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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 six months ended 31 December 2017 (“Interim Period”)?
Total revenue from property sales for the Interim Period, including property sales of associates and joint ventures recognised by the Group, was HK$4,560.2 million (2016: HK$9,499.1 million). Total revenue from property sales comprises mainly the sales of residential units in The Spectra in Yuen Long, Botanica Bay in Lantau, Dragons Range in Kau To, Providence Bay in Pak Shek Kok, Marinella in Aberdeen and Dynasty Park in Zhangzhou, and to date, approximately 97%, 100%, 100%, 99%, 99% and 41% of their respective residential units 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

89%

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

66%

     

 


632,838

 
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  
TPTL 228, Pak Shek Kok
 
100%   Residential 412,530  
NKIL 6558, Sham Shui Po
 
100%*   Residential/Retail 52,571  
       

 


1,958,542

 

 
*Joint venture with the Urban Renewal Authority

5. How did your property rental business perform for the Interim Period?

Our gross attributable rental income increased 2.1% for the Interim Period to HK$2,000.4 million (2016: HK$1,958.1 million) and net rental income increased 1.8% to HK$1,747.2 million (2016: HK$1,715.9 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 Interim Period, the Group acquired in Hong Kong two sites from the HKSAR Government as well as the development rights of three sites with total attributable floor area of approximately 1.0 million square feet. Details of the projects are as follows:


Location

Group's
Interest

Usage

Attributable
floor area

(square feet)

 

Nos. 139-147 Argyle Street,
Ho Man Tin,
Kowloon,
Hong Kong

Joint
Venture

Residential
 

309,707

 

AIL 467 (Site B)
Wong Chuk Hang Station Package
Two Property Development,
Aberdeen,
Hong Kong

Joint 
Venture

Residential
 

246,496

 

NKIL 6549
Off Hing Wah Street West,
Cheung Sha Wan,
Kowloon,
Hong Kong

22.5%

Residential
 

222,258

 

STTL 611
Whitehead,
Ma On Shan,
Sha Tin,
New Territories,
Hong Kong

100%

Residential
 

119,351

 

KIL 11254
Reclamation Street/Shantung Street,
Mongkok,
Kowloon,
Hong Kong

Joint
Venture

Residential
 

67,322

 
     

 


965,134

 
7. What is your development pipeline in China?

The Group has three projects in China with a total of approximately 4.5 million square feet of attributable plot ratio area currently under development. These projects are 100% interest in Dynasty Park in Zhangzhou, 50% interest in a serviced apartment project in Qianhai and 20% interest in The Palazzo in Chengdu.

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 31 December 2017, the Group had cash and bank deposits of HK$23,031.3 million. After netting off total borrowings of HK$1,941.5 million, the Group had net cash of HK$21,089.8 million as at 31 December 2017. Cash and undrawn committed credit facilities (including attributable share of associates and joint ventures) as at 31 December 2017 were approximately HK$25,929.7 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

  Investor Presentation