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30-05-2015, 02:51 PM
(This post was last modified: 30-05-2015, 11:31 PM by Curiousparty.)
The value of properties reflected under investment properties was only ~$160mil as of March 2015.
However, in the prospectus (page 2), the total valuation (if you bother to tally up) = $407 mil. But we need to deduct out the portion not owned by BP (i.e. 50% equity in Boustead Centre).
After this has been done, we get $388mil. But let's not forget about the 15th and 16th projects recently brought into the portfolio. Assuming a conservative lease rate of $1.4 PSF and 12 years lease period, we obtain $13mil valuation for these 2 projects.
So, the total valuation for all 16 properties in the portfolio will be $401mil.
(The valuation was only done recently and could be very conservative, reflecting the current somber mood in the market...)
Compare this figure of $401mil with the value above $160mil (investment properties reflected on books)
There is a revaluation surplus gap of $241mil or 75 cents.
Current NAV = 79 cents.
However, in the prospectus (page 2), the total valuation (if you bother to tally up) = $407 mil. But we need to deduct out the portion not owned by BP (i.e. 50% equity in Boustead Centre).
After this has been done, we get $388mil. But let's not forget about the 15th and 16th projects recently brought into the portfolio. Assuming a conservative lease rate of $1.4 PSF and 12 years lease period, we obtain $13mil valuation for these 2 projects.
So, the total valuation for all 16 properties in the portfolio will be $401mil.
(The valuation was only done recently and could be very conservative, reflecting the current somber mood in the market...)
Compare this figure of $401mil with the value above $160mil (investment properties reflected on books)
There is a revaluation surplus gap of $241mil or 75 cents.
Current NAV = 79 cents.
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