Posted by kancs3118 > 2017-11-08 11:15 | Report Abuse

@ hng33, don't understand lar...please explain in layman language

Posted by azman123 > 2017-11-08 11:23 | Report Abuse

then why share price goes south?

Posted by hng33 > 2017-11-08 13:56 | Report Abuse

10% is for billing from signing SPA ( actual profit recognition is nil as most offer rebate 10% )

10% is for billing from pilling and foundation ( actual profit recognition is minimum as developer need to pay property agent fees range 3-5%) - TWT currently already reaching these phase.

15% is billing from the reinforced concrete framework and floor slab, counted floor by floor upward ( these phase is REAL profit recognition) - star residence currently already reaching these phase

Posted by kancs3118 > 2017-11-08 14:06 | Report Abuse

@ hng33, do you have the schedule of progressive billings ? Like the ones found in the Schedule in SnP?

Posted by nemesis > 2017-11-08 17:13 | Report Abuse

Hai...no need to be so detail lar...U wanna go into so detail BUT share price drop also useless right...Don worry the 1 billion unbilled sales will come soon...

Posted by hng33 > 2017-11-08 19:08 | Report Abuse

Progress billing stage

10% is for billing from signing SPA ( actual profit recognition is nil as most offer rebate 10% )

10% is for billing from pilling and foundation ( actual profit recognition is minimum as developer need to pay property agent fees range 3-5%) - TWT currently already reaching these phase.

15% is billing from the reinforced concrete framework and floor slab, counted floor by floor upward ( these phase is REAL profit recognition) - star residence currently already reaching these phase

10% - the walls of the said Parcel with door and window frames placed in position

10% - the roofing/ceiling,electrical wiring, plumbing (without fittings), gas piping (if any)and internal telephone trunking and cabling to the said Parcel

10% - the internal and external plastering of the said Parcel

5% - the sewerage works serving the said Building

5% - the drains serving the said Building

5% - the roads serving the said Building

12.5% - On the date the Purchaser takes possession of the said Parcel with water and electricity supply ready for connection to the said Parcel

2.5% - Within twenty-one (21)working days after receipt by the Purchaser of the written confirmation of the Vendor ‘s submission to and acceptance by the Appropriate Authority of the application for subdivision of the said Building

5% - On the date the Purchaser takes vacant possession with 2.5% at the expiry of 6 months after the date the Purchaser takes vacant possession of the said Parcel and 2.5% at the expiry of 18 months after the date the Purchaser takes vacant possession of the said Parcel

Posted by kancs3118 > 2017-11-08 21:28 | Report Abuse

Mmm...this schedule is a template from HDA act ?

Posted by hng33 > 2017-11-20 11:20 | Report Abuse

The federal government has reportedly issued a moratorium on approvals for some types of luxury property developments in Kuala Lumpur, according to a report by EdgeProp.my last night.

Citing a letter reportedly from the cabinet, the Kuala Lumpur City Hall (DBKL) was instructed to stop considering and approving the development of shopping complexes, offices, serviced apartments, and luxury condominiums priced over RM1 million in the city, effective Nov 1.

This is due to a glut of such properties in the market....

Read more at https://www.malaysiakini.com/news/402533#zS9Vpmc3XYQMygQw.99

Posted by hng33 > 2017-11-20 11:21 | Report Abuse

Star residence is the only Symlife high end selling more than RM 1.0m.

Posted by kancs3118 > 2017-11-20 12:12 | Report Abuse

Got insider news that Ascott Tower 3 is a sell out !!

Posted by azman123 > 2017-11-20 15:42 | Report Abuse

actually the moratorium is good for existing projects... no more new supply in the short term

Posted by kancs3118 > 2017-11-20 22:03 | Report Abuse

Waiting for quarterly report ....

Posted by hng33 > 2017-11-21 14:55 | Report Abuse

Add little more at 79sen

Posted by nemesis > 2017-11-22 11:54 | Report Abuse

Why price dropping so much...any bad news lurking behind?

Posted by hng33 > 2017-11-22 12:05 | Report Abuse

bought another batch at 78sen

Posted by ltw1123 > 2017-11-22 12:07 | Report Abuse

Yes, price is attractive now...

Posted by hng33 > 2017-11-22 12:16 | Report Abuse

Expect symlife to deliver Good set of result due to higher progress billing on star residence.

Posted by darrenliew > 2017-11-22 12:38 | Report Abuse

Any info on what happened with its Cheras Land leased to Tesco ?
Heard that deal aborted that will result in a reversal of capital gain RM8.5M thus affecting its coming Q's profitability.

Posted by azman123 > 2017-11-22 13:03 | Report Abuse

reversal? why? the announcement said they bought the property back. that counts as new investment? no?

Posted by azman123 > 2017-11-22 13:05 | Report Abuse

they sell some more than can go back to 0.70, that was when the profits at all time low. but now billing from star res coming in. they wan sell bac to 0.70? haha. mayb bkawan boss will buy back again

Posted by darrenliew > 2017-11-22 13:37 | Report Abuse

• Still a bit perplexed.
• Sold subsidiary Midah Jaya Realty and booked a capital of RM8M. But later aborted.
• Symphony Life Bhd has been forced to re-acquire a property investment company sold to Octane Capital Sdn Bhd (OCSB) after failing to complete a land transfer condition in its original sale agreement. Both parties has inked a share sale agreement (SSA) on 13th October 2017 to buy back Midah Jaya Realty Sdn Bhd from OCSB for RM9.0 mln. Symphony is also expected to compensate OCSB for the legal fee and stamp duty OCSB had incurred in the initial SSA amounting to RM30,000, and up to RM300,000 funding cost. (The Edge Daily)

Posted by hng33 > 2017-11-22 13:47 | Report Abuse

The proposed acquisition will not have any material effect on gearing and net assets for financial ending 31 Mar 2018.

Remark: management may either perceived acqusition back tesco land in cheras may only complete later after Mar next year or management also can perceived that acquisition land is new investment land even it own original title and abort later to sell.

Posted by azman123 > 2017-11-22 14:04 | Report Abuse

i believe it is the latter

Posted by azman123 > 2017-11-22 14:06 | Report Abuse

book profit first. technically bring forward future profits. next time sell then not much profit can be realized. good move before unbilled sales are realized

Posted by darrenliew > 2017-11-22 15:32 | Report Abuse

But according to accounting rules and Bursa guidelines, need to make reversal entry for capital gains booked in earlier quarters

Posted by hng33 > 2017-11-22 16:05 | Report Abuse

The fair value for Taman Midah, Cheras land value at RM 25.4m, but symlife dispose it for merely RM 9.03m. These is due to long term lease signed with Tesco, 21 year ago for 30 year lease + renewal another 30 year next until 2050.

Unless, Symlife willing to compensate Tesco and redevelopment to HIGH rise with mall at the ground floor (duplicate nearby Ecocheras) and allow tesco still can occupy ground floor once redevelopment completed

Posted by equitydiary > 2017-11-22 16:07 | Report Abuse

Tesco should just make a good offer to buy the land

Posted by hng33 > 2017-11-22 17:07 | Report Abuse

Long term agreement already signed since 21 year ago by old management (bolton), therefore, current management cannot do anything UNLESS it offer attractive compensation to tesco + allow Tesco to resume back operation in 2-3year time after symlife take back for redevelopment into high rise service apartment + hotel atop of mall at the ground floor for Tesco continue operation.

Posted by darrenliew > 2017-11-22 19:27 | Report Abuse

Due to latest Govt freeze for approval of new malls this option is not viable for the next few years.

Posted by darrenliew > 2017-11-22 19:33 | Report Abuse

Supermarket now very competitive and quite a number of outlets had actually closed. Tesco has got a good lease option for another 1+ 30 years and hence will not tie itself down with a heavy financial investment to buy it.

Posted by hng33 > 2017-11-22 20:38 | Report Abuse

About tesco land, Its not so important for symlife as it for long term , may be another 10 year time till its first 30 year lease expire, then, can review later.

Focus should be back on how to realize profit from huge unbilled sale of more than RM 1.0 billion now through progress billing, turning into net profit attributable to shareholder.

Posted by equitydiary > 2017-11-22 22:45 | Report Abuse

If I were Tesco I wouldn't mind paying even RM30m, as I could sell for way more at market price.

Posted by equitydiary > 2017-11-22 22:47 | Report Abuse

Market value more than RM100m. Instant huge gain

Posted by RVI123 > 2017-11-23 00:20 | Report Abuse

What are the terms of the 2nd 30-year tenancy if Tesco intends to continue renting the premise? Will it be following the prevailing market rate?

Posted by hng33 > 2017-11-23 09:56 | Report Abuse

The second term 30year rate of rental is court from initial first rental compounded with 3% increment rate, which is estimate to be RM 2 m per year only. BUT, symlife can reject the rental rate which original signed by previous management 21 year ago.

Then, rental rate will then subject to market rate by independent valuer will be apply for second term 30 year if Tesco agree to continue.

Posted by kancs3118 > 2017-11-23 11:09 | Report Abuse

@ hng33.....what is the latest take up for Union Suites....?? Don't simplu say best seller without facts and figures....

Posted by kancs3118 > 2017-11-23 11:11 | Report Abuse

That youtube is just a promotional video

Posted by kancs3118 > 2017-11-23 12:25 | Report Abuse

Talk only.....we want results...numbers....

Posted by RVI123 > 2017-11-23 12:39 | Report Abuse

Thks, hng33 for the info.

If that is the case that the rental rate can be revised to the prevailing market rate when it expires in 2028, I think Symlife should not sell the land. Furthermore, Tesco may not even want to continue the lease when it expires. A lot of things that Tesco need to consider that includes

a) That outlet is making money or not?
b) Further capital outlay that may be quite massive to renovate or even rebuild the outlet to make
the outlet relevant in the retail market.
c) Competition from other present and future retail outlets in that area like Sunway Velocity,
MyTown, EkoCheras, Redevelopment of Aeon, TRX Mall, Atria Cheras and other future retail
malls in Cheras area..

That 10.6 acre piece of land worths about RM139 millions at the current rate of RM300/sq. ft. That area is developing fast now and has the potential to easily double by 2028.

Symlife should just treats that RM9 million as an 10 year investment and see what will happen by 2028.

Posted by hng33 > 2017-11-23 14:42 | Report Abuse

Agreed, land will appreciate further especially the land is surrounding with develop area. In next 9 year once tesco lease expire and subject to renewal, but with future market rate later.

Posted by RVI123 > 2017-11-23 15:35 | Report Abuse

Retail market is very bad at the moment. Aeon, Tesco, Giant are closing down some of their outlets especially those that are making losses. Anyone here can provide some info whether that outlet is doing well or not? How is its business? A lot of customers?

Posted by hng33 > 2017-11-24 10:29 | Report Abuse

Be patience, coming Q result will act as catalyst for share recovery

Posted by azman123 > 2017-11-24 16:12 | Report Abuse

if so good, why nobody eats the 1000 lots at 0.79?

Posted by azman123 > 2017-11-24 16:14 | Report Abuse

ok, I wait at 0.75

Posted by hng33 > 2017-11-24 18:08 | Report Abuse

Further to the Company's announcement made on 13 October 2017 in relation to the Proposed Acquisition, the Board of Directors of SymLife wishes to announce that the Proposed Acquisition has been completed. Accordingly, Midah Jaya Realty Sdn. Bhd. is now a wholly-owned subsidiary of the Company.

This announcement is dated 24 November 2017.

Remark: symlife take back cheras tesco land, but, it could treat these as new investment instead of abort the earlier land disposal. These is because the land disposal alrdy deed completed and gain on disposal also have audited in the annual report. Therefore, in order to avoid confusion, symlife may just treat the acqusition back of cheras land as new investment, so, no need to revert back earlier gain.

Posted by RVI123 > 2017-11-24 18:27 | Report Abuse

This is a better treatment of the transaction. In fact, it is very cheap. 10.6 acre land at the price of RM9 million. Even if Tesco decided to extend the lease until 39 years from now, Symlife can still treat it as investment property. May be after 39 years, the land can fetch RM2,400/sq. ft. (price double every 13 years) which will worth RM1,112 million.

Posted by hng33 > 2017-11-24 19:57 | Report Abuse

No, another 9 year will expire the lease for first term 30 year alrdy. Although tesco have right to renew for another 30year lease, BUT, the second term rental of another 30 year lease must agreed by both symlife and tease, if not, both must engage independent valuer and the rate have to based on market rate at that time, tesco only can accept rate given by either symlife or independent valuer, if not, tesco have option to terminate the second lease, give back land to symlife.

Symlife just need to wait for 9 year or shorter time as early negotiations of renewal lease have to commence for tesco to prepare time ahead either continue lease but must accept market rate rental or discontinue operation. Symlife have upperhand in second term lease either take back the land for redevelopment or earn much higher rental income based on market rate.

Although waiting period 9 year is consider long gestation, BUT, if based on symlife other landbank such as current land develop into star residence ( wait many year back before start develop) or land still pending develop in sungai long ( still pending cooperation between samling group from Sarawak to ease quarry operation and change to property development to capitalize on upcoming newly highway) all take long long gestation time before unlock the land value.

Posted by greddym3 > 2017-11-24 20:10 | Report Abuse

Worst case new rental rate at Rm2 million per year..30 years is rm60 million. Profit 600% already.

Posted by hng33 > 2017-11-24 20:31 | Report Abuse

The RM 2m is calculated based on compounded 3% from the initial rental rate, but, these rate if not agreeable by symlife after first term 30 year lease expire, it can appoint independent valuer to court based on market rate and tesco must accept the rental rate or terminate the lease.

Bear in mind, symlife is landowner, tesco is just rent to occupy the land. While current management can blame previous management of signed up unfair lease with tesco, but, if current management sell the land for RM 9m, it will backfire by future management 9 year later for unreasonable selloff these prime land solely due to have to wait for 9 year to take back.

Posted by greddym3 > 2017-11-24 22:05 | Report Abuse

Yes. That was the main point of argument between a shareholder and tan sri chairman last agm. Both angry at each other.