Golden City, a luxury development in Yangon, was 49% acquired by ETC Singapore for US$24.9m in Oct 2016. Photo: Company NextInsight and several analysts are headed to Yangon, Myanmar tomorrow (20 March) to check out ETC Singapore’s luxury property project called Golden City.
ETC's chief executive officer, Tan Thiam Hee, will also be on the trip.We will also have opportunities to speak with project managers for insights into the evolving dynamics of the Yangon property market.
ETC Singapore is the new name of Cedar Strategic after it shed several legacy issues, cleaned up its balance sheet and started generating profits.
ETC stands for Emerging Towns & Cities, which reflects its property-related interest in emerging markets.
ETC seeks short-term property development profit as well as recurring rental income.
| ETC Singapore | 11.3 cents |
| 52-week range | 2.5-16 cents |
| Market cap | S$94 million |
| PE (ttm) | 5.8 |
| Dividend yield | -- |
| Year-to-date return | 38% |
| Source: Bloomberg | |
Acquired last year (2016), Golden City made its maiden contribution with a bang.
For FY2016, RMB 570.2 million was recognized from the sale of 205 units. (As at 31 Dec 2016, 230 additional units have been sold but yet to be recognised.)
At its other project -- Daya Bay holiday resort in Guangdong, China -- RMB 138.7 million was recognized from the sale of 232 units.
Profit attributable to shareholders in 2016 multiplied 8.5 times to RMB 63.9 million.
Look out for our reports and photos!
Recent story: ETC SG: Golden City lifts FY2016 bottom line 8-fold to RMB 63.9m