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Fullerton Heritage, Singapore
Investor FAQs and Presentation
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1. What are your principal business activities?

Our principal business activities comprise:

  • Development of properties for sale;
  • Property rentals;
  • Hotel operations; and
  • Property services, including estate management, cleaning, car park management and security.
2. How did your property sales perform for the year ended 30 June 2017?
Total revenue from property sales for the year ended 30 June 2017, including property sales of associates and joint ventures recognised by the Group, was HK$15,029.1 million (2015/2016: HK$11,439.4 million). Total revenue from property sales comprises mainly the sales of residential units in Corinthia By The Sea in Tseung Kwan O, Dragons Range in Kau To, Mayfair By The Sea I and II in Pak Shek Kok, Cluny Park at 53 Conduit Road, Botanica Bay in Lantau and Mayfair By The Lake in Xiamen, and to date, approximately 100%, 99%, 99%, 100%, 93%, 94% and 99% of the units in the respective projects have been sold.
3. How have been the sales of your major residential projects?

In addition to the sales of residential projects mentioned above, the Group launched the following projects in Hong Kong and to date, sales progress is summarised below:

Location

Group's
Interest

Usage

Attributable
floor area

(square feet)

Percentage of
total number of
units sold (approx.)

The Mediterranean,
8 Tai Mong Tsai Road,
Sai Kung,
New Territories,
Hong Kong

100%

Residential

249,133

85%

Commune Modern,
28 Wo Fung Street,
Fanling,
New Territories,
Hong Kong

100%

Residential/
Commercial/
Car Park

209,909

98%

Park Mediterranean,
9 Hong Tsuen Road,
Sai Kung,
New Territories,
Hong Kong

100%

Residential 

173,796

56%

The Spectra,
8 Kwong Yip Street,
New Territories,
Hong Kong

40%*

Residential

209,575

96%

     

 


842,413

 

* Joint venture with MTRCL

In China, 215 residential units in The Palazzo in Chengdu were launched for sale during the financial year 2016/2017. To date, a total of 3,915 residential units in The Palazzo in Chengdu and 1,649 residential units in Dynasty Park in Zhangzhou have been launched for sale and approximately 99% of the units in both of the projects have been sold.

4. Which new projects in Hong Kong would be available for launch to the market in 2018?

New projects for potential launches in 2018 are summarised below:

Location
 
Group's Interest
 
     Usage
 

Attributable
floor area

(square feet)

 
NKIL 6313, Kowloon Bay
 
30%   Commercial 147,058  
NKIL 6514, Kwun Tong Town Centre Development Areas 2 & 3,
Kwun Tong
 
90%*   Residential 1,346,383  
Lot 1181 in DD 215, Sai Kung
 
100%   Residential 51,592  
TPTL 228, Pak Shek Kok
 
100%   Residential 412,530  
NKIL 6558, Sham Shui Po
 
100%*   Residential/Retail 52,571  
       

 


2,010,134

 

 
*Joint venture with the Urban Renewal Authority

5. How did your property rental business perform for the year ended 30 June 2017?

Our gross attributable rental income increased 3.0% for the year ended 30 June 2017 to HK$3,949.1 million (2015/2016: HK$3,834.1 million) mainly due to higher rental rates on renewals and net rental income increased 4.2% to HK$3,486.0 million (2015/2016: HK$3,344.7 million).

6. What is the Group's land banking replenishment plan?
The Group will maintain a policy of selectively and continuously replenishing its land bank, which will enable it to strengthen earnings and shareholders' value.

During the year ended 30 June 2017, the Group acquired in Hong Kong three sites from the HKSAR Government as well as the development rights of four sites with a total attributable floor area of approximately 1.5 million square feet. Details of the projects are as follows:


Location

Group's
Interest

Usage

Attributable
floor area

(square feet)

 

TPTL 228
Fo Yin Road,
Pak Shek Kok,
Tai Po,
New Territories,
Hong Kong

100%

Residential
 

412,530

 

Lot No. 1040 in D.D. No. 103
Kam Sheung Road Station
Package One Property Development,
Kam Ho Road and Tung Wui Road,
New Territories,
Hong Kong

33.3%*

Residential
 

412,247

 

The Fullerton Hotel Ocean Park Hong Kong
Tai Shue Wan,
Hong Kong

60%

Hotel
 

262,020

 

KCTL 524
Wing Kei Road,
Kwai Chung,
New Territories,
Hong Kong

100%

Industrial
 

176,906

 

AIL 462
Yip Kan Street and
Wong Chuk Hang Road,
Wong Chuk Hang,
Hong Kong

60%

Commercial
 

144,567

 

IL 9064
Site A, Peel Street/Graham Street,
Central,
Hong Kong

100%**

Residential
 

84,260

 

NKIL 6558
1-3B Kowloon Road/
1-5 Kiu Yam Street,
Sham Shui Po,
Kowloon,
Hong Kong

100%**

Residential/Retail
 

52,571

 
     

 


1,545,101

 

 

Joint venture with MTRCL
** Joint venture with Urban Renewal Authority

Subsequent to the year ended 30 June 2017, the Group acquired a site in Whitehead, Ma On Shan (STTL 611) at a government tender for residential development on 21 July 2017. Upon completion, it will provide a total of approximately 119,351 square feet of attributable gross floor area.
 
In China, the Group acquired a commercial site in Qianhai during the year 2016/2017 and details of the project are as follows:

Location

Group's
Interest

Usage

Attributable
floor area

(square feet)

 

T102-0262
Land Parcel 04, Unit 7, Qianwan Area,
Qianhai Shenzhen-Hong Kong
Modern Service Industry Cooperation Zone,
Shenzhen, PRC

50%

Serviced Apartment
 

247,572

 

7. What is your development pipeline in China?

The Group has two projects in China mainly for residential development, namely The Palazzo in Chengdu and Dynasty Park in Zhangzhou and a serviced apartment project in Qianhai Bay, Shenzhen.  Attributable plot ratio area from the three projects total approximately 15.8 million square feet.

8. What hotels do you have?

Our hotels comprise The Fullerton Hotel Singapore, The Fullerton Bay Hotel Singapore, The Olympian Hong Kong in West Kowloon, 50% interest in The Westin Sydney and 30% interest in Conrad Hong Kong.

9. What is your gearing and financial position?

As at 30 June 2017, the Group had cash and bank deposits of HK$33,142.9 million. After netting total borrowings of HK$5,921.7 million, the Group had net cash of HK$27,221.2 million as at 30 June 2017. Cash and undrawn committed credit facilities (including attributable share of associates and joint ventures) as at 30 June 2017 were approximately HK$36,112.6 million enabling the Group to be well-positioned to acquire land with good development value.

10. With your low gearing and strong financial position, how do you intend to use your cash?

We target to deploy our cash for the following purposes:

  • To replenish our land bank in both Hong Kong and China with a focused and selective approach for projects that have good development value;
  • To pay a stable dividend to our shareholders; and
  • To buy back shares of Sino Land

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