14-03-2013, 02:05 PM
Below are some of Eastern Hldgs's Investment properties (extracted from its AR2012 - Pg.63)
A 4-storey factory for publishing, 60 years from 1 Aug 1969 at
1 Lower Delta Rd,Land=4515 sqM,2012's FV=$18,000,000 Carrying Value =$2,762,795
51 Tras Street, Land=145.9 sqM 2012's FV=$5,700,000 Carrying Value =$1,776,433
53 Tras Street, Land=143.1 sqM 2012's FV=$5,700,000 Carrying Value =$1,842,876
55 Tras Street, Land=145.7 sqM 2012's FV=$5,700,000 Carrying Value =$1,887,402
57 Tras Street, Land=151.6 sqM 2012's FV=$5,700,000 Carrying Value =$1,823,783
and I believe above Fairvalues should still be on the conservative side, esp. the four Tras Street properties are likely to be worth even more.
at a recent auction by Colliers Intl (on the 27 Feb2013, at Amara Hotel)
No. 38 Tras St was real hot !! (it's a 3-sty shophouse with attic, 1298 sqft, 99yrs wef 14/3/1995 )
asking $5.38m....
1st bid $5.20m... and 22 bids later ==> it was done for $6.6m !!!
Now, notice that No.38 Tras St is actually a smaller property - its landsize at only 1298 sqft (120 sqM) and also located further away from TanjongPagar MRT.
whereas Eastern Hldgs's four units have landarea averaging 146 sqM each (that's 22% larger) and all are also buildup to 3-storey.
==> so arguably, each unit should be worth at least $6.6m, possibly even up to $8m each !! versus their bookvalues at around $1.8m and being depreciated further each year.
A 4-storey factory for publishing, 60 years from 1 Aug 1969 at
1 Lower Delta Rd,Land=4515 sqM,2012's FV=$18,000,000 Carrying Value =$2,762,795
51 Tras Street, Land=145.9 sqM 2012's FV=$5,700,000 Carrying Value =$1,776,433
53 Tras Street, Land=143.1 sqM 2012's FV=$5,700,000 Carrying Value =$1,842,876
55 Tras Street, Land=145.7 sqM 2012's FV=$5,700,000 Carrying Value =$1,887,402
57 Tras Street, Land=151.6 sqM 2012's FV=$5,700,000 Carrying Value =$1,823,783
and I believe above Fairvalues should still be on the conservative side, esp. the four Tras Street properties are likely to be worth even more.
at a recent auction by Colliers Intl (on the 27 Feb2013, at Amara Hotel)
No. 38 Tras St was real hot !! (it's a 3-sty shophouse with attic, 1298 sqft, 99yrs wef 14/3/1995 )
asking $5.38m....
1st bid $5.20m... and 22 bids later ==> it was done for $6.6m !!!
Now, notice that No.38 Tras St is actually a smaller property - its landsize at only 1298 sqft (120 sqM) and also located further away from TanjongPagar MRT.
whereas Eastern Hldgs's four units have landarea averaging 146 sqM each (that's 22% larger) and all are also buildup to 3-storey.
==> so arguably, each unit should be worth at least $6.6m, possibly even up to $8m each !! versus their bookvalues at around $1.8m and being depreciated further each year.