Heeton Holdings

[propertyinvestor]

My crude estimate of RNAV is like this:

Present NAv stated in Dec 2012 report: $1.28

Potential net profit (after tax) from unsold units at Lumos and iLiv (assume Heeton lower ASP to $2,300 psf for Lumos and $2,750 psf for iLiv) = $62m

Net profit from sold & unsold units at The Boutiq, Palacio, Sky Green, Newest, seletar gdn, KAP, Whitley site, Sam Leong = $101m

Net profit from El Centro redevelopment (assume ASP of $2,800 psf, NSA 60,420sf and given $76m book value now) = $49m

Total = $212m divided by 223.4m shares = 95 ct per share.

Ignore any further gains from Sun Plaza shd it be sold.

Add $95ct to $1.28 = $2.23.

I must emphasize crude calculation ok, but u get the picture.

Redevelopment from elcentro got to be taken out from your calculations. Its not a sure thing at this point because Management already said if they spruce up the building, they can ask for something like 20% higher in gross rents.