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15-03-2012, 04:03 PM
(15-03-2012, 12:22 PM)dydx Wrote: I just chanced upon the old presentation slides CapitaMalls Asia / CapitaLand Group used when they successfully tendered for the Jurong Gateway site located in Jurong East - which is being transfomed into the largest Regional Centre at the much publicised Jurong Lake District - for a huge $969m, equivalent to $1,012 psfppr (per square foot per plot ratio).....
http://info.sgx.com/webcoranncatth.nsf/V...1007B875E/$file/Slides_JurongGateway_final2250hrs_20110601.pdf?openelement
In p8 of the slides giving some Development Details of the mixed shopping mall/office project, CapitaMalls Asia / CapitaLand Group have projected a Total Development Cost of approx. $1.5b and a Capital Value for the shopping mall portion - which will have a GFA (gross floor area) of 575,000 sq ft - at approx. $2,800 –3,000 psfNLA (per square foot net lettable area).
If we just use the above Capital Value assumption and, to be conservative, adopt the lower point (i.e. $2,800 psfNLA) of the range and take a further 15% discount - i.e. $2,800 x 0.85 = $2,380 psfNLA - and apply it to the entire JP's approx. 750,000 NLA.....
http://www.jurongpoint.com.sg/fact-sheet
we can derive a fairly good estimate of JP's CMV at $1,785m.
Based on the above estimate, LKT's 50% share in the entire JP is potentially worth and could be sold for $892.5m - i.e. approx. $158.5m, or 21.6%, above its latest (as at 31Dec11) BV of 733.945m. Based on the above and LKT's latest (as at 31Dec11) 505.443m outstanding issued shares, the potential extra gain over its latest valuation, if and when the entire JP is sold, could add another up to approx. $0.313 to EPS and NAV/share.
Good work.
Just one question. LKT revalued JP periodically. Now, why is there such a difference then?
