Wee Hur

Wee Hur: Group gave an update on the collective purchase of Thomson View Condo, that its 51% JV company Wee Hur-Lucrum Pte Ltd has given the vendors of the property an extension of a further 6 months from 4 Jun 2013 to obtain the order for sale. The collective deal is conditional upon the approval of the High Court as a result of the 13 owners which have filed objections against the deal. The Group understands that the High Court case is set for a 5 days’ hearing from 24 June 2013. As of 9 May, Wee Hur reported an orderbook of $474.5m which will give the group forward visibility through till 2015. Yet, the absence of a substantial development project could see muted growth on the group’s earnings. This collective deal lies as the key catalyst for Wee Hur, with a potential net gain of ~$80m or add 8.8¢ to its NAV of $0.25 per share, based on the break-even cost of $1,100 psf versus comparable market prices of $1,300 psf.