Beruflich Dokumente
Kultur Dokumente
23 November 2009
ASEANA TRACKER
Commentary
As at 30 September 2009, the Net As- As at 30 September 2009, the Realisable
set Value (“NAV”) of Aseana Properties Net Asset Value (“RNAV”) of Aseana
Limited (“Aseana” or “the Company”) stood at US$243.63 million, compared
stood at US$206.65 million, compared to to US$228.84 million as at 30 June 2009.
As at 30 September 2009 US$215.07 million recorded on 30 June The increase in RNAV is mainly attribut-
2009. The lower NAV is mainly attribut- able to the recognition of 100% ownership
NAV/Share : US$ 0.875 able to a change in accounting policy to in the Sandakan Harbour Square project,
RNAV/Share : US$ 1.032 charge out prior and current years’ sales following the completion of the acquisition
commission and incurred marketing ex- of the remaining 40% minority interest in
penses. These expenses were previously ICSD Ventures Sdn. Bhd (Q2 2009: Asea-
capitalised as part of the development cost na owned 60% of the said project).
and deferred under IFRIC Interpretation
Key Facts 15: Agreements for the construction of
Real Estate.
Exchange : London Stock Exchange
Main Market
Performance Summary
Symbol : ASPL
Lookup : Reuters - ASPL.L Period ended 30 September 2009
Bloomberg - ASPL.LN Total assets less current liabilities (US$ M) 305.53
Net asset value (NAV) (US$ M) 206.65
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NAV per share (US$ ) 0.88
Realisable Net Asset Value (RNAV) (US$ M) 2 243.63
Company Information RNAV per share (US$ ) 1 1.03
Domicile : Jersey Cash and bank equivalents (net of bank overdrafts) (US$ M) 49.32
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Volume #10 – Quarterly Investor Update (Q3 FY2009) 23 November 2009
Property Portfolio Update
In August 2009, the Company successfully In Vietnam, the International Hi-Tech Venture Agreement is conditional upon the
completed the development of the 399 units Healthcare Park project has been progressing award of Investment License to a joint ven-
in the Tiffani by i-ZEN luxurious condomini- well with the completion of the Information ture company which will be formed between
um, in Mont’ Kiara, Kuala Lumpur. The pro- Centre (also known as “The Hub”), located at the Aseana and Nam Long, and the transfer
cess of handing over completed units to the the project site, in November 2009. The Hub of the Land Use Rights Certificate for the de-
purchasers is currently underway. is the Representative & Site Office, and also velopment land to the joint venture company.
houses the project showcase gallery. Detailed Aseana will be taking an 80 percent stake in
In October 2009, the Company completed
construction planning is currently underway the joint venture company.
the acquisition of the remaining 9.1% minori-
for the development of a 250-beds general
ty interest from Heliconia Investment Pte. Ltd.
hospital (part of a total of 500 beds in Phase Sales Update
(an investment company managed by Capi-
1). Construction works are expected to com- October 2009
taLand), which gives Aseana 100% owner-
mence in Q1 2010, subject to the receipt of
ship of the SENI Mont’ Kiara development.
the Construction Permit. Projects % Sales
CapitaLand will continue its interest in the
project as the Project Monitoring Agent and The Company has been successful in retriev- i-ZEN@Kiara I 99%
is actively involved in the marketing of SENI ing the deposit (plus interest) relating to the
Tiffani by i-ZEN 90%
Mont’ Kiara. The acquisition will be reflected Wall Street Centre project which has been on
in the NAV and RNAV computations in the hold for some time. Following continued ad- one Mont’ Kiara
next quarter’s update. ministrative delays, the Manager agreed the by i-ZEN (bz hub)
refund with the People’s Committee of Dis- Phase 1 100%
Sales of units at the ongoing developments
trict 1, Ho Chi Minh and is now in the process Phase 2 ^ 0%
have improved compared to last quarter, albeit
of exiting the joint venture agreement with a
still at a modest pace. For SENI Mont’ Kiara, Sandakan Harbour Square
view to terminate the project. Further details
sales are recorded at 64%, compared to 61% Phase 1 Retail Lots 100%
will be released in due course.
as reported in the last quarter. Sales of Phase 2
Retail Lots at the Sandakan Harbour Square On 23 November 2009, the Company an- Phase 2 Retail Lots 74%
development have also improved to 74%, as nounced that it has entered into a conditional SENI Mont’ Kiara 64%
compared to 72% in the last quarter. The proj- Joint Venture Agreement with Nam Long ^ Five floors have been released for sale
ect company in respect of the Kuala Lumpur Investment Corporation (“Nam Long”), to
Please see Snapshot of Property Portfolio
Sentral development in which Aseana owns a develop an upscale residential development (Pages 5 & 6) for further information on
40% stake, has successfully sold Tower 2 to an in Tan Thuan Dong area, District 7 of Ho existing investments.
international real estate fund. Chi Minh City. The completion of the Joint
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Volume #10 – Quarterly Investor Update (Q3 FY2009) 23 November 2009
Retail
• Delayed retail expansions led by lower retail sales activities have caused a slowdown in leasing demand and continue to put
downward pressure on rentals.
• Overall occupancy rate of retail centres in Klang Valley decreased slightly to 84.1%. (84.4% in Q2 2009)
• Average monthly rental rates for selected retail space in Klang Valley to decrease by up to 5% q-o-q in Q3 2009.
Residential
• Market prices and rentals remain stable in Q3 2009.
• Rental and capital values in the KLCC and Mont’ Kiara locality continue to experience downward pressures in short term.
• Introduction of 5% RPGT may have short-term adverse impact on the attractiveness of residential properties in Malaysia.
Hospitality
• Slow growth of the global and local economies is expected to continue to hamper the Klang Valley’s hospitality industry.
• Overall occupancy rate of Klang Valley hotels in Q3 3009 registered a decrease from 70% to 64% year-on-year.
• Average Daily Room Rates (ADRR) hotels in Klang Valley recorded a range of -6% to +3% adjustment in Q3 2009.
• Hoteliers in Klang Valley are expected to maintain their room rates till year end while placing more efforts on resource
management and external marketing.
Source: Bank Negara Malaysia website, Jones Lang Wootton Q3 report, CBRE, various publications
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Volume #10 – Quarterly Investor Update (Q3 FY2009) 23 November 2009
Source: Bank Negara Malaysia website, CBRE HCMC Q3 Report, various publications
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Volume #10 – Quarterly Investor Update (Q3 FY2009) 23 November 2009
SENI Mont’ Kiara 1 KL Sentral Office Towers & Hotel TM Mont’ Kiara Commercial
Kuala Lumpur, Malaysia Kuala Lumpur, Malaysia Development 2
Luxury condominiums Two office towers and a boutique business hotel Kuala Lumpur, Malaysia
Expected GDV : US$ 421 Million Expected GDV : US$ 249 Million Commercial and office towers
Effective Ownership : 64% Effective Ownership : 40% Expected GDV : US$ 32 Million
Cost of Investment : US$ 66,172,832 Cost of Investment : US$ 3,868,024 Effective Ownership : 100%
Market Value as at 30-09-2009 : US$ 72,781,710 Market Value as at 30-09-2009 : US$ 12,855,183 Cost of Investment : US$ 3,130,609 (Land cost,
64% sold, target completion Q4 2010 Tower 1 and Tower 2 sold. Hotel to be sold on or unleveraged)
after completion, target completion 2012. Market Value as at 30-09-2009 : US$ 3,755,700 3
Development plans has been submitted to the
authorities for approval in early 2008.
Sandakan Harbour Square Kota Kinabalu Seafront Resort & Residential Development
Sandakan, Sabah, Malaysia Kota Kinabalu, Sabah, Malaysia
Phase 1 retail lots; Phase 2 retail lots; Phase 3 hotel; Phase 4 retail mall Resort homes, boutique resort hotel and resort villas
Expected GDV : US$ 141 Million Expected GDV : US$ 170 Million
Effective Ownership : 100% Effective Ownership (Resort villas & hotel) : 100%
Cost of Investment : US$ 21,583,711 Effective Ownership (Resort homes) : 80%
Market Value as at 30-09-2009 : US$ 35,465,942 Cost of Investment : US$ 10,354,782 (Land cost, unleveraged)
Phase 1: 100%, Phase 2: 74% sold, Phase 3 & 4: to be sold on or after Market Value as at 30-09-2009 : US$ 11,553,508 3
completion; target completion Q4 2010 Submitted master development plans for approval in April 2009
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Volume #10 – Quarterly Investor Update (Q3 FY2009) 23 November 2009
Wall Street Centre Equity Investment in Nam Long Tan Thuan Duong Project 2
District 1, Ho Chi Minh City, Vietnam Corporation District 7, Ho Chi Minh City, Vietnam
Office towers Ho Chi Minh City, Vietnam Residences and commercial
Expected GDV : US$ 131 Million Private equity investment Expected GDV : US$120 million
Effective Ownership : 65% Effective Ownership : 17.24% Effective Ownership: 80%
Cost of Investment : Nil Cost of Investment : US$ 17,223,621 Cost of investment : US$ 9.6 Million
Market Value as at 30-09-2009 : N/A Share subscription was completed in January 2009 Market value as at 30/09/2009 : N/A
Signed JVA, Approval-in-principle obtained by Signed JVA
People’s Committee of District 1, Ho Chi Minh City
and Deposit paid, Investment License application
submitted
Market value of each project is based on valuation prepared by Horwath for 30 June 2009 and translated at its respective exchange rate on 30 September 2009.
Please refer to the section on Valuation Methodology for basis of market valuation.
1 Aseana has completed the acquisition to purchase the remaining 9.1% minority stake in the SENI Mont’ Kiara project on 12 October 2009, which would be reflected in the NAV and RNAV
computations in the next quarter’s update.
2 These investments are pending completion of acquisition and are therefore not included in the NAV and RNAV calculations.
3 Relates to effective interest of Aseana based on residual market value of land.
N/A : Not applicable
Exchange rate – 30 June 2009: US$1: RM 3.5225; 30 September 2009: US$ : RM 3.4614 (Source: Bank Negara Malaysia)
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Volume #10 – Quarterly Investor Update (Q3 FY2009) 23 November 2009
Share Performance
Aseana Properties Limited (ASPL:LN) Price Chart
Share Price (US $)
Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09
1
0
Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09
Note: Transaction volume > 10 million: (i) 6 Feb: 11.9 million, (ii) 22 Apr: 48.1 million, (iii) 1 June: 26.5 million,(iv) 19 June: 10.1 million, (v) 16 July 24.8 million.
Valuation Methodology
The Company will appoint one or more internationally recognised firms of surveyors as property valuers. It is the intention that the Company’s property portfolio will be independently
valued on a semi-annual basis. Where applicable and permitted under the International Financial Reporting Standards, the Directors of the Company may choose to adopt and
incorporate the valuation into the computation of the Company’s Net Asset Value.
The Realisable Net Asset Value of the Company as at 30 September 2009 has been computed by the Company based on the Company’s management accounts for the year ended 30
June 2009 and the Market Values of the property portfolio. The Market Value of the property portfolio is determined on a discounted cash flow basis by Horwath, an independent firm
of valuers. The Market Values, excluded any taxes; whether corporate, personal, real property or otherwise, that is payable. In arriving at the Market Value of the projects, Horwath has
assumed that the development costs are substantially financed by bank borrowings based on the terms negotiated between the financial institutions and the respective companies that are
undertaking the development projects. The valuations performed by Horwath have been performed in accordance with International Valuation Standards (“IVS”) promulgated by the
International Valuation Standards Committee.
Important Notice
This document, and the material contained therein, is not intended as an offer or solicitation for the subscription, purchase or sale of securities in Aseana Properties Limited (the
“Company”). Any investment in the Company must be based solely on the Listing Prospectus of the Company or other offering document issued from time to time by the Company, in
accordance with applicable laws.
The material in this document is not intended to provide, and should not be relied on for accounting, legal or tax advice or investment recommendations. Potential investors are advised
to independently review and/or obtain independent professional advice and draw their own conclusions regarding the economic benefit and risks of investment in the Company and legal,
regulatory, credit, tax and accounting aspects in relation to their particular circumstances.
No undertaking, representation, warranty or other assurance, express or implied, is given by or on behalf of either of the Company or Ireka Development Management Sdn. Bhd. or any
of their respective directors, officers, partners, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions contained in this document
and no responsibility or liability is accepted by any of them for any such information or opinions or for any errors, omissions, misstatements, negligence or otherwise.
No warranty is given, in whole or in part, regarding the performance of the Company. There is no guarantee that investment objectives of the Company will be achieved. Potential
investors should be aware that past performance may not necessarily be repeated in the future. The price of shares and the income from them may fluctuate upwards or downwards and
cannot be guaranteed.
This document is intended for the use of the addressee and recipient only and should not be relied upon by any persons and may not be reproduced, redistributed, passed on or published, in whole or
in part, for any purposes, without the prior written consent of Aseana Properties Limited.