Tuan Sing (T24.SG) is +6.4% at $0.25 as the property group's land acquisition bid gains momentum.

It has won a tender with a $99.1 million bid for the collective sale of a Singapore property, Serene House, for redevelopment into a luxury residence.

This comes a day after it emerged as the highest bidder for a residential land parcel with a $123 million offer.

Still, the stock trades at only 0.55x P/B, one of the lowest for Singapore developers. Kim Eng says Tuan Sing's Singapore office portfolio, comprising Robinson Towers and the International Factors Building, has also been overlooked by investors, especially with the government reviewing the land-use zoning of CBD sites to preempt a tight supply of office space

"The rejuvenation of Tuan Sing's ageing office towers can unlock value even if it is unable to convert them into residential apartments for sale."

Resistance is at the $0.265 52-week high.

 

 

Tuan Sing Holdings says indirect wholly-owned subsidiary, Shelford Properties, has been awarded the tender for Serene House at $99.1 million.

The property, situated along Cluny Park Road, is directly opposite the proposed Botanic Gardens MRT station and the Singapore Botanic Gardens. This exclusive site is also in the vicinity of schools such as Raffles Girls’ Primary School, Nanyang Primary School, Singapore Chinese Girls’ Primary School, Anglo-Chinese School and Hwa Chong Institution.

The freehold property has an site area of 39,828 sq ft and a total land area would add to about 49,021 sq ft. With a plot ratio of 1.4, the price of $99.1 million would translate to $1,388 per sq ft per plot ratio, including a 10% balcony area.

Tuan Sing intends to develop an ultra-luxurious project for this exclusive freehold site.

The acquisition and development of the project will be financed partly by internal funds and partly by bank borrowings.

 

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