|Last Price ||Avg Target Price || Upside/Downside ||Price Call |
|0.79 ||0.72 || -0.07 (8.86%) || |
|* Average Target Price, Price Call and Upside/Downside are derived from Price Targets in the past 6 months.|
|** Price Targets are adjusted for Bonus Issue, Shares Split & Shares Consolidation (where applicable).|
|Date ||Open Price ||Target Price ||Upside/Downside ||Price Call ||Source ||News |
| No Price Target available for this stock. |
hng33 Compulsory land acquisition by The State Government of Two (2) parcels of land for RM170,099,258.13
The Company wishes to announce that Tebrau Bay Sdn Bhd ("TBSB"), a wholly-owned subsidiary of IWCity, had on 30 November 2015 received a notice in the form of Form H under the Land Acquisition Act, 1960 from Pentadbir Tanah Johor Bahru for the compulsory acquisition by the State Government of two (2) parcels of land held under PTD 194799 HSD 437848 and PTD 194801 HSD 437850, Mukim Plentong, Daerah Johor Bahru, measuring approximately 92.83 acres for total compensation of RM170,099,258.13. IWCity also wishes to announce that TBSB had accepted the said offer from Pentadbir Tanah Johor Bahru.
The said land acquisition by the State Government will result in a profit of approximately RM69.3 million for IWCITY Group and accordingly will increase the earnings per share and net tangible asset per share of IWCITY by 10.35 sen.
hng33 Compulsory land acqusition by state gov for RM 170m, realize gain RM 69m + today EGM approved land disposal to Greenland for RM 2.4 billion, realize gain RM 1.2 billion = iwcity montized its landbank total for RM 2.57 bilion, and realize total net gain RM 1.27 billion or equivalent to net cash per share RM 1.90, far more than its current share price of just 76sen
sudahkena Wow.. 3 good news today....
paulthesotong Sucker punch toTebrau.... State get the lands for the song ....why so cheap?
ks55 Any idea where are the locations? One square foot for approx 42 ringgit?
I don't mind if the acquisition is meant for infra or public park.
If it is for PR1MA, then value of the surrounding land will be brought down considerably:-
1. Who want to stay with poor neighbour? Image perception. So high end condo nand bungalows fetch lower price.
2. With low land price, PR1MA can put up for sale cheap home for 500k per unit with a 2000sf build-up area with land cost close to 70k. Say construction cost 250k, other expenses 80k, the Project Delivery Partner make at least 100k equivalent to 25% net profit.
lofan73 Upside is higher now n let the market absorb all the contra players now n those who wans quick money can dispose now
lofan73 I will continue to buy at 79
hng33 These is land exchange deal between IWCITY and State government, in which IWCITY to surrender leasehold land 92.83 acres for total compensation of RM170,099,258.13 (RM 42 per square feet). On top of these, the land exchange deal also will involve another land measure 22.62 acres at the price to determined later. Both of these leasehold land 92.83 acres and another upcoming leasehold 22.62 acres are both form land exchange deal with state gov in exchange for state gov grant a award of 96.315 hectares (238 acres) of submerged land sea fronting land to IWCITY on a freehold basis, subject to payment of a premium of RM50 per square feet or total acquisition cost of RM 481.2m.
(Remark: The low premium is justifiable even though it is sea fronting, as submerged land it need very extensive and incur high reclamation cost before land become solid land. In addition, IWCITY get these favor deal can be due to the fact that it is state GLC listed company).
The small portion of these 96.315 hectares (238 acres) of submerged land sea fronting land or equivalent to about 48 acres of these land is form of the last tranche of the land to disposed to Greenland, and already in the midst of reclamation.
These 48 acres will have carry cost of RM 98m and need another RM 400m cost for reclamation before disposed to Greenland for about RM 1 billion (part of the total disposal RM 2.4 billion)
Remark: State gov will use the land acquire from IWCITY (inner part of the plentong) for the residents of Kampung Seri Bahagia, Kampung Rumah 10, Kampung Plentong Baru and Jalan Jasa Kampung Plentong Baru, Kampung Plentong Tengah, Kampung Saujana Baru and Kampung Senibong
ks55 TQVM hng33.
Now I have a better picture'
Yesterday bought some at 75.5 and 77 sen.
This morning sold 50% at 80 sen.
My cost now is 73 sen.
hng33 Aside land disposal to state gov and Greenland for handsome profit margin of 40-50% gain (sold land to state gov for RM 170m, realize gain RM 69m, and sold land to Greenland for RM 2.4 billion, realize gain RM 1.2 billion) IWCITY have itself active in property development
IWCITY has vision to reinvent JB’s landscape, waterfronts