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good run , wheelock from low 2.05 to 2.44 level, cool 19% run straight.. but I am more concern of his future prospect as they didn't buy land aggressively this year, meaning no more condos developed by Wheelock the next year... "unless" joint venture with others ..
Wheelock Properties sold 27 units of Scotts Square of which 12 were above $4000 p.s.f.
A high for the month of $4359 p.s.f. was recorded, with the median price at $3985. It was the only project to sell above $4000 p.s.f in September.
Not vested yet.
The price retraced back to approx 55% between its low in 2005 and 3.66SGD high on APR 2007.
If yesterday's session was the last of its downtrend, the next phase would be into a consolidation session (ranging) in which one can find the low and high of the range. Fools rush in, (mikewb21, not implying you) lest await the dead cat bounce. :)
not vested yet, but this is the only property shares nearer to the LOW on Aug 17..2.35 price
hmm... look at ChipEngSeng, dropping a lot too.... notice all the construction and properties start to fall, hmm.. not sure if tomorrow will go down again... I choose to stay sideline too, but the price really attractive...
If DPS can affect the properties shares, I will load up this counter... anyone knows what's wrong with this counter?
52 weeks high at 3.66, Price on Aug 17 range of 2.35 to 2.66, and closed at 2.45 and now price is 2.49 ONLY ?!
wow this gem.. can buy, huh... just name some of its condo, Grange Residences, Ardmore Park, Parc Oasis, The Sea View, Ardmore II, The Cosmopolitan, and the latest one Scotts Square..
Needless to say , Monday BUY!
from DBSV this morning!!!!!!!!
Wheelock Properties
?Birds of the same feather flock together?
BUY S$3.48 Price Target : 12-MONTH S$ 4.17 (Prev S$ 3.70)
Story: Wheelock?s recent purchase of 10% stake in SC Global follows another
recent transaction of Wheelock?s strategic stake in HPL which is already
paying huge dividends, sitting on gains in excess of S$400m.
Point: The purchase allows Wheelock to have a piece of the pie in SC
Global?s high-end residential landbank, further enhancing its exposure to
the high-end residential market when land accumulation is impeded by
escalating land prices.
Relevance: Factoring in potential gains from the stake in SC Global, higher
gains from its stake in HPL as well as higher project selling prices for
Wheelock?s residential projects, we reiterate our BUY recommendation for
Wheelock with adjusted target price of S$ 4.17 with 20% premium on revised
RNAV which now stands at S$3.48.
Smart move. Seems not many forumners interested in Wheelock.
Wheelock snaps up 10% of rival SC Global for $112m
DEVELOPER Wheelock Properties has taken a stake in competitor SC Global, more than a year after it bought into another property firm, Hotel Properties (HPL).
Wheelock said yesterday that it has paid $112.1 million for 10 per cent of SC Global, a high-end boutique developer.
This works out to $6 per share, a discount of about 7.5 per cent to SC Global's last traded share price of $6.45 yesterday.
The stake was sold by Roveron, one of SC Global chairman Simon Cheong's private investment firms.
Wheelock chief executive David Lawrence was not available for comment, but the firm said in a statement that the acquisition 'is intended to be for long-term investment in a well-managed and respected
Property analysts said the purchase bodes well for SC Global, as Wheelock is known to have a good eye for investments.
It reaped more than $400 million from its acquisition of a 21 per cent stake in HPL in March last year, for example.
Wheelock paid $171.4 million, or $1.80 per share at the time. The counter has since surged to $6.15, making Wheelock's stake now worth about $585.6 million.
'Wheelock has always illustrated an eye for the market in terms of buying land,' said one analyst.
'Their investment in HPL has also turned out very well, so this purchase could be good for SC Global, given that Wheelock could see further upside for the company.'
SC Global shares have more than doubled since the beginning of the year, from $2.60 to $6.45.
Industry experts also said the acquisition may lead to tie-ups between Wheelock and SC Global in developing sites, as both have experience in high-end developments and own land in the exclusive enclave of Ardmore Park.
Wheelock bought Ardmore Point and Habitat One in
However, a veteran market player added that Wheelock will 'probably be a more passive investor' in SC Global, following the model it has taken with the HPL stake.
'There was speculation that Wheelock would tie up with HPL when it bought the stake last year, but so far it has just sat on the investment,' he said.
Wheelock's buy of the SC Global stake may simply be a way for it to strengthen its exposure to the booming market, said the analyst.
'It's very hard to buy sites right now, and one way to gain leverage on the sector is to buy into other property companies,' he said.
'Blocks of stocks like this one are also hard to come by in this current climate, so it's no surprise that Wheelock snapped it up.'
Wheelock will fund the acquisition through internal funds.
The move is not expected to have a material impact on the company's current financial year.
Wheelock shares added two cents yesterday to close at $3.40.
DBSV raised its rating on Wheelock to "buy" from "hold" with a target price of $2.64.
In a client note, DBS said that Wheelock had unlocked value from its investment property in Japan and that it would also benefit from higher selling prices for its residential apartments in the prime Orchard Road area in Singapore.