Wee Hur just spent ~S$64Mil buying an Australian Office building and the adjacent land. It will be financed via cash and bank borrowings.
While the announcement has not indicated the proportion of cash and bank borrowings used, I am interested to know the kind of bank borrowings they will be getting. Considering the rising interest rate environment, I think a fixed interest rate may be more favorable.
https://s3-ap-southeast-1.amazonaws.com/...FQ6U.1.pdf
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Wee Hur is due to announce quarterly results this week. Share price were beaten down recently to all time low, but it is up almost 6% today with strong volume.
[ vested ]
Wee Hur just released its 1H16 results. The results is not pretty.
Revenue down 67%
Profit after tax down 86%
Dividend down 60%
With no property development TOPing in the near future, the business is going to rely on what little income they can get from the construction, domitory and rental from the newly acquired Australian office building.
However, the existing tenant of the Australian CBD office building is going to relocate in April 2017. Unless they manage to find new tenants to come in, rental income from the building would be lost as well...
There may be a steep sell off soon.
(Vested)
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The main problem is their project in Brisbane, there is already apartment glut there now and prices are softening. That project will probably Liao lui..
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Anyone went to Wee Hur's AGM today? I wasn't able to attend as I am attending another AGM somewhere else.
Anything interesting to share? E.g. How the company higher management view the Singapore property market going forward? Why the take-up rate for their Mega@Woodlands project so low? What are they doing to improve it? Etc.
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