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at least Dover should belong to SMRT if not any other station.

Please read the statement from SMRT's own annual report.

(17-07-2014, 04:30 PM)freedom Wrote: [ -> ]I don't mean all the stations belong to SMRT, but I remember that SMRT bought many stations especially those got retail potential ones from LTA already.

for example from Annual report of 2013.

"In April 2013, SMRT purchased the operating assets associated with the Changi Airport Extension and the Dover station for approximately $93 million. "

So at least Dover station belongs to SMRT. I can't remember exactly how many stations have been purchased by SMRT from LTA, but should be more than just Dover.

oic how u interpreted the statement... I think should be read as :

"SMRT purchased the operating assets associated with the Changi Airport Extension and <purchased the operating assets associated with> the Dover station" rather than "SMRT purchased the operating assets associated with the Changi Airport Extension and <purchased> the Dover station"

(17-07-2014, 04:49 PM)specuvestor Wrote: [ -> ]

(17-07-2014, 04:30 PM)freedom Wrote: [ -> ]I don't mean all the stations belong to SMRT, but I remember that SMRT bought many stations especially those got retail potential ones from LTA already.

for example from Annual report of 2013.

"In April 2013, SMRT purchased the operating assets associated with the Changi Airport Extension and the Dover station for approximately $93 million. "

So at least Dover station belongs to SMRT. I can't remember exactly how many stations have been purchased by SMRT from LTA, but should be more than just Dover.

oic how u interpreted the statement... I think should be read as :

"SMRT purchased the operating assets associated with the Changi Airport Extension and <purchased the operating assets associated with> the Dover station" rather than "SMRT purchased the operating assets associated with the Changi Airport Extension and <purchased> the Dover station"

The infrastructure is belong to LTA, both for NSEWL and CCL. Base on AR2013, page 17

"SMRT Trains owns and maintains the operating assets, the
infrastructure of the NSEWL (which includes tunnels, tracks,
viaducts and station structures) remains the property of
LTA"

"The infrastructure
of the CCL MRT system, which includes tunnels, tracks and
station structures, remains the property of LTA and is leased
to SMRT Trains at a nominal annual fee"

(17-07-2014, 04:49 PM)specuvestor Wrote: [ -> ]

(17-07-2014, 04:30 PM)freedom Wrote: [ -> ]I don't mean all the stations belong to SMRT, but I remember that SMRT bought many stations especially those got retail potential ones from LTA already.

for example from Annual report of 2013.

"In April 2013, SMRT purchased the operating assets associated with the Changi Airport Extension and the Dover station for approximately $93 million. "

So at least Dover station belongs to SMRT. I can't remember exactly how many stations have been purchased by SMRT from LTA, but should be more than just Dover.

oic how u interpreted the statement... I think should be read as :

"SMRT purchased the operating assets associated with the Changi Airport Extension and <purchased the operating assets associated with> the Dover station" rather than "SMRT purchased the operating assets associated with the Changi Airport Extension and <purchased> the Dover station"

You let your imagination gone wild. Dover station is on EW line, the operating asset of NSEW line has been purchased by SMRT many years ago. Why should SMRT purchase Dover operating asset again?

"On 1 April 1998, SMRT Trains purchased the NSEWL
operating assets from LTA for approximately $1.2 billion.
These assets include trains, permanent way vehicles, power
supply equipment and cabling, supervisory control system,
escalators and lifts, platform screen doors, environmental
control system, electrical services and fire protection system,
signalling system, communication system, automatic fare
collection system and depot workshop equipment. LTA
provided an asset-related grant of $480 million to assist
SMRT Trains in its purchase of these assets, which is being
amortised by recognising it as deferred income over the life
of the relevant assets.
SMRT Trains had fully paid for the NSEWL operating
assets in five equal annual instalments by April 2002. While
SMRT Trains owns and maintains the operating assets, the
infrastructure of the NSEWL (which includes tunnels, tracks,
viaducts and station structures) remains the property of
LTA and is leased to SMRT Trains at a nominal annual fee
or such other amount which LTA may stipulate in the future
on the first working day of each calendar year during the
term of the lease.
In April 2013, SMRT purchased the operating assets
associated with the Changi Airport Extension and the Dover
station for approximately $93 million. "

Unless Dover station does not belong to NSEWL, otherwise, SMRT does not need to purchase it again.

Not only must my imagination be going wild, my ears must be going deaf since that's what the CFO Sam Ong represented.

I think Dover, Expo and the Changi extensions were built in the 2000s.

(17-07-2014, 05:44 PM)AlphaQuant Wrote: [ -> ]I think Dover, Expo and the Changi extensions were built in the 2000s.

Thanks for the explanation. I always thought that Dover was the original part of EW line.

I was wrong to think that SMRT owns the Dover station.

(17-07-2014, 12:11 PM)egghead Wrote: [ -> ]I think it will be difficult for LTA to buy over SMRT retail assets. LTA will need justification to raise additional funds; and SMRT will not be wiling to part with them cheap.

I don’t think LTA or any stat board will be interested to run a retail business. They don’t have the necessary expertise to do it. Besides, it is not LTA mandate to run a retail business. They will have to face questions in parliament if ever they were to go in that direction. So, IMO, SMRT will continue to own and run the retail assets until its licence expire and the line open up for tender. And whoever fighting for the licences in future will need to take into account the retail business as a total package.

Nobody knows what the outcome of the discussion of the new rail framework will be. My guess is that they will eventually reach a compromise on the value of the rail assets to be transferred, and SMRT to keep the retail assets and continue to run/profit from it. It is like a “compensation” to them for losing out on fare revenue (fare increases way below entitlement) all these years. After the expiry of its operating licence, everything restart all over again and they have to complete with other interested PTOs, taking into account the contribution from retail business. Just my opinion.

why not SBStransit buy-out SMRT?!?!

since singapore is only BIG/profitable enough for 1 transport operator anyway!

I strongly believe SMRT does not own the retail assets for train stations. Using Onemap, the station boxes tells us that MRT station ownership belongs to LTA.

Highly likely they are taking a lease/license from LTA to run the stations which has special clauses. I strongly urge shareholders of SMRT to clarify with the mgmt on this point

As for the expertise portion, perhaps LTA can farm the retail mgmt to other stat boards like HDB, JTC or SLA. These 3 stat boards have expertise in managing businesses especially HDB who has a commercial property arm and many of its commercial shops are in the surrounding area of mrt stations
<not vested>