Chip Eng Seng

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14 Nov 2014 13:50 #21256 by sumer
Replied by sumer on topic Chip Eng Seng
Hi PL,

I don't think TM will turn in zero profit. Cost of construction delay is mainly restricted to the holding cost for the land. In this case, it's an approximate A$20m cost - not the kind of figures we see in Singapore. Meanwhile, CES would be collecting interest from the 10% downpayment received from buyers, and with 98% of the units sold, this should be quite a bit. In fact, assuming gross total sales is A$300m, that 10% amounts to A$30m, which is more than enough to pay for the land cost.

Since construction has not begun, I do not know of any other major costs involved that would lead to any serious bleeding for CES. A slight paper cut is all i suspect the injury is.

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14 Nov 2014 15:01 - 14 Nov 2014 15:02 #21257 by RT Knight
Replied by RT Knight on topic Chip Eng Seng
it will definitely not go to zero.
For the TM, Raymond mentioned that, when CEL sign the S&P agreement with the buyer, they have include almost all the worst situation into the agreement. The worst situation is that, Raymond expect the project fail.

What would CEL impact if this happen? According to him, he mentioned that, CEL will need to compensate back the buyer with the deposit with some interest. This could take as the reference on the delaying on the TM project, which initially target to finish at 2017 and now 2018. The delay has been brought up during early this year AGM, I think the resuming work at TM recently, is just nice to let CEL to finish the TM project at the early of 2018.
Last edit: 14 Nov 2014 15:02 by RT Knight.

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21 Nov 2014 02:13 #21305 by FManager
Replied by FManager on topic Chip Eng Seng
RT Knight, Are you based in Melbourne? how do you know project resumed?

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21 Nov 2014 13:34 #21307 by RT Knight
Replied by RT Knight on topic Chip Eng Seng
well,nowadays,you don't even need to be there to know something... friends in Melbourne, property investors in Melbourne, local news, local community forum, etc, all are your good information resources...

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21 Nov 2014 13:37 #21308 by RT Knight
Replied by RT Knight on topic Chip Eng Seng
passing by ALex Centre this morning.
The surrounded working fence has been removed.
working is doing the planting.
how far from it opening? or TOP? Before Christmas? ;)

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21 Nov 2014 14:04 - 21 Nov 2014 14:06 #21309 by potatolover
Replied by potatolover on topic Chip Eng Seng
CES is still languishing below 90 cents.

Mr Market seemed to have priced in the Q4 EPS Gain of 20 cents or so.

FY2015 EPS might drop below 10 cents??

If the Hotel is recorded at cost on CES' book, will it book revaluation gain?

If no, then the NAV of CES will remain the same even with the commissioning of the hotel? So, there is limited upside gain in NAV?

Is my understanding correct ? tks.
Last edit: 21 Nov 2014 14:06 by potatolover.

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