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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 31st December, 2018 ("Interim Period")?
Total revenue from property sales for the six months ended 31st December, 2018, including property sales of associates and joint ventures recognised by the Group, was HK$2,146.5 million (2017: HK$4,560.2 million). Total revenue from property sales comprises mainly the sales of residential units in Commune Modern in Fanling (98% sold), The Spectra in Yuen Long (99% sold) and Providence Bay in Pak Shek Kok (99% 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 two projects, namely Grand Central in Kwun Tong and Madison Park in Cheung Sha Wan for sale during the Interim Period. Subsequent to the Interim Period, Mayfair By The Sea 8 in Pak Shek Kok was launched for sale in January 2019. Details of these projects are summarised below:

Location

Group's
Interest

Usage

Attributable
floor area

(square feet)

Percentage of
units sold (approx.)
as of 28 Feb. 2019

Grand Central
No.33 Hip Wo Street,
Kwun Tong (South),
Kowloon,
Hong Kong

90%*

Residential

1,346,383

75%

Mayfair By The Sea 8
1 Fo Yin Road,
Pak Shek Kok (East),
New Territories,
Hong Kong

100%

Residential

412,530

50%

Madison Park,
1 Kowloon Road,
Cheung Sha Wan,
Hong Kong

100%*

Residential 

52,571

63%

     

 


1,811,484

 
         
*Joint venture with the Urban Renewal Authority of Hong Kong



4. Which new projects in Hong Kong would be available for launch to the market in 2019?

New projects for potential launches in 2019 are summarised below:

Location
 
Group's Interest
 
     Usage
 

Attributable
floor area

(square feet)

 

24A Kadoorie Avenue
Ho Man Tin,
Kowloon,
Hong Kong
 

100%**   Residential 309,707  

STTL 611
Ma On Shan,
New Territories,
Hong Kongn
 

100%   Residential 119,351  

Lot No. 1181 in
Demarcation District No. 215
Sai Kung,
New Territories,
Hong Kong
 

100%   Residential 51,592  
       

 


480,650

 
           
**Joint venture with CLP Holdings Limited

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

Our gross attributable rental income increased 4.8% for Interim Period to HK$2,097.5 million (2017: HK$2,000.4 million) and net rental income increased 4.7% to HK$1,830.1 million (2017: HK$1,747.2 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 calendar year of 2018, the Group acquired a site from the HKSAR Government as well as the development right of a site from the Mass Transit Railway Corporation Limited ("MTRCL") and total attributable floor area is approximately 0.27 million square feet. Details of the projects are as follows:


Location

Group's
Interest

Usage

Attributable
floor area

(square feet)

 
NKIL 6602
Yau Tong Ventilation Building Property Development,
Ko Chiu Road, Yau Tong,
Kowloon,
Hong Kong
 
80%*** Residential 260,274  

Lot No. 765 in
Demarcation District No. 332
South Lantau Road,
Cheung Sha,
Lantau Island,
New Territiories
Hong Kong

100%

Residential
 

11,582

 
     

 


271,856

 
         
***Joint venture with MTRCL        
7. What is your development pipeline in Mainland China?

As at 31st December, 2018, the Group has approximately 4.3 million square feet of attributable plot ratio area currently under development. These projects included 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 31st December, 2018, the Group had cash and bank deposits of HK$26,574.6 million. After netting off total borrowings of HK$4,228.1 million, the Group had net cash of HK$22,346.5 million as at 31st December, 2018. Cash and undrawn committed credit facilities (including attributable share of associates and joint ventures) as at 31st December, 2018 were approximately HK$30,855.9 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