and Waterwoods TOP.
The management failed to make full use of the opportunity to do a share buy back and instead allows $80m of cash sitting in the bank.
Stubbornness and stupidity......
This company taught me
From Opmi: ^^ should apply specuvestor 3 layers framework.
I have since sold all my shares in this company. With all the dividends collected, dont think i lost money but the opportunity cost ... makes it upset
what a good water wood combination..water grows wood..productive cycle..huat ah
Agree with Behappy.
Assuming TOP of waterwoods is delayed to FY 16, revenue will only be recognized next FY and this FY, it will be another loss with a 1 cent dividend declared.
For Sing Holdings, the end game imo is a delisting two years after the TOP of Robin residence or the near complete sale of robin residence (90% sold), whichever is earlier. This is because taking it private will avoid QC charges and it is the only project they have left. The mgmt objective is to preserve the wealth of Sing Holdings for themselves and I do not think they will take the QC penalty in the first 1-2 years after TOP. I am not optimistic of the sale of Robin residence and I expect less than 50% sold at the end of this year
Therefore for ppl still interested, it will be good to monitor the sale movement of Robin Residence and consider only buying Sing Holding in the tail end of 2016. There will be no share buyback. However, the controlling shareholder will continue to use their own money to buy shares.
Not much postings on Sing Holdings these days; not even a muted response to its Q1 results released on 8 May.
Company has also been firing blanks on the land acquisition front. Those who are vested have to look forward to its FY16 results when sales and profit of Waterwoods EC are fully recognised, and hopefully share price will move up by then.
Report from RHB today, 22 May 2015.
Sing Holdings (SING SP) is a niche developer focused on residential and commercial developments in Singapore. The
group’s past projects include residential projects such as Meyer Residence, BelleRive and The Laurels, as well as industrial
and commercial buildings such as BizTech Centre along Aljunied Road, EastGate in the East Coast area and Ocean
Towers, an award-winning Grade-A office in Shanghai. After successfully completing the Laurels in 2013, the group had
replenished its landbank with two sites: 1) Waterwoods, an EC development at the junction of Punggol Field Walk and
Punggol East; 2) Robin Residences, an upmarket residential project along Bukit Timah/Robin Road. Sales at Waterwoods
has progressed well with 91% of the project sold at an average ASP of SGD800 psf, with contract value amounting to
SGD338m. The group expects to obtain T.O.P. of the project by end 2015, which will bolster net profit as profit recognition
for EC project are based on completion basis. Meanwhile, the group expects Robin Residences, currently 30% sold at a
price range of SGD2300-2450 psf, to obtain T.O.P. by 1Q16, in time to catch the opening of the Stevens MRT station on
the Downtown Line. Given the site attributes, management is confident that the project would do well and generate healthy
margins. After a loss recorded in 2014 due to minimal profit recognition from residential projects, Sing Holdings is posed to
turn around in 2015/16 as profit streams in from its existing projects. Management intends to rewards shareholders with
higher dividend payouts as its earnings improved. At SGD0.34, the stock is trading at a 51% discount to its RNAV of
SGD0.69/share.