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ysmn
Joined: 19 Sep 2006
Posts: 2914
Location: Terris
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 Posted: Tue Apr 21, 2009 2:33 pm Post subject: |
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At RM320psf and given the current "Construction" (Not property) market, SP Setia needs to sell at least 60% just to ngam ngam breakeven. Otherwise Seeria poochi man!
However with further delays, their holding cost will only get higher, and they will need to sell more and more than 60% to break even.
And, when developer delays signing of S&P you can bet more and more bookers would have cooled down considerably, as well as banks appetite for risk reduced, by the time developer asks to sign S&P.
What if the project is stalled if the developer becomes insolvent. (Don't tell me it can't happen to SP Setia - No one is immune - and if you played rugby you'll know that the bigger they are, the harder they fall).
Make your own conclusions.
If you decide to proceed, I don't want to read your complaints later.
If you proceed and make a small fortune from this project and have a nice place to stay in 3 years, good for you.
To me it's like a guy who takes ages to step in the door, and keeping the lady waiting waiting waiting. What makes you think when he eventually steps in, anything significant is going to happen.
This developer started creating great expectations, but by pussyfooting and not being clear of their project specs, they are now just piling frustrations one on top of another as the days go by.
Now, if you ask me what I'm saying, I also so blur already by this project leh!
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Kind regards, ysmn |
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Daryl Teo
Joined: 09 Feb 2008
Posts: 3755
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| Posted: Tue Apr 21, 2009 2:41 pm Post subject: |
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Fuyoh! that's about the most compelling thing i've heard from YSMN in a long while! 
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tohff7
Joined: 31 Mar 2009
Posts: 6
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| Posted: Tue Apr 21, 2009 3:31 pm Post subject: |
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Actually, have they even awarded the contract for the high rise construction to anyone?
If not, the cost they have incurred and committed so far is just the piling cost. And a portion of consultant fees etc |
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zavier
Joined: 20 Mar 2009
Posts: 197
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| Posted: Tue Apr 21, 2009 9:39 pm Post subject: |
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| ysmn wrote: |
What if the project is stalled if the developer becomes insolvent. (Don't tell me it can't happen to SP Setia - No one is immune - and if you played rugby you'll know that the bigger they are, the harder they fall).
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i agree anything can happen ... this project may get cancelled as well but i am sure sp setia will compensate to the purchaser ... their name worth more than this project ... so there is nothing to lose for the purchaser except time ... moreover, i think sp setia can afford to lose even if they cant secure more than 60% at this time ... they probably would go ahead with it and wait for the sales to peak up ...
at this point of time, i think we shall give setia walk a benefit of doubt ... no one can predict the future especially at this trying times ... there are alw two sides of coin ... current sentiment is like back to the old days when ppl didnt believe puchong can be a residential haven ... now ppl find it hard to believe setia walk can bring changes to puchong ... while i agree that there is possibility that caps may not increase much once the property completed but further appreciation is possible given the commercial area is successful ... at this moment, our eye should look at how ioi boulevard and PFCC be doing end of this year to judge on setia walk ... |
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cblee
Joined: 31 Oct 2005
Posts: 219
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| Posted: Tue Apr 21, 2009 9:46 pm Post subject: |
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| I believe SP Setia will stay on, i kind more worry of other developers (other projects in Puchong) going bust if the situation turn bad. Main issue here is still the size and influence of SP Setia. Basically the project risky if major component like retail having problem selling. |
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ysmn
Joined: 19 Sep 2006
Posts: 2914
Location: Terris
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| Posted: Tue Apr 21, 2009 9:49 pm Post subject: |
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| zavier wrote: | | ysmn wrote: |
What if the project is stalled if the developer becomes insolvent. (Don't tell me it can't happen to SP Setia - No one is immune - and if you played rugby you'll know that the bigger they are, the harder they fall).
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i agree anything can happen ... this project may get cancelled as well but i am sure sp setia will compensate to the purchaser ... their name worth more than this project ... so there is nothing to lose for the purchaser except time ... moreover, i think sp setia can afford to lose even if they cant secure more than 60% at this time ... they probably would go ahead with it and wait for the sales to peak up ...
at this point of time, i think we shall give setia walk a benefit of doubt ... no one can predict the future especially at this trying times ... there are alw two sides of coin ... current sentiment is like back to the old days when ppl didnt believe puchong can be a residential haven ... now ppl find it hard to believe setia walk can bring changes to puchong ... while i agree that there is possibility that caps may not increase much once the property completed but further appreciation is possible given the commercial area is successful ... at this moment, our eye should look at how ioi boulevard and PFCC be doing end of this year to judge on setia walk ... |
Ok, it's clear you're not clear about their ERM issues. No issues mate. It's perfectly OK.
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cblee
Joined: 31 Oct 2005
Posts: 219
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| Posted: Tue Apr 21, 2009 9:58 pm Post subject: |
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| Risk is limited. They could build and sell for the current block. There is no issue here. |
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ysmn
Joined: 19 Sep 2006
Posts: 2914
Location: Terris
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| Posted: Tue Apr 21, 2009 10:02 pm Post subject: |
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Kind regards, ysmn |
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deetee
Joined: 05 Mar 2009
Posts: 24
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| Posted: Tue Apr 21, 2009 11:23 pm Post subject: |
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| I'll take a gamble and keep my unit, I think it'll be a nice place for my family to hang out should this place be successful. |
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zavier
Joined: 20 Mar 2009
Posts: 197
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| Posted: Wed Apr 22, 2009 12:10 am Post subject: |
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| ysmn wrote: | | Ok, it's clear you're not clear about their ERM issues. No issues mate. It's perfectly OK. |
Mind to elaborate what ERM means ? or maybe u can be more specific as what is really the concern involved .. i jst googled ERM stands for enterprise risk management ... read it but still not too sure what it meant .. is ur concern on sp setia may abandon setia walk ? ur opinion is very much appreciated ... |
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ysmn
Joined: 19 Sep 2006
Posts: 2914
Location: Terris
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| Posted: Wed Apr 22, 2009 9:55 am Post subject: |
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Privileged Info.
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Kind regards, ysmn |
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Daryl Teo
Joined: 09 Feb 2008
Posts: 3755
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| Posted: Wed Apr 22, 2009 11:46 am Post subject: |
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It means simply having to decide between the lesser of 2 evils for a greater good! So which hand is more useful 2u? Risk governance & preemptive measures. 
But don't think things will be so drastic for SP; not yet!
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Buy land, they're not making it anymore.
Mark Twain |
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zavier
Joined: 20 Mar 2009
Posts: 197
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| Posted: Wed Apr 22, 2009 12:57 pm Post subject: |
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| ysmn wrote: | | Privileged Info. |
Ok then keep it to urself ... |
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ysmn
Joined: 19 Sep 2006
Posts: 2914
Location: Terris
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| Posted: Wed Apr 22, 2009 1:51 pm Post subject: |
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| Daryl Teo wrote: | It means simply having to decide between the lesser of 2 evils for a greater good! So which hand is more useful 2u? Risk governance & preemptive measures.
But don't think things will be so drastic for SP; not yet! |
I agree with "every" word Daryl. Especially your last one.
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Walaoeh!
Joined: 23 Mar 2009
Posts: 89
Location: India
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| Posted: Wed Apr 22, 2009 7:51 pm Post subject: |
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| ysmn wrote: | | What if the project is stalled if the developer becomes insolvent. (Don't tell me it can't happen to SP Setia - No one is immune - and if you played rugby you'll know that the bigger they are, the harder they fall). |
sp setia become insolvent?
ya, its not impossible, but its very very very unlikely...
becoz sp setia financial status is very very very healthy..
and it is very very very far from becoming insolvent..
jz take a brief look at spsetia's financial report
total cash spsetia holding is RM575,502k
and current liabilities is only RM450,911k
cash itself is more than enough to pay for all the short term liabilities..
total development value including land is around RM2billions
which is not the latest value..
but CIMB research value all its development near RM4billions
RM4billions assets with only RM1.3billions debts..
its nearly imposibble spsetia will become insolvent in 3 yrs time..
basically, spsetia has ability to built-then-sell the whole setia walk project..
they jz doesnt need to care about the project can breakeven anot.. 
Last edited by Walaoeh! on Wed Apr 22, 2009 8:52 pm; edited 1 time in total |
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ysmn
Joined: 19 Sep 2006
Posts: 2914
Location: Terris
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| Posted: Wed Apr 22, 2009 8:33 pm Post subject: |
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walaoh dude! You live uup to your name. I'm so proud of you. Well done my good man. (i'm sure you must be a man with all the full equipment).
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zavier
Joined: 20 Mar 2009
Posts: 197
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| Posted: Wed Apr 22, 2009 9:31 pm Post subject: |
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ideas are welcome but not baseless accusation .. i think we shoud focus back to setia walk instead ...
is the retail shops prelease by spsetia so as they can choose their tenants ... there were limited information on the commercial of setia walk ... if the sp setia can control the shop tenants then it will be good so that the place wun become so chap ... |
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Walaoeh!
Joined: 23 Mar 2009
Posts: 89
Location: India
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| Posted: Wed Apr 22, 2009 10:14 pm Post subject: |
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| zavier wrote: | ideas are welcome but not baseless accusation .. i think we shoud focus back to setia walk instead ...
is the retail shops prelease by spsetia so as they can choose their tenants ... there were limited information on the commercial of setia walk ... if the sp setia can control the shop tenants then it will be good so that the place wun become so chap ... |
i remember heard from somewhere that spsetia do hav control of the shop tenants by DMC or something else.. owners only can rent the shop to certain type of tenants and according to the zones (sanctuary, active, escape) |
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ysmn
Joined: 19 Sep 2006
Posts: 2914
Location: Terris
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| Posted: Wed Apr 22, 2009 10:40 pm Post subject: |
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| zavier wrote: | ideas are welcome but not baseless accusation .. i think we shoud focus back to setia walk instead ...
is the retail shops prelease by spsetia so as they can choose their tenants ... there were limited information on the commercial of setia walk ... if the sp setia can control the shop tenants then it will be good so that the place wun become so chap ... |
you are spot on zavier. This also applies to s apt, where some ppl think just coz s apt is on commercial title they can do any business they like. These ppl have not heard of dmc or zoning. Spsetia must control to retain and enhance value.
You are beginning to change my mind, but if i buy it'll probably be when structure is almost completed and i have a clear idea (from my own observation) of the likely completion date.
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zavier
Joined: 20 Mar 2009
Posts: 197
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| Posted: Thu Apr 23, 2009 12:57 pm Post subject: |
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| i guess i am protected if the construction is delayed ... cos i dun pay anything until it is completed ... yea jst read the newspaper today that the 5/95 got extended to 19 july due to "popular demand" .. |
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cblee
Joined: 31 Oct 2005
Posts: 219
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| Posted: Thu Apr 23, 2009 2:28 pm Post subject: |
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Setia Walk retail component got head start with :
TGV
Starbuck
Oriental Restaurant
C. Fitness
With the entry of business hotel, the retail component already possess the right formula to start with. As much, coming back to the SP capacity to complete on time or going bust. I believe it is more a concerning factor for ZEST or other investor if the economic scenario deteriot further. |
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siwong
Joined: 23 Apr 2009
Posts: 5
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| Posted: Thu Apr 23, 2009 3:00 pm Post subject: |
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| ysmn wrote: | At RM320psf and given the current "Construction" (Not property) market, SP Setia needs to sell at least 60% just to ngam ngam breakeven. Otherwise Seeria poochi man!
However with further delays, their holding cost will only get higher, and they will need to sell more and more than 60% to break even.
And, when developer delays signing of S&P you can bet more and more bookers would have cooled down considerably, as well as banks appetite for risk reduced, by the time developer asks to sign S&P.
What if the project is stalled if the developer becomes insolvent. (Don't tell me it can't happen to SP Setia - No one is immune - and if you played rugby you'll know that the bigger they are, the harder they fall).
Make your own conclusions.
If you decide to proceed, I don't want to read your complaints later.
If you proceed and make a small fortune from this project and have a nice place to stay in 3 years, good for you.
To me it's like a guy who takes ages to step in the door, and keeping the lady waiting waiting waiting. What makes you think when he eventually steps in, anything significant is going to happen.
This developer started creating great expectations, but by pussyfooting and not being clear of their project specs, they are now just piling frustrations one on top of another as the days go by.
Now, if you ask me what I'm saying, I also so blur already by this project leh! |
explained like an expect ? you think you are what? talk like a SP CFO?
no money.. get off from here........ |
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starprince
Joined: 29 Oct 2008
Posts: 67
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| Posted: Thu Apr 23, 2009 3:36 pm Post subject: |
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If you have vested interest and the negatives are hurting you,. then stay away from the forum. No need to get so worked up.
Cheers! |
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ysmn
Joined: 19 Sep 2006
Posts: 2914
Location: Terris
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| Posted: Thu Apr 23, 2009 4:02 pm Post subject: |
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| starprince wrote: | If you have vested interest and the negatives are hurting you,. then stay away from the forum. No need to get so worked up.
Cheers! |
Thanks Starprince. I agree with you 100%. You really are princely.
Maybe this siwong fler is too deeply vested already, or maybe one of the SP Staff who kena screw kau kau, that's why so sore.
Nevermind him, he can start his own new thread called "Everything Positive about Setiawalk - Negative stay Out".
We are looking at all angles, and as I said, Zavier has persuaded me that this project may be worth considering but as I also said, if I buy it will be when structure is almost complete though I know I'd probably have to pay more.
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Kind regards, ysmn |
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siwong
Joined: 23 Apr 2009
Posts: 5
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| Posted: Thu Apr 23, 2009 4:22 pm Post subject: |
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| starprince wrote: | If you have vested interest and the negatives are hurting you,. then stay away from the forum. No need to get so worked up.
Cheers! |
same gang of nuts.. poor little dog barking around with his gang.. |
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