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Old February 2nd, 2009, 07:09 PM   #1
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鱷魚恤大廈 接納2.74億補價; 改商業用途 擬建天橋駁apm
17 January 2006
香港經濟日報

麗新發展(0488)旗下鱷魚恤(0122)位於觀塘的鱷魚恤製衣大廈,剛接納2.74億元的補地價,將由工業轉作商業用途,並計劃日後興建天橋連接apm商場,同時,由於區內有多個原擬建酒店的項目,近日還原作商廈發展,令區內未來數年內,將有多達200萬平方呎的商用樓面新供應。

數萬平方呎建商場

由於鱷魚恤製衣大廈(開源道79號)原規劃為工業用途,發展商更改作商業用途,故須進行補地價,涉及金額約2.74億元,若按可建樓面約23萬平方呎計算,每平方呎樓面地價約1,191元。

鱷魚恤將以內部資源及信貸融資支付地價,料不會對麗新製衣及鱷魚恤綜合淨資產構成重大影響。

麗新發展(0488)助理副總裁潘銳民表示,現時尚就鱷魚恤製衣大廈進行具體的規劃,整幢大廈可建樓面約23萬平方呎,其中約數萬平方呎興建商場,而根據地契,該大廈重建後可興建天橋與新地的apm商場相連,令整體商場可以相輔相成,互相推動吸引更多人流。

鱷魚恤持有該物業作投資用途,其中33%樓面分租予第三者,集團預計項目重建後,將持作出租用途。

對於鱷魚恤製衣大廈重建項目擬建天橋與apm商場連接,新鴻基地產代理(租務)總經理馮秀炎表示,現階段未接獲麗新的接觸,故不願置評,但若可增加apm商場人流,相信集團亦會考慮。

區內商廈發展多 200萬呎供應

觀塘區因新地的apm於去年落成,令區內商業項目亦有所升值,發展商亦樂於就旗下項目改作商業發展。由於區內多個原擬建酒店的項目,近日因政府批出的補地價過高而未能達成協議,故決定還原作商廈或商貿大廈發展,當中包括恆地(0012)位於觀塘偉業街223至231號的項目等,現時區內約有5項商廈發展,預計可於未來3至4年,為觀塘區帶來達200萬平方呎的新商業樓面供應。


觀塘鱷魚恤重建
12 December 2006

【明報專訊】麗新發展(0488)與鱷魚恤(0122)旗下的觀塘鱷魚恤商業綜合大樓項目,總樓面約24萬呎,近日已決定將總樓面約一半作寫字樓發展,餘下約12萬呎則作商場及地下商舖發展,較原先只將三分之一樓面作商場為多,反映發展商對區內的商場前景看俏。此外,該集團已與新地(0016)同區的apm商場達成共識,興建連接apm商場的天橋,令兩商場的人流互通,達致雙贏局面。

麗新發展執行董事兼行政總裁劉樹仁向本報透露,近日已就該商業項目的重建計劃進行商討,該項目總樓面約24萬方呎,由於對商場的前景樂觀,故此將總樓面的一半作寫字樓發展﹔餘下樓面則作商場及地下商舖。

他稱,其中地下商舖將會租予飲食業,寫字樓則作長線收租用途。他又稱,由於該項目將於2009年才落成,預計2010年才啟用,暫時難以評估屆時的租金收入及租金回報。

與新地達共識建天橋連apm

劉樹仁稱,集團亦已與新地達成共識,於兩個商場間興建接駁天橋﹔集團商場可吸引來自開源道的人流,而apm亦可將地鐵及本身商場內的人流通往集團商場,達到雙贏效果。由於目前只有apm有天橋直接通往觀塘地鐵站,故此透過該條日後落成的接駁天橋,變相將兩個商場變成逾70萬方呎的巨無霸商場。

該項目預計2010年起為集團提供租金收入,現已初部完成拆樓工程,重建項目總投資額約9.5億元。他又指,集團正積極就中環麗嘉酒店重建為寫字樓進行研究,並看好中區甲級商廈市場。
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Old February 2nd, 2009, 07:12 PM   #2
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$950m Crocodile revamp
18 May 2006
Hong Kong Standard

Crocodile Garments and its partner, Lai Sun Garment International, plan to invest HK$950 million to redevelop the Crocodile building in Kowloon East into an office-retail complex.

"Crocodile Garments will spend HK$350 million on the project, while Lai Sun International plans to contribute HK$600 million," Crocodile chairman and chief executive Lam Kin-ming said after the company's extraordinary general meeting Wednesday.

Slated for completion by mid-2009, the project in Kwun Tong will generate a gross floor area of about 240,000 square feet, of which more than one- third is to be set aside for a shopping mall and the rest for office space.

Lam said a pedestrian bridge is planned to link with the nearby APM shopping mall at Sun Hung Kai Properties' Millennium City phase five, and the Kwun Tong MTR station. He did not give more specific details, pending a final plan.

The existing Crocodile property at 79 Hoi Yuen Road, with two adjoining seven-story and 11-story industrial buildings of 154,098 sqft total gross floor area, will be demolished to make way for the office-retail project.

The Kowloon East market, comprising Kowloon Bay and Kwun Tong, is undergoing rapid transformation, turning itself from a traditionally factory-dominated area into a commercial district clustered with high-quality office towers, said John Su, a consultant at Cushman & Wakefield Hong Kong.

"Many developers have been aggressively expanding their presence in Kowloon East, where Grade A office stock in the area is expected to more than double to about seven million sqft in the next couple of years, making it the third-largest office market in Hong Kong after Central and Wan Chai/ Causeway Bay," Su said.

Other new office developments in Kowloon East include Henderson Land's Wai Yip Street project, Kerry Properties' Enterprise Square V, Winsor Properties' How Ming Street project and SHKP's Millennium City VI.

"High-quality office buildings, relatively low rentals, well-connected transportation links and rapidly developing residential and retail markets are the key factors in companies considering Kowloon East as an attractive alternative office location," Su said.

Shares of Crocodile Garments gained 3.33 percent Wednesday, closing at 62 HK cents, while Lai Sun Garment International rose 1.61 percent to 63 cents.
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Old March 2nd, 2009, 01:58 PM   #3
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鱷魚恤擬私有化利大股東
27 February 2009
信報

鱷魚恤(122)向獨立股東提出私有化建議,每股現金代價0.4元,較股價0.208元溢價92.3%,而過去六個月的高低價分別為0.35元及0.14元,看來獨立股東已相當受惠。而鱷魚恤於去年7月底的每股資產淨值為0.983元,私有化代價實較資產折讓59.3%,大股東更為受惠。

大股東已持有三億一千八百二十萬股,獨立股東持有二億九千八百九十萬股,私有化代價約1.2億元。另有購股權一千四百八十三萬股,而每股行使價由0.68元至0.72元,因低於私有化價格,相信不會行使購股權。

以資產為主

提出私有化的原因,包括鱷魚恤的經營業績及股價。截至去年7月止年度,儘管營業額及毛利增加,而零售租金開支上升,對成衣及相關配飾業務的表現造成負面影響,錄得分部虧損3543萬元。最近全球金融海嘯造成本地零售市場持續不明朗,預期該系列業務來年的前景將遇上更大挑戰及更加艱難。於股價方面,一直較資產值大折讓成交,而且成交量偏低;過去十二個月,平均每日成交量只有三十三萬三千九百股,股東出售投資機會有限,私有化建議將給予獨立股東套現機會。

鱷魚恤除經營成衣及相關產品零售外,亦有物業投資,上述的虧損只是來自成衣相關業務。該年度曾出售投資物業獲利3000萬元,亦錄得重估投資物業增值1000萬元,整體盈利應為2121萬元,每股盈利0.0344元,派息0.03元。整體錄得盈利,是來自物業的特殊項目。因此,雖有盈利亦難對股價作出支持,事實上,鱷魚恤也是以資產為主的股份。

去年7月底,鱷魚恤的現金及等同現金項目1.49億元,而銀行借貸約4500萬元,淨現金1.04億元,私有化不會加重承擔,理論上還可調動若干資金運用。至於資產淨值6.06億元,是以賬面值計,頗有商榷之處。

鱷魚恤全資擁有位於觀塘的鱷魚恤大廈,原作為鱷魚恤生產成衣用途,已獲批准重建為商業物業,並已補地價2.74億元。2006年與麗新製衣協議,麗新製衣特定投資公司已負擔補地價的一半,獲得物業獨家發展權,但須承擔物業的建築成本及項目管理費約共3.72億元;鱷魚恤以該物業業權對建築成本3.61億元作出抵押擔保,麗新製衣特定投資公司付予鱷魚恤2800萬元,作為獲得擔保代價。

物業發展總面積約二十四萬方呎,鱷魚恤將佔十四萬方呎(主要作辦公室用途),而麗新製衣特定投資公司佔十萬方呎(主要作零售及餐廳用途),該物業於年內或明年年初完成。換言之,鱷魚恤只付補地價一半,便可分得完成後面積十四萬方呎,賬面值為3.5億元左右,每方呎賬面值2500元;而麗新製衣的每方呎成本約5370元,是不同用途的分別,不研究麗新製衣應佔部分價值。而鱷魚恤所佔的辦公室面積價值,每方呎應高於2500元,儘管物業市道較差,相信市值會高於賬面值50%以上。

小股東應權衡利益

此外,鱷魚恤擁有鱷魚恤品牌及Lacoste品牌,賬面未有計入品牌價值,而應值多少有待估值。但去年度專利權費收入為3500萬元,兩個品牌應有相當價值。

因此,私有化代價較資產值折讓59.3%,只是表面數字;該等資產未經估值,品牌價值亦未計入,如作重估,相信其資產值可增50%以上。保守估計,每股資產值可達1.5元,而私有化代價僅為0.4元,較資產折讓高達73%,可見大股東私有化相當划算;私有化代價合理與否,值得商榷。

任何私有化行動,必然有利於大股東,是不容置疑的,也是小股東應接受的現實,問題是應計折讓多少?這一項私有化,較賬面值折讓59.3%已嫌過高,如折讓高達73%,則有漠視小股東權益之嫌;而令小股東心理覺得受惠的,只是私有化代價高出市價92.3%而已。

大股東佔鱷魚恤股權51.56%,建議中私有化股權48.44%,應佔賬面資產2.94億元,大股東出資1.2億元私有化,賬面即賺1.74億元,亦即是小股東損失1.74億元。如資產作出重新估值而增加50%,大股東所私有化資產價值將增1.47億元。換言之,以1.2億元買入小股東所持資產4.41億元,極之划算。

鱷魚恤規模及業務的影響,投資基金如有持貨,也不明顯;小股東的利益未有主要投資者關注及爭取,一直是小股東的悲哀。但先前已有多個私有化事例遭到小股東反對,而鱷魚恤的私有化是否應該反對,小股東對應有的利益應慎重考慮。
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Old April 1st, 2009, 06:03 PM   #4
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裕民坊重建Neway轉戰工業區,預租麗國(191)鱷魚恤大廈
16 March 2009
經濟通新聞

裕民坊重建計劃逐漸落實,區內一些商戶被迫轉戰工業區商舖。例如大型連鎖式卡拉OK店Neway,率先預租觀塘鱷魚恤大廈約1﹒2萬呎樓面,部署好成日後觀塘的新據點。

市場消息指,Neway卡拉OK預租麗新國際(00191)旗下觀塘開源道鱷魚恤大廈重建項目之樓面,據悉,Neway預租一層樓面,約1﹒2萬平方呎,呎租估計約50元,相信是次租用樓面,是為日後受裕民坊重建而作好部署。

資料顯示,目前Neway於觀塘只租用裕民坊輔仁街銀都戲院大廈一至四樓,合共1﹒2萬平方呎,與預租鱷魚恤大廈樓面面積相若。
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Old April 3rd, 2009, 09:14 PM   #5
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any renders? cladding looks promising.
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Old April 29th, 2009, 06:36 PM   #6
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鱷魚恤大廈重建
By 鄧麗欣之戀 from skyscrapers.cn :







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Old April 30th, 2009, 07:35 PM   #7
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excuse me sir, but I cant see a final render? can you show the render!
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Old May 2nd, 2009, 10:06 AM   #8
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Quote:
Originally Posted by Marlon Flores View Post
excuse me sir, but I cant see a final render? can you show the render!
Sorry, haven't come across a rendering yet. A lot of these smaller projects are quite secretive. We just need to wait for the bamboo scaffolding to come off!
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Old May 19th, 2009, 03:58 PM   #9
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每股可值1.31元
18 May 2009
明報專訊

鱷魚恤(0122)私有化價每股0.42元,對比未公布私有化時之股價,足足有近倍溢價,乍看頗為吸引,然而,私有化文件所述的每股資產達0.983元,私有化代價折讓57%;若再計入觀塘鱷魚恤大廈重建物業的「估值盈餘」,即計足這物業的估值,鱷魚恤每股資產淨值更可高達1.31元,折讓幅度或達68%。

未計足鱷魚恤大廈估值

這莫非私有化一方兼大股東林建名,只以四折價錢,甚至三折多價錢,去收購一整間「十足資產」的老牌上市公司嗎?但根據私有化獨立財務顧問百德能,列舉出多項理據認為,以每股1.31元資產淨值去比較私有化代價,原來是分析「不恰當」,而且在比較上「並無作用」。

根據鱷魚恤中期年報(截至09年1月底)顯示,鱷魚恤資產淨值為5.83億元,包括一筆主要資產,這正是觀塘鱷魚恤大廈重建物業,而鱷魚恤只佔14萬呎寫字樓及部分車位之權益,因為早於06年鱷魚恤與麗新國際(0191)合作重建項目時,最貴重的商場權益已分予麗新,鱷魚恤所佔的投資物業入帳值為3.5億元。

不過,私有化文件顯示,觀塘重建物業所佔權益直至今年2月底的估值為6.19億元,但資產負債表只入帳3.5億元,雖然一般計算,兩者差距2.69億元,但文件指兩者差距為「超逾2.25億元」。總之這筆錢稱為「估值盈餘」。

獨立財顧:資產淨值分析「不恰當」

百德能「發現」把這「估值盈餘」計入資產有四大問題:

(1)直至08年底,東九龍的寫字樓空置率約26.9%,較其他地區高;

(2)鱷魚恤一直對「未能可靠釐定物業」的公平值,是按「成本」列帳,便以3.5億元入帳;

(3)鱷魚恤考慮把物業部分單位留為自用,故無法視為投資物業;

(4)其核數師也認為,這物業完成時質素和日期是有所差別,並與其一貫會計政策不相符。

另外,百德能「發現」其實這重建計劃早於06年時已披露,當時公布鱷魚恤所佔這物業的市值為5.71億元(只比6.19億元折讓7.75%),故這物業的「影響」已反映在股價上。同時,百德能又「發現」鱷魚恤不是一間物業公司等理由,故此,以資產淨值進行分析「並不恰當」,更進而有結論,把計入「估餘盈餘」的資產淨值,跟私有化代價作比較是「並無作用」。
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Old June 5th, 2009, 02:40 PM   #10
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By bextra from skyscrapers.cn :



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Old June 9th, 2009, 05:36 PM   #11
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鱷魚恤小股東打敗大鱷
27 May 2009

【明報專訊】長實(0001)主席李嘉誠早前說﹕「只要有些(股東) 同你過唔去, 你就不用諗住私有化。」果然,鱷魚恤(0122)私有化計劃,在大批小股東反對聲音下被否決。有反對的小股東認為「好彩」,憑小眾力量聯手打敗「大鱷」。非執行股東唐家榮認為股東這非跟公司「過唔去」,股東有自己的決定。

鱷魚恤今天復牌,預料股價可能遭受沽壓。而鱷魚恤主席兼大股東林建名,提出是次的私有化,他本身持有鱷魚恤51%股權,2月中提出私有化代價每股0.4元,收購2.98億股,佔48.44%。4月1日提高收購價至0.42元。

上述私有化成功須合乎《公司法例》「過三關」,(1)親身或委託的投票者,俗稱「人頭票」過50%;(2)支持私有化的股數,佔投票者總股數75%或以上;(3)反對的股數不得超過獨立小股東、即市面流通股數的10%。鱷魚恤的投票結果,雖然人頭票通過,但後兩關都遭遇滑鐵盧,關鍵是投反對票的小股東持股量多,就現場所見,很多小股東稱持股10多年。

小股東批評如同「合法打劫」

私有化會議於早上10時舉行,約20多名小股東出席,以截至5月8日的股東名冊中793名股東,僅3%到場。會議開始,有小股東動議押後法院會議,因為很多小股東忽略權利來投票,經投票後被否決。期間有多位小股東批評大股東作價太低,引述私有化文件稱,每股資產達0.98元,而且觀塘鱷魚恤大廈重建後會有收入,「大股東攞咁多好處,可否合理些,大、小股東都有着數?」持有78萬股的龍先生也稱,「赤裸裸看到狼心狗肺,跟合法打劫有什麼分別?」

大會於12時投票私有化議案,有115人親身或委託投票,連同中央結算代理人的1票,結果66票贊成,50票反對,通過第一關。不過,贊成者代表8741萬股,佔總投票者的股數1.37億股,僅67%,未達法例要求的75%。反對股數有5011萬股,佔市面流通2.98億股的16%,不符法例10%以下,大會宣布私有化失敗。

重申10年內不再提私有化

主持私有化投票的非執行董事唐家榮,被問到私有化失敗是否意料之外?他稱「好難講」。有否失望呢?「要問林建名先生,我哋都係做嘢。」對於李嘉誠稱只要有股東跟集團有分歧,集團便不用考慮私有化,唐家榮表示,「我相信唔係同公司過唔去,大家做自己決定,個個股東都有自己決定。」他又重申,是次私有化失敗後,集團10年之內不會再提出私有化。

主席林建名於上午11時半曾悄悄到場,當時尚未就私有化計劃投票,逗留約10分鐘便離開,但他並非循酒店通道走,而是地由酒店廚房通道離開,並沒有讓記者接觸到。
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Old June 24th, 2009, 06:36 PM   #12
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Project Profile

Source : http://www.laifung.com/home.php?id=1...ype=propinvest



Location
79 Hoi Yuen Road, Kwun Tong, Kowloon.

Development Particulars
The property occupies a rectangular shaped site with area of approximately 20,000 sq.ft. which is next to APM and MTR Kwun Tong Station. It is jointly developed by Lai Sun Garment (International) Limited and Crocodile Garments Limited.

Upon completion, the proposed development will be a 25-storey commercial building including 2-storey basement carpark. G/F to 9/F (inclusive) is designed for retail and/or restaurant use with a covered footbridge connected with APM at 1/F opened to the public 24 hours a day, 7 days a week whilst 11/F to 25/F (inclusive) is designed for office use.

Development Progress
Superstructure works are in progress and expected completion date is in mid-2009.
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Old June 25th, 2009, 06:03 AM   #13
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Be nicer if it were taller. Would stand out much more.
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Old July 19th, 2009, 08:22 AM   #14
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By 鄧麗欣之戀 from skyscrapers.cn :





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Old July 20th, 2009, 11:15 PM   #15
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I expected something more exciting from Hong Kong
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Old July 28th, 2009, 06:41 PM   #16
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This is in an industrial district that is emerging as a low-cost centre for offices who would want to move some of its staff to cheaper areas. It's much better than the dreary concrete worn-out buildings of the past!
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Old July 30th, 2009, 09:22 PM   #17
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The back side is still the dreary concrete wall
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Old September 7th, 2009, 05:17 PM   #18
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Old September 10th, 2009, 05:29 AM   #19
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Quote:
Originally Posted by superchan7 View Post
The back side is still the dreary concrete wall
Hey! I like the dreary concrete wall!
Eh, this tower is nothing too special I guess, but then again atleast it looks decent.
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Old September 10th, 2009, 06:28 AM   #20
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Simple ... like the other ones in the area. The logo at the top looks good. Wonder how it is lit up.
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