IT'S A HEARTBEAT LIFESTYLE

Third Avenue, an inspirational architectural landmark designed for lifestyle living in Cyberjaya. Relax and enjoy the ambience of luscious gardens and recreational spaces at the Sky Concourse that are built within the iconic Sky Bridge. Come home to a modern haven, where your very own living space is thoughtfully planned an equipped with functionally designed facilities and fixtures.Nestled in the heart of Cyberjaya and close driving promixity to major highway offers great connectivity. This integrated development also offers commercial spaces that will enhance the lifestyle of the residents by bringing easy access to amenities for their everyday life

Situated on 5.9 Acres of land (50% Built up, 50% Landscaping), 2 Y shape residential blocks A and B featuring 701 units with 5 layouts different layouts to choose from.

Every floor will have different facilities from sky gym, terrace with landscaping, leisure deck, viewing terrace, social lounge, reading lounge and also features Malaysia's first 350 meter Sky Jogging Track. Moreover, the landmark Sky bridge facilities will include Teppanyaki pavilion, sky walk, water wall feature, green wall, hammock, swing, rest pods, observation deck and many more.

Commercial block consists of 31 Retail outlets which will be occupied by mainly Singaporean franchises usually found in Orchard Rd.

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TEE Land -Rewarding Shareholders After Higher YoY Profits (VR) - Voyage-Research

TEE Land Ltd

Increase Exposure
Rewarding Shareholders After Higher YoY Profits
Intrinsic Value S$0.545•
Prev Closing S$0.315•

TEE Land Ltd (TEE Land) recently announced its 2QFY14 results with a 23.3% decrease in revenue to S$2.4m (2QFY13: S$3.2m) and an 82.9% increase in gross profit to S$1.1m (2QFY13: S$0.6m). This was due to fewer revenue recognition from the existing projects, with revenue recognized for The Peak @ Cairnhill 1 and rental revenue from the ‘Workotel’ in New Zealand. This takes TEE Land 1HFY14 revenue to S$16m with gross profit coming in at S$2.7m. PATMI for 2QFY14 stood at S$1.6m, which was mainly boosted by an S$1.7m contribution from the share of associates. The company is also declaring an interim dividend of S$0.005/share.


The company has contracted sales of S$64m for its property development projects (excluding share of associates) in Singapore and another S$16.7m in Thailand. We expect revenue to be recognized progressively till FY15, and assuming even revenue recognition, this could lead to revenue recognition of S$25m for 2HFY14, thus bringing TEE Land’s FY14 revenue to S$41m.

TEE Land will be launching several projects in the coming quarters with three launches in Singapore and one launch in Malaysia. We expect contribution from these launches to begin from FY15 and last till FY17. As two of the launches in Singapore are joint ventures, contribution will only come in at the bottom line which we forecast to be S$16.1m. As for the other two launches, we forecast revenue contribution to come in at S$84m.

The company remains on the look out for land acquisitions in South East Asia, with the focus primarily on Singapore, Kuala Lumpur and Bangkok. Locally, TEE Land continues to prefer small and mid-sized land plots which are cheaper and require less capital. Overseas, the company takes advantage of the lower land costs to purchase larger tracts of land plots at locations situated near developed infrastructure.

Based on upcoming project launches, recent acquisitions and prevailing market conditions, we adjust our estimates to reach an intrinsic value of S$0.545 and maintain our recommendation at Increase Exposure.


Company update: TEE Land’s performance for 2QFY14 declined due to revenue recognition coming mainly from its residential project at The Peak @ Cairnhill 1. However, this was supplemented by rental income from the company’s ‘Workotel’ development in New Zealand. We estimate that progress billings from The Peak @ Cairnhill 1 contributed S$2m with the remaining S$0.4m coming from the rental revenue at ‘Workotel’.

Administrative expenses rose by S$0.7m mainly due to higher staff head count. This took the 1H FY14 administrative expense to S$1.4m. The company has expanded the number of operational staff in Singapore, Malaysia and Thailand in order to handle the ongoing development projects and to scour and assess potential acquisition sites. We expect administrative expenses to maintain at this level for the next few quarters.

Contribution of S$1.7m from the company’s joint venture developments in Singapore and Thailand pushed PATMI to S$1.6m for 2QFY14. The contribution from the company’s joint venture developments were even between Singapore and Thailand. We expect contribution from the share of associates to maintain at this level for the coming quarters.

Launching in Singapore and Malaysia: The company will be launching three new development projects in Singapore and one development project in Malaysia: Twelve Residences (cluster terraces, 100% owned), Rezi3Two (condominium, 45% stake), TRIO (commercial, 30% stake) and Third Avenue at Cyberjaya (residential and commercial, 100% stake). Based on their locations, we expect Twelve Residences (district 19) to sell at S$1,400 to S$1,600 psf and Rezi3Two (district 14) to sell at S$1,200 to S$1,400 psf. We estimate that this will contribute S$13.2m in revenue and S$7.3m in share of associates from FY15 to FY17.

TRIO is a 4-storey commercial development located at Sam Leong Road (district 8). We expect selling prices to range from S$3,800 to S$4,500 psf and this will contribute S$8.8m in share of associates from FY15 to FY17. TEE Land is currently planning to launch the residential component of Third Avenue at Cyberjaya by 1H 2014. With current market prices for condominiums at Cyberjaya hovering between MYR500 to MYR 800, we estimate total revenue contributions from the residential component of Cyberjaya to come in at S$70.8m (after adjusting for exchange effects) from FY15 to FY17.

Land acquisition and development plans: TEE Land remains on the look out for potential land acquisitions in Singapore, Kuala Lumpur and Bangkok. The company has recently completed an S$45.2m acquisition for Long House Food Centre situated near Marymount MRT station. The site has a size of 16,950 sq ft and is marked for mixed development. Based on the plot ratio and TEE Land’s past projects, we estimate that up to 40 units can be built with an average size of 875 sq ft. This would generate approximately S$52.5m in revenue based on the current market price of S$1,500 psf

In addition, the site can accommodate up to 8 commercial units with an average size of 2,000 sq ft. This would bring in an additional S$72m in revenue based on the current market price of S$4,500 psf. In total, we estimate that the Long House project could bring in S$124.5m in revenue upon completion. We expect construction work to start in 1H 2015 and end by 2018.

The company maintains a conservative approach in purchasing land in Singapore due to the slew of cooling measures and higher land prices. Hence, TEE Land prefers to purchase land that is smaller in size. This reduces the land cost and the related developmental costs. In addition, the turnaround time from purchase to completion for sales is faster, leading to stronger cash flow.

Overseas, TEE Land takes advantage of lower land prices to secure larger tracts of land near existing infrastructure. The higher human traffic flow increases the possibility of ready demand for the projects when they are completed. The Memorandum of Understanding signed in July last year to develop the ‘Boutique’ line of industrial estates serves as an indication that the company may buy industrial land in Thailand to build flatted warehouses and lease out for rental revenue.

Valuation and forecast: Based on prevailing market conditions and developments, we have revised our estimates and forecasts. In addition, we revalued TEE Land's existing development projects to reflect the change in market sentiment following the slew of cooling measures announced in previous years. We arrived at an intrinsic value of S$0.545 per share and maintain recommendation at Increase Exposure.

TEE Land posts Q2 profit of $1.7m by Business Times Singapore

Halving its sales costs has helped drive gains IN spite of a drop in revenue, mainboard-listed property developer TEE Land has swung back into the black to a net profit of $1.7 million in its second quarter (Q2) ended Nov 30, 2013. From a loss of $78,000 the previous year, its Q2 profits were driven mainly by a halving of its sales costs. Revenue for its second quarter saw a 23.3 per cent drop to $2.4 million, from $3.2 million last year. TEE Land's development at The Peak @ Cairnhill 1, along with rental income from its "Workotel" development in New Zealand, contributed to its Q2 revenue. A year ago, the company recognised revenue from developments at The Peak @ Cairnhill 1 and 448@East Coast, which obtained its Temporary Occupation Permit (TOP) in May last year. Besides a reduction in costs of sales, construction progresses by TEE Land's Singapore associates, together with the completion and handing over of units to owners of its Thailand associates' projects, helped drive profits. As at Nov 30, 2013, TEE Land had a cash surplus of $34.6 million, from $29.1 million half a year ago, after its initial public offering (IPO) in early June last year where it was able to raise net proceeds of $57.8 million. For the year ending May 31, 2013, the group has had eight completed developments, 10 current and 10 future projects to be launched. It currently has contracted $64 million and $16.7 million in sales for ongoing residential property development projects in Singapore and Thailand, respectively. It has also completed acquisition of two plots of land in Bangkok. Future project launches in Singapore include Rezi3Two (Lorong 32 Geylang), Twelve Residences (Hillside Drive) and TRIO (Sam Leong Road). Overseas, besides the official opening of its "Workotel" in New Zealand, TEE Land will launch its maiden project, Third Avenue at Cyberjaya, Malaysia. TEE Land said in a statement that it will "remain cautious in view of increased challenges in Singapore". It is also monitoring Thailand's political developments. "While the regional real estate sector is currently facing inherent challenges, we remain convinced of the long-term potential in the Asean region," said Jonathan Phua, executive director and CEO of TEE Land. The company announced an interim dividend of 0.5 cents per share, and its earnings per share as at Nov 30, 2013 is 37 cents, compared to negative two cents a year ago. TEE Land shares closed up 0.5 cent at 32 cents yesterday. Source from Business Times http://www.businesstimes.com.sg/premium/companies/others/tee-land-posts-q2-profit-17m-20140109 PUBLISHED JANUARY 09, 2014

CBD 1 (Central Business District) of Cyberjaya

CBD 1 is a location in Cyberjaya, the core of an IT-themed township situated about 50 km south of Kuala Lumpur. It houses various MSC-status enterprises with ICT as the core of their businesses.

CBD 1 is well served by major highways such as the KL-Putrajaya Dedicated Highway, LDP, Elite Highway, Damansara-Puchong Expressway (DPE), South Klang Valley Expressway (SKVE), North Klang Valley Expressway (NKVE), and the North South Expressway. Express Rail Link (ERL) transit service provided by KLIA Ekspress to Cyberjaya and Putrajaya is available. Both Putrajaya and Cyberjaya share the same station situated at Putrajaya.

Apart from the world class ICT infrastructures, CBD 1 also offers excellent access to various other public amenities and modern facilities such as eateries, food outlets, Sport Arena which features various indoor sports facilities, police station, fire station, recreational park, Cyberjaya Community Club, as well as renowned schools and colleges like Sekolah Seri Puteri, Multimedia University (MMU) and Cyberjaya University College of Medical Sciences.

Being at the heart of an emerging township, CBD 1 is well connected and offers excellent accessibility to major towns and cities such as Kuala Lumpur, Putrajaya, Port Klang, and more.

Most people who live in Cyberjaya are knowledge workers and students. With this booming population around, it is unlikely that business owners will face a shortage of workforce. Being well facilitated with exciting amenities and around-the-clock security, CBD 1 promotes a comprehensive, convenient, and safe working environment.