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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » CLND & their 3rd project in Colombo city.

CLND & their 3rd project in Colombo city.

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UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Do you guys know more about their 3rd project which was assigned to CLND during early 1980s? As per that agreement UDA should allocate a total of 13 acre prime land in Colombo city to CLND and then they should develop properties. All the government institutes in these lands will be relocated.

Do you guys think this will be a reality at somepoint? Or will it be lead to a long lasting court case? Is this an irreversible agreement?

So far I don’t have any CLND shares & just tempting to buy at these prices…..

However its always worth to have a 3rd person's view.

Thanks all.

I’m not much interested about their current financial status. The most trust source of mine said not to look at those by now due to people behind this company.

Project 1 = peoples park
project 2 = Liberty plaza

WildBear


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
By looking at the calibre of top 20 share holders, Getting land is not a problem at all for them. If you think CLND price is high, we can enter CLND via CITK which hold CLND but now trading at 50 % to it's NAV.

stockboy


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

5 acres already handed over to CLND at peoples park rest of land will clear due course. massive mall and apartment due to construct there.stock will definitely move over 50 by next three months

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
Give us some more details

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@WildBear wrote:By looking at the calibre of top 20 share holders, Getting land is not a problem at all for them. If you think CLND price is high, we can enter CLND via CITK which hold CLND but now trading at 50 % to it's NAV.

Good point. cost of CLND through CITK is very much less.

( That is why I collected inch by inch of that cow dung filled bear land at kalpitiya during last few months. When you buy a muddy arid land at kalpitiya they give you Colombo land free of charge)

marusira


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@UKboy wrote:Do you guys know more about their 3rd project which was assigned to CLND during early 1980s? As per that agreement UDA should allocate a total of 13 acre prime land in Colombo city to CLND and then they should develop properties. All the government institutes in these lands will be relocated.

Do you guys think this will be a reality at somepoint? Or will it be lead to a long lasting court case? Is this an irreversible agreement?

So far I don’t have any CLND shares & just tempting to buy at these prices…..

However its always worth to have a 3rd person's view.

Thanks all.

I’m not much interested about their current financial status. The most trust source of mine said not to look at those by now due to people behind this company.

Project 1 = peoples park
project 2 = Liberty plaza
නඩු වලට බය වෙන්න නාකයි.උසාවිය Deleted මහත්තයලගේනේ ..........
.........
deleted කළු සල්ලි සුදු කරන කෙනා කියල කලින් කතාවකුත් ගියේ ...
මෙව්ව් දිහා බැලුවම ...
ඔව්වත් වැඩද මල්ලි ඔව්වත් වැඩද ......................

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
IPO and PP money raised by CITK has used to buy CLND shares. They should sell that stake or go for a massive right issue to raise funds for constructing villas. There is no point of talking about the validity of the budjet now. So CITK cannot have both Villas and CLND in their portfolio. Buying CITK eyeing CLND seems not logical.

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@seek wrote:IPO and PP money raised by CITK has used to buy CLND shares. They should sell that stake or go for a massive right issue to raise funds for constructing villas. There is no point of talking about the validity of the budjet now. So CITK cannot have both Villas and CLND in their portfolio. Buying CITK eyeing CLND seems not logical.

Yes. I also should agree with you and that was the initial understanding about this topic by many of us.

Later we found in their cashflow plan (in the offer doc I think ) they have clearly put CLND investment as long term. They are to find other means to find cash for construction .
Their CLND investment money is shown continuously for year 2011 to 2018 without changing a cent, if I remember correctly.

They have even gone in to explaining this unorthodox way of investing, I think in the same document. The reason given was something like "cushioning any loss or delay of return from kalpitiya development. "
i.e. they were expecting a big income from CLND investment before getting any return from actual project.

BTW, construction work of the 2nd phase of Liberty Plaza ( located behind the first building along the Duplication Road) is going on. 3 Stories of concrete Superstructure (excluding partitions) is almost finish .

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Ukboy,

I will let others to comment about details. But logivcally the point I am thinking is this.

Why does politically connected parties purchase CLND ( saying it is for long term) at Rs 20+ if they do not see some hidden benefit of this. Looking at their investment styles they would be disposing/trading CLND if it does not fit their "long term plans". We seen how thay have done this before.

In anycase I will not jump and put all my money in CLND . If we look at Land sector, there are more solid comp[anies with sure earnings and better valuations as you know. But CLND has been hot for speculation even before take over and not even more with the parties involved.

seek


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
I've not looked at all property companies in detail but CSD, COMD, CABO and KDL are out of focus due to various reasons.

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Thanks for all you your valuable thoughts.
@wildbear ,Chinwi , slstock & seek
Thanks for enlighten me the option to purchase CLND via CITK & also the risk around that. Buying CITK was not something in my mind before. I need to go through the files and digest the facts a bit more. I was told (my source) that once DJ bought CLND shares at a low price and sold those to CITK at a higher price. That led to drain all IPO money from CITK

The best part with CLND is, as per the agreement still Singaporean investors should bring their own money ( or borrow from local banks) to develop these properties in Colombo under CLND.

Risk of a CLND right issue is relatively low as don’t think UDA ,Dr Godahewa & DJs group will ready invest their own money or borrow money. Its fair to assume that the local parties will go against any right issue proposal in the board room. That’s my personnel view. Can be wrong.

Stockboy. Thanks for the info. Need to check it and confirm.

There was a plan to build an apratment complex at the Kollupitiya market place.
http://forum.srilankaequity.com/t26649-colombo-land-eyes-kollupitiya-market-development

PS.
Mr M.U.M Ali Sabry (Director) starts buying back CLND shares. He had sold a considerable amount over 50.

12CLND & their 3rd project in Colombo city. Empty Liberty Square in Pettah Sat Apr 06, 2013 6:23 pm

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Liberty Square in Pettah

http://colomboland.com/developments/pettah-commercial-development.html


The Liberty Square proposes a complete urban renewal to an area of Colombo that would have a dramatic impact not only on the site itself, but also on the surrounding urban landscape. Under phase 1 of the proposal, 49 commercial sites would be built facing the city streets. Each lot would have a front face that would interact with the city and a back lane for additional parking and servicing. The city streets would immediately be transformed by the new facade that would address pedestrian traffic and vehicular traffic alike. Such beautification would promote development in adjacent sites facing the road, with this development being a catalyst to a larger urban renewal in Pettah. Each site would be on a typical plot of 6 meters width and a length of 20 meters. On each site would be a building of four to five storeys and a semi basement accessed from a back lane. Each building would be built adjacent to each other, in a modernized rowhouse fashion. To avoid a wall like effect in such a linear development, plots would vary in heights. In addition, some of the buildings would have void decks to allow for view corridors, pedestrian circulation, and an opportunity for a city verandah for cafes, public seating and covered outdoor activities. Each building facade along the site would present an opportunity to project a unique identity. With options to combine sites, those who would have a need for larger spaces are accommodated.

A central parking podium would consist of 3 storeys and a semi basement which would house additional parking. In the next phase this podium site would be developed as a commercial site of a larger scale, such as a retail mall.

CLND & their 3rd project in Colombo city. Pettah11

CLND & their 3rd project in Colombo city. Pettah12

http://www.dailynews.lk/2013/02/21/bus03.asp

Cons- Dont know when this become a reality.
Note: I do have both CLND & REEF.W (purchased recently)

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