Sitra Holdings

Sitra Holdings: Sitra expects to net a positive gain for its 10%-stake in an industrial property located at 18 Sungei Kadut Street 2, supported by a recent valuation report done by OrangeTee.Com. The land, with an open market value of $8.7m, will be redeveloped into a building with 300,000 sf gfa over the next 18 months till Apr '16, at an estimated cost of $55m. Based on a market valuation of $333 psf, the building is likely to have a valuation of $100m upon TOP, compared against the estimated cost of $63.7m. This works out to an effective $3.6m (0.48¢/share) valuation surplus for Sitra, or 34% of their current market cap of $10.5m.