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Monday, March 8, 2010
Aydel: So it is Suntec.  Wow. Just wow. God has proven it again - His intelligence far surpasses any of ours. A very 'duh' thing la to most Christians, but you'll be surprised how many think they are smarter than God. Just stating a fact, really no offence to those who might suspect I'm talking about them... God is a creative God. There isn't just one way to own a place. Now, I'm wondering how much stake we have in the Suntec CC asset. The exact percentage wasn't disclosed to us or the public due to legalities in the contract signed between both parties. So we can only guess. But, church did release the statement that CHC acquired a 'substantial stake in a consortium company that owns 80 per cent of a joint venture fund that owns Suntec Singapore'. Anyway, just something that's interesting to me which I read online: Last year, ARA (asset management company) bought Suntec convention centre for $235 million and placed it under a newly created private real estate fund called the ARA Harmony Fund. Suntec Reit has a 20 per cent stake in this fund.$235M for the entire convention centre!!! Whoah....ARA 赚到 lor when they bought over the CC last year. We are now paying $310M only for a "substantial stake". Meaning the value of Suntec CC have appreciated quite a bit man! Okay, this is new. I'm editting this in now to refine my guess. City Harvest is looking to raise S$310 million, but this sum is not the value of the property, says Tan. “This amount consists of cost of shares; rental; renovation and equipment; professional building, management logistic and maintenance fees; refundable deposits and moving costs.”So $310M doesn't mean the cost of shares only....with that, I guesstimated 50 to 70% stake earlier, but I'm changing to within 40 to 50%. I prefer to be conservative with my guess hehe. I'm trying to apply what I learn from my course of study. If not next time no chance already. Haha. So: This is a Joint Venture (JV) fund = Suntec Reit (20%) + Consortium company (80%) = 100%  And CHC bought a substantial stake out of the 80% of the Consortium fund. I honestly think some of us may not understand this correctly so I thought it'd be good to blog about this. "Consortium company/fund" means a rojak of shareholders & companies combining forces to become JV partners with Suntec Reit. Based on the appreciation rate of Suntec CC asset, we should be able to have some knowing of how much stakes the church have. The challenging part is to find that piece of info or if it even exists haha. Anyway, my best guess would be CHC holding 40 to 50% of the entire JV fund. I doubt the asset value could have appreciated like BOOMZ due to the economy still recovering from the financial crisis. So 40 to 50% should be my guesstimate. Economy's doing much better now but not fully recovered yet. But I may be wrong, of course. Didn't do much research and analysis for that. So peoplez, I'm seriously just trying to make a logical guess. Don't take my words as cast in stone! =p Labels: contemplative 1:16 AM
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