Inphyy Corner

Stamford Land: Confirms Lodgement Of Development Application For Macquarie Street Site

21 Jan 2014 17:25

Stamford Land Corporation has lodged a development application for 93-97 Macquarie Street in Sydney where its Sir Stamford Circular Quay hotel currently stands. The proposal includes retention and adaptive reuse of the former Health Department Building, listed on the State Heritage Register, as well as the construction of a 19-storey building for residential and commercial use. With a gross floor area of 14,835 sq m, the proposed building will comprise 104 residential apartments and 1,331 sq m of retail and commercial space. Not only does the site have spectacular views of the Sydney Opera House and Harbour Bridge, it is also adjacent to the Royal Botanic Gardens...

stamfordland.listedcompany.com/newsroom/...257C6700203317.1.pdf

Cambridge Industrial Trust's revenue down 3.1% to $23.3m

CEO also stepped down.

According to OSK, last Friday, Cambridge Industrial Trust reported 4Q13 results that were in line, as well as the disappointing – although unsurprising - resignation of CEO Christopher Calvert.

The group’s revenue of SGD23.3mil (-3.1% y-o-y) brought its FY13 gross revenue to SGD96.5mil (8.4% higher y-o-y), just below OSK's SGD98mil estimate.

Here's more:

Its portfolio’s performance as a result of recent acquisitions and AEIs are expected to maintain its strong DPU growth going into FY14F. We maintain our FY14F DPU of 5.4 cents, for an implied 7.7% yield. Maintain BUY on CREIT, with our SGD0.81 TP offering a potential 16% upside.

Outgoing CEO Christopher Calvert has delivered strong shareholder returns over the last 5 years by re-modelling and re-sizing the portfolio he inherited into one of the best performing industrial REIT in recent years.

CREIT has posted total shareholder returns (including distribution) of 300% since the beginning of 2009, outperforming its peers and the wider STI market index. We wish Calvert well as he moves on to the next phase of his professional career in Australia to be closer with his family.

Calvert has agreed to remain on board pending regulatory clearance with regard to the incoming CEO and subsequent disclosure. We have no doubt that the strong team which Calvert has nurtured will continue to manage the portfolio with a view of maximizing asset returns with a reasonable risk profile.
No changes to our FY14F earnings and DPU estimate of 5.4 cents. This is in view of the ongoing asset enhancement initiatives as well as full year contribution of CREIT’s four acquisitions last year.

Going into FY14 and FY15, the group’s growth strategy appears to be well supported by its low gearing of 28.7% with all-in interest expense of 3.6% and 83% fixed, and a further 31% of its portfolio unencumbered (SGD350mil).

Stung by penny stock scandal, Singapore Exchange bets on derivatives

www.straitstimes.com/breaking-news/money...derivatives-20140122

Stratech wins Dubai airport tender
www.businesstimes.com.sg/breaking-news/s...port-tender-20140122


Raffles Medical to buy land next to hospital for S$105.2m
www.businesstimes.com.sg/breaking-news/s...ital-s1052m-20140122


FCT's Q1 DPU rises 4.2 per cent
www.businesstimes.com.sg/breaking-news/s...ses-42-cent-20140121


Keppel T&T's full-year profit up 13.9%
www.businesstimes.com.sg/breaking-news/s...-profit-139-20140121

Rex's Norwegian unit secures 5 new licences

www.businesstimes.com.sg/breaking-news/s...ew-licences-20140122

Goldman Sachs Wins Bid to Halt Singapore Investor’s Suit

By Andrea Tan Jan 20, 2014 2:21 PM GMT+0800

A Goldman Sachs Group Inc. (GS) unit won a bid to halt Singaporean wealth-management client Oei Hong Leong’s lawsuit over trading losses on the Brazilian real in favor of private arbitration.

The ruling was made in a closed hearing today at Singapore’s High Court. Oei’s lawyer Siraj Omar said he planned to appeal the decision. Edward Naylor, a Hong Kong-based spokesman for Goldman Sachs, declined to comment on the verdict.

Oei sued Goldman Sachs International in Singapore and the parent company in New York, alleging the bank misled him into trading real-yen options. He sought at least $31 million in damages in each lawsuit. The bank has rejected allegations that it acted improperly or cheated him, according to a letter it wrote to Oei in July and filed in court.

Oei said he relied on the bank’s advice that the real was a stable and liquid currency anchored to the U.S. dollar before betting in May the yen would fall against the Brazilian currency.

The real has fallen 12 percent since May 15 against the yen, the second-worst performer among 16 major currencies tracked by Bloomberg, after the South African rand. The real has declined three straight years as widening budget deficits threaten to trigger Brazil’s first credit-rating downgrade since 2002.

Goldman Sachs plans to ask a U.S. judge to dismiss the lawsuit there in favor of arbitration or move it to Singapore, according to court papers filed in New York.

“I have not brought this claim because I have lost money in the trades,” Oei said in court papers filed in December. “I trusted and relied on Goldman Sachs and they abused and breached that trust.”

The case is Oei Hong Leong v Goldman Sachs International. S834/2013. Singapore High Court.


www.bloomberg.com/news/2014-01-20/goldma...investor-s-suit.html