Wheelock Properties

[KopiKat]

No time luxury to keep extending offer?? From Lim & Tan,

 Wheelock Prop bought 1,324,000 shares yesterday at $1.8119 average, raising its stake to 17.38%.

 Acceptances of Simon Cheong’s offer now stand at 13.932 mln shares or 3.37%, bringing his stake to 64.11%.

 The free float is now 18.507%.

 Speculation is in over drive as many ponder over just what might be Wheelock’s strategy.

 Note Wheelock was the highest bidder for the site in Ang Mo Kio (to be its third sub-urban project) paying $550 mln or $790 psf.

 And indications are that Ardmore 3 is not generating much demand since the private preview in Sept ’12.

 Meanwhile the “first” penalty for the unsold units at SC Global’s the Marq is $5.5 mln. Next up will be Hilltops, which still has >190 units available (241 in total).

 Note trading in SC Global will be suspended when the free float drops below 10%; and SC will not be able to compulsorily acquire remaining shares if his stake does not cross 90%, ie the QC rules continue to apply, as in penalty for unsold units 2 years after TOP.