Monday, April 25, 2011

L&G ...Apr

When Hong Kong-based property tycoon Tan Sri David Chiu emerged as a substantial shareholder in Land & General Bhd (L&G) in August 2007, there was speculation of a possible asset injection or takeover exercise. It pushed the stock from 20 sen to over 80 sen in six months, but there was no asset injection.

Instead, the new management spent the last few years quietly cleaning house and strengthening the foundations of the company.

Now, things are looking up for the company with projects worth RM2.41 billion in gross development value (GDV) in its pipeline.

What is going to be the major, lucrative development for L&G going forward — its remaining 43 acres (17.2ha) of freehold development land in Sri Damansara, the jewel in the crown.

L&G’s net book value (NBV) for the land is carried at less than RM20 per sq ft.  comparison, freehold commercial land in Mutiara Damansara is now valued at more than RM400 psf.

The low land cost could translate into fat margins for L&G, much higher than the standard “20-over percent” margin for an ongoing project. ompleted service apartments or condominiums in Mutiara Damansara are now being sold for more than RM600 to RM700 psf, while in Sri Damansara developers such as TA Global Bhd are now trying to price their new units at more than RM400 psf or even RM600 psf.

L&G had no borrowings and had cash of RM141.4 million as at Dec 31, 2010, with shareholders’ funds of RM248.2 million.

L&G’s unbilled sales are currently about RM45 million, arising from the 8trium@Sri Damansara project which only has 10% of construction works to be completed but exclude its 50% share of the RM200 million GDV sold in the phase 1 of The Elements@Ampang.

Meanwhile, L&G, with a cash position of RM141.1 million, is scouting for more landbank.

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