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Old September 14th, 2005, 10:35 PM   #1
hkskyline
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Hong Kong Developers Making Forays into Macau

Hong Kong developers gamble on gaming hub
14 September 2005
South China Morning Post

Hong Kong developers are making forays into the Macau property market, lured by the prospective long-term economic outlook.

Following Henderson Land Development's revelation of a proposed $4 billion residential-retail-hotel complex in the Taipa reclamation area, Hongkong Land is teaming up with Shun Tak Holdings to jointly develop a multibillion-dollar residential-retail project near the Macau Tower at Nam Van.

The project at Nam Van, when complete, will have a developable gross floor area of not less than 2.7 million sqft for residential, commercial, retail and hotel use.

Hongkong Land declined to comment, but the company's chief executive Nicholas Sallnow-Smith has said it was eyeing investment opportunities in Macau.

Kerry Properties is planning to build a high-end residential project in Cotai with a gross floor area of at least 2.8 million sqft.

"We are in the land exchange process for an alternative residential site, which will be in a better location, also in Cotai," said Kerry Real Estate Agency executive director Chu Ip-pui.

"We will definitely get a site there. But the location and the size of the site have not been finalised. People in Macau are looking for high-end luxury projects. We want to bring a special luxury project to them."

He said the outlook of the city's economy and property market would be exciting because of the robust gaming and tourism business.

Agents said a growing number of Hong Kong firms were eyeing Macau, including Sun Hung Kai Properties and Cheung Kong (Holdings).

Midland Realty Macau chief executive Ronald Cheung Yat-fai said: "One Hong Kong developer just bought a site in Cotai." He declined to identify the buyer.

A senior executive of Henderson Land Development said the outlook for Macau would be promising in about three years when the hotels and casinos were finished. The company is planning to build a luxury residential development that will also include a big shopping mall and a resort-style hotel. The design should be finalised towards the end of the year, he said. Hong Kong companies which have already gained a foothold there include China Overseas Land and Investment and Kowloon Development.
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Old September 15th, 2005, 09:42 PM   #2
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HK Shun Tak 1H Net Profit Falls 2.3% To HK$210.7 Million
13 September 2005

HONG KONG (Dow Jones)--Shun Tak Holdings Ltd. (0242.HK) Tuesday reported a 2.3% fall in first-half net profit, as revenue fell in the absence of new property projects.

The company, owned by Macau casino tycoon Stanley Ho, said net profit in the six months ended June totaled HK$210.7 million, down from HK$215.6 million a year earlier.

Revenue fell 40% to HK$1.35 billion from HK$2.24 billion.

The company declared a first-half dividend of 2.5 HK cents, down from 4.5 HK cents in the same period last year.

Shun Tak operates ferry services and has stakes in Macau's hotels, casino and property businesses. It owns 11.5% of Sociedade de Turismo e Diversoes de Macau, or STDM. STDM has gaming, hotel, aviation and property investments in Macau.

Billions of dollars' worth of hotel and casino projects are planned for Macau over the next few years after the former Portuguese enclave opened up its gaming industry to more competition. Developers are keen to tap growing numbers of gamblers who flock to the tiny territory from neighboring mainland China.

Macau's government expects this year's real GDP growth to slow to around 8%, following three consecutive years of double-digit growth.

Goldman Sachs, in a research report on Shun Tak released ahead of the results, said 'looking into 2006, we see a much stronger EPS growth outlook with property development earnings set to resume on the back of upcoming sales of residential units at (Shun Tak's) Nova Taipa Gardens in Macau.'

The brokerage has an outperform rating on the stock.
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Old September 15th, 2005, 11:24 PM   #3
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It makes sense. HKers have been going to "O-Mun" forever. Now that they're both SARs, they have even more relation to each other.
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Old September 23rd, 2005, 02:50 PM   #4
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Macau has always been an investment destination for Hong Kongers, but never as much by property developers as it is now.
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Old October 3rd, 2005, 05:59 PM   #5
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HK Land in Macau first with Shun Tak
Danny Chung
1 October 2005
Hong Kong Standard

Shun Tak Holdings, run by casino mogul Stanley Ho, has formed a joint venture with Central's biggest landlord Hongkong Land to develop a mixed- use property project in Macau.

Shun Tak, a ferry services to property group, paid HK$665 million for a 51 percent stake in the site, located at the reclamation area on Taipa Island, according to a stock exchange notice released Friday. The site is adjacent to the MGM Grand Paradise casino and hotel complex that is currently being built.

The seller was Ho's daughter, Pansy, executive director of Shun Tak.

Hongkong Land paid HK$639 million for the remaining 49 percent stake, marking its first foray into the property market in Macau.

The price paid by Shun Tak and Hongkong Land represents a 43 percent discount to the latest HK$2.3 billion valuation of the site made by property consultant Chesterton Petty.

Shun Tak deputy managing director Daisy Ho did not answer a question on why the site was sold at such a large discount to its estimated value, saying only that Shun Tak agreed to its price only after Hongkong Land had cut a deal with Pansy Ho.

The project will feature 1.9 million square feet in gross floor area of residential flats and serviced apartments plus 380,000 square feet of high-quality retail space and a 320,000 square foot, 210-room luxury hotel.

The hotel will be run by Mandarin Oriental Hotel Group for 25 years under a management agreement. There will be no casino on the property.

Depending on government approval, the residential and retail portions are due for completion in 2008, with the hotel and serviced apartments following in 2009.

Daisy Ho said ``firm figures'' for total investment on the project are not available because the building plans had yet to be approved by the government. She expected approval to take a few months.

However, according to Shun Tak's stock exchange notice, estimated total development costs attributable to Shun Tak would not exceed HK$2.9 billion, including land costs.

Based on historical construction cost data compiled by construction consultant Levett & Bailey, total construction costs alone could total HK$2.7 billion.

Shun Tak will rely on internal resources to finance its part of the development, Daisy Ho said.

While both companies said there would be no clear division of labor for tasks in the joint venture, she said Shun Tak would manage the sale of residential flats and serviced apartments while its partner would manage the retail mall.

The company gave no indication of when presales of flats would be conducted. Hongkong Land executive director Robert Wong said it was too early to say when presales would be conducted.

UBS analyst Eric Wong maintained his ``buy'' rating for Shun Tak, saying it made a smart move in partnering with expert companies for the project.

``The most important thing to note is that they appointed two world-class managers to look after this property,'' he said, adding that Shun Tak's HK$2.8 billion of cash on hand should be plenty to finance the project.
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Old October 4th, 2005, 03:04 PM   #6
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Cheuk Nang punts on Macau with $2b project
Peggy Sito
4 October 2005
South China Morning Post

Cheuk Nang (Holdings) is the latest Hong Kong developer to jump on the Macau property bandwagon with a proposed $2 billion residential project on Coloane.

The small developer, which just reported a full-year profit of $373.29 million after gains from a revaluation of its investment properties, said it had agreed to pay $800 million for a 97,358 square foot site opposite the Cotai Strip.

Executive chairman Cecil Chao Sze-tsung said it planned to develop the site into a residential project with serviced apartment towers and, subject to the Macau government's approval, a private casino.

The gross floor area will range from one million sq ft to 1.3 million sq ft, depending on the sizes of the domestic and commercial areas.

Together with construction costs, the firm's total investment was estimated at $2 billion, he said.

Mr Chao said the purchase was prompted by the city's robust economy and the prospects for the property market, which would be boosted by a shortage of new land.

The growth of tourism and gambling, which contributed to an 8.2 per cent rise in Macau's second-quarter gross domestic product, has already persuaded Hong Kong property players, such as Henderson Land Development and Hongkong Land Holdings to make their first forays into the territory.

Mr Chao expects the Macau project will make $3 billion for Cheuk Nang.

"The real estate market in Macau will grow faster than that in Hong Kong," he said.

Mr Chao explained that the company had no plans to tap capital from the stock market to fund the new project but that it expected to gain revenue of more than $500 million from the sale of its Hong Kong project Cheuk Nang Bridgeview Bay, in Tsuen Wan, next year.

Cheuk Nang's gearing was 44 per cent as of June and it had cumulative bank borrowings of $358.37 million.

The company yesterday said its net profit had increased by 1,195.44 per cent to $373.29 million for the year to June after it posted a net profit of $28.81 million for the previous year.

Cheuk Nang's growth was helped by $463.8 million in gains from the revaluation of its investment properties. Gross profit was $19.01 million, compared with $31.58 million in the previous year.

It will pay a final dividend of 15 cents per share.

Looking ahead, Mr Chao said the company would focus on four main markets - Hong Kong, the mainland, Macau and Malaysia.

"Some of our development projects will be completed in the next two to three years. We are looking forward to a good harvest in the not too distant future," he said.
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Old October 17th, 2005, 06:10 PM   #7
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Owners line up $2b for resort
Casino-hotel complex bucks belief that the Macau gaming industry is saturated

Kelvin Wong
4 October 2005
South China Morning Post

Investment in Macau's Ponte 16, a resort project planned by a joint venture between Sociedade de Jogos de Macau (SJM) and Macau Success, will amount to $2 billion if all facilities are approved by the government, according to the venture's chief executive, Sonny Yeung Hoi-sing.

Mr Yeung said that Pier 16 Property Development, 51 per cent owned by the Stanley Ho Hung-sun-controlled SJM, had proposed doubling the size of the project to 130,000 square metres from the original 63,000 sqmetres, with its plot ratio increasing to more than five times from 2.7 times.

Macau Success, headed by Mr Yeung, owns 36.75 per cent of the joint venture while the rest of the shares are held by Joy Idea Investments.

Ponte 16 will comprise a casino, a hotel, shopping centre, restaurants and other recreational facilities, according to its owners.

They said discussions with a global hotel company over the management rights for the venture's hotel component were in the "final stage", although they declined to reveal the firm's name.

Pier 16 chairman Ambrose So Shu-fai, considered to be Mr Ho's right-hand man, said SJM would be willing to operate the casino.

He dismissed suggestions Macau had too many casinos, saying the sector would be supported by a steady rise in tourist arrivals, as long as each casino maintained its uniqueness.

"When the Macau government opened up the gambling industry, it meant that everybody would be doing business in their own way," Mr So said.

"As for the application for a gambling licence, we haven't submitted our applications yet, so I don't know whether it will be approved.

"This is a cultural and historical project and we believe that adding a gambling portion will give it a unique characteristic and make it attractive in its own way."

The casino, which Mr So said would operate about 100 tables, could open by the end of next year, with the other facilities likely to be completed a year later.

Mr Yeung said Macau Success had already been contacted by several banks about providing syndicated loans to finance the development of the project.

Macau Success executive director Marco Lee Siu-cheung said he believed the project could be completed on schedule because less than 10 per cent of the land included was currently being used.
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Old October 17th, 2005, 06:45 PM   #8
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Are any of these highrise projects? This forum is for news detailing highrise projects. All these articles offer are number of units, floor area and dollar signs.
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Old October 17th, 2005, 06:52 PM   #9
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Like Hong Kong, Macau is a very small place and even the casinos are tightly cramped into small lots. Hence a 270-room hotel like Ponte 16 will not likely be sprawled out as a lowrise.

Here is some more information - it is too early in the development stage for specifics such as the # of storeys, but from the land size and the hotel development details, the hotel portion of the casino is highly likely a major highrise.

http://www.thestandard.com.hk/stdn/s.../GB17Ak07.html
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Old October 17th, 2005, 10:21 PM   #10
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OK thanks. Just making sure.

There have been many threads misposted in this forum lately.
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Old October 21st, 2005, 10:30 AM   #11
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I'll try to find renderings for these projects to give more visual clues as to what they'll look like. However, even the Hong Kong press, which regularly follows these projects, doesn't seem to have anything besides text and project webpages don't seem to exist.
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Old January 21st, 2006, 03:49 AM   #12
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HK Shun Tak: New Site For Macau Project After Land Swap
20 January 2006

HONG KONG (Dow Jones)--Shun Tak Holdings Ltd. (0242.HK), a Hong Kong-based conglomerate controlled by Macau casino owner Stanley Ho, said it will move its planned Cotai development project in Macau to the Cotai strip.

The company said the original site was dropped because of environmental constraints that would have hampered development.

Shun Tak, which is managed by Stanley Ho's daughter Pansy Ho, will build the project through a joint venture with Sociedade de Turismo & Diversoes de Macau, which has gambling, hotel, aviation and property investments in Macau.

Shun Tak, which paid HK$500 million for the original site, sold a 20% stake to STDM for HK$100.2 million.

The conglomerate said the location of the Cotai development, originally planned on the border of Cotai, was moved to the strip after it decided to arrange a land swap through the Macau government. It hasn't disclosed the exact location in Cotai where the project will be built.

Cotai is a new area of reclaimed land on the south side of Macau. Foreign and local investors in Macau's gaming industry hope this will be Macau's Las Vegas Strip.

Shun Tak said that because of its close relationship with STDM, it can secure the best possible terms for the lease and operation of future casino projects. Stanley Ho owns a 14% stake in Shun Tak, and Shun Tak owns 11.5% of STDM.

Shun Tak also revised its Nam Van casino and hotel project in Macau to 3.8 million square feet from 2.7 million square feet. It is scheduled to be completed in 2009.

JPMorgan upgraded Shun Tak's price target to HK$9.4 from HK$9 on news of the development Friday. Shun Tak shares closed up 3.7% Friday at HK$8.45.

The company also confirmed Thursday it had mandated HSBC Holdings PLC (HBC) to syndicate a HK$4 billion loan to fund its Macau developments.
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Old January 22nd, 2006, 06:58 PM   #13
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HK PRESS: Shun Tak Seeks HK$4B Loan For Macau Ppty Devt
17 January 2006

HONG KONG (Dow Jones)--Ferry service-to-real estate company Shun Tak Holdings Ltd. (0242.HK) plans to arrange a syndicated loan of HK$4 billion to fund property developments in Macau, reports the Standard, citing people familiar with the situation.

The deal will include a five-year, HK$2.5 billion revolving loan paying 52 basis points over the Hong Kong interbank offered rate. The remaining HK$1.5 billion term loan will mature in seven years and cost the company 63 basis points over HIBOR, the report says.

The loan will be arranged through corporate borrowing arm Shun Tak Finance and guaranteed by the parent company, the sources said.

HSBC Holdings PLC (HBC), which won the sole mandate for the loan, will assemble a group of coordinating arrangers by Jan. 27, the report says, citing market sources.
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Old February 11th, 2006, 06:03 AM   #14
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South China Morning Post
January 20, 2006
Ho pledges preferential deals for Shun Tak
Sandy Li

Casino magnate Stanley Ho Hung-sun has promised that Shun Tak Holdings will receive preferential treatment from his gaming flagship in Macau.

His remarks came as the ferry service-to-properties group announced it would develop two casino properties in Macau - a $4.5 billion residential-hotel-casino-commercial development in Nam Van and a world-class hotel and entertainment complex on Golden Strip, Cotai.

"Many people said my son [Lawrence Ho Yau-lung] and his Melco International Development got my support in terms of sweeteners for his casino and hotels," said Mr Ho, whose gaming flagship, Sociedade de Jogos de Macau (SJM), is one of the three companies granted a concession by the Macau government to operate casinos on the island.

"From now on, my two daughters [Pansy and Daisy] and Shun Tak will also get special treatment from SJM," he said.

Mr Ho is also the executive chairman of Shun Tak, where daughter Pansy Ho Chiu-king is widely tipped to succeed him.

Ms Ho, the managing director of Shun Tak, declined to give details, only saying she was "very happy to hear that we will get better terms in future".

"The group is confident that it can negotiate with SJM in securing the best possible terms for the lease and operation of future casino properties," Shun Tak said in a statement.

The 200,000 square foot casino, which will have up to 180 gaming tables and be operated by SJM, is part of the 3.8 million sqft development in Nam Van.

Linked to the Macau Tower conference and exhibition facilities, the project will comprise about 2,000 luxury apartments and villas, a 700,000 sqft shopping centre, a grade A office building and a 500-room four-star hotel.

The project, wholly owned by Shun Tak, will offer the residential units for pre-sale next year.

Shun Tak will also team up with Sociedade de Turismo e Diversoes de Macau to develop a hotel and entertainment complex on Cotai.

Deputy managing director Daisy Ho Chiu-fung said a $4 billion syndicated loan had been completed by some banks to finance the two projects.

"This is more than enough for the company's capital expenditure for the next five years," she said.

Shares of Shun Tak rose 3.82 per cent to close at $8.15 yesterday.
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