Tag Archives: UOL Group

UOL offers to take Pan Pacific Hotels private

Posted on 11 May 2013 | Comments Off on UOL offers to take Pan Pacific Hotels private

UOL Group, the Singapore property developer controlled by billionaire Wee Cho Yaw, plans to take its hotel unit Pan Pacific Hotels Group private.

UOL, which already owns 81.6 per cent of Singapore-based Pan Pacific, is offering to buy the rest of the hotel operator’s shares at S$2.55 apiece, it said yesterday in a statement filed with the Singapore Exchange. This represents a 9-per-cent premium to Thursday’s close.

The proposed buyout, which will cost UOL about S$280 million, comes after shares of Pan Pacific rose almost 30 per cent over the past year, reaching a high of S$2.54 on Feb 27. The stock is trading at 19.7 times earnings, compared with the average multiple of 26.5 for hotel and restaurant operators in Singapore, according to Bloomberg data.

The offer “will provide an exit option for those shareholders who wish to realise their entire investment in the shares but find it difficult to do so as a result of the low trading liquidity of the shares and low free float of the shares”, UOL said.

UOL said it did not plan to change the business of Pan Pacific, which runs more than 30 properties in the Asia-Pacific region and North America, including 13 hotels under the Parkroyal brand.

UOL said the hotel operator had not tapped the markets for funds in 20 years except for a rights offer in 2007, adding that it would not likely need financing.

Trading in Pan Pacific and UOL shares was halted yesterday. Pan Pacific shares closed at S$2.34 on Thursday, giving it a market capitalisation of S$1.4 billion, while UOL ended at S$7.26, giving it a market value of S$5.6 billion after the stock surged 68 per cent in the past year.

Also yesterday, UOL reported net profit fell 15 per cent year-on-year to S$71.7 million in the first quarter ended March 31, mainly due to higher foreign exchange losses and lower contributions from hotel operations, which were affected by the opening costs of Parkroyal on Pickering

Revenue fell 17 per cent to S$247.8 million as the completion of Meadows@Peirce and Double Bay Residences last year and the near completion of Waterbank at Dakota in the second quarter of this year reduced contributions from property development.

Source : Today – 11 May 2013

Comments Off on UOL offers to take Pan Pacific Hotels private

Posted in Funds

Tagged , , , , , , , ,

Enticing showflats attract more buyers, say experts

Posted on 27 Jul 2012 | Comments Off on Enticing showflats attract more buyers, say experts

Developers are aware that aside from a good location, an attractive showflat can also lure buyers into acquiring a property.

“Generally, the showflat is the primary marketing tool for developers to promote their new condominium,” said Elson Poo, General Manager of Marketing and Sales at Frasers Centrepoint Homes.

Albert Foo, General Manager of Marketing at Keppel Land, said: “Showflats are modelled closely after actual units.”

“The interior design styling, fittings and finishes also mirror the actual product. There are clear indications where modifications have been made to the showflat or when a particular product is not included in the purchase,” added Foo.

According to Joyce Sng, Assistant General Manager of product development at UOL Group, building showflats within the development site provides buyers with a clearer picture of the actual property as well as attributes of its surroundings.

Developers usually hire interior designers to carry out their design plans for the showflat and one or more firms can be involved depending on the number of showflats needed.

Sng said that in order to meet the needs and aspirations of customers, “we select interior designers based on the target customer segment”.

“To nail the interior design that exudes the lifestyle we envisage, communication with the designer is key. Once the interior designer understands our product positioning, we usually give him the free hand to unleash his creativity,” she added.

Developers and interior designers do no usually disclose the cost of showflats. As a general guide a two-bedder costs around S$90,000 to S$120,000 while a four-bedroom apartment showflat can range from S$120,000 to over S$400,000.

For some projects, developers have even created an outdoor setting to attract potential buyers, just like Frasers Centrepoint Homes’ Soleil@Sinaran showflat which comes with a spa pavilion complete with aromatherapy oils and massage beds to make it more realistic.

Source : PropertyGuru – 27 Jul 2012

Comments Off on Enticing showflats attract more buyers, say experts

Posted in Developers, General

Tagged , , ,