Real estate to get a boost

JNBS HWTThe real estate industry is set to get a boost as Jamaica National Building Society is set to announce a lowering mortgage rates, IC Insider.com has been reliably informed. The announcement could come as early as next week IC Insider.com has learnt.
Details were not available, but from indications it could result in the current flagship rate of 9.5 percent dropping to 8.5 percent. The move will be a welcomed for the society’s borrowers and will act as a stimulus to the housing market that has seen increased building cost as a result of the falling value of the Jamaican dollar pushing the cost of housing upwards. The decline will come against the background of lowering of repo rates by the country’s central bank and a continuous lowering of Treasury bill rates since early 2014.
The move by Jamaica National is expected to see other long term lenders following the JN lead and should result in an all round fall in borrowing cost for mortgages.

Jamaica economy crawls slowly

BOJ 3Real GDP is assessed to have expanded within the range of 0.5 percent to 1.5 percent for the June 2015 quarter by Bank of Jamaica, Governor of the bank, Bryan Wynter, said today.
The bank said the estimated outturn for the review quarter, “mainly reflects continued expansion in Mining & Quarrying, Hotels & Restaurants, Transport, Storage & Communication, Construction and Wholesale & Retail Trade”. There were estimated declines in Agriculture, Forestry & Fishing reflecting the impact of the intensification of dry conditions which started in the March 2015 quarter.
Given the anticipated impact of drought conditions, for FY2015/16 real GDP is forecasted to expand within the range of 1.0 per cent to 2.0 per cent. This projection is contingent on recovery in the mining and manufacturing sectors, assuming there is no recurrence of the production disruptions which occurred in the previous fiscal year. In addition, the economy is projected to continue to benefit from improvements in the business environment, consumer and business confidence as well as continued gains in external competitiveness.

New units being built at Montego Freeport in Montego Bay this year.

New units being built at Montego Freeport in Montego Bay this year.

The Jamaican economy squeezed out a small increase of 0.4 percent in the March quarter over the similar quarter of 2014, according to the Statistical Institute of Jamaica (STATIN), the official body tasked with the responsibility of collating such data. STATIN said then “growth was due mainly to a 0.6 percent increase in the Services industries” with all industries within the Services industries recording increased levels of output with the exception of Electricity & Water Supply and Producers of Government Services which fell by 2.8 percent and 0.1 percent respectively.

Investors grab Sagicor rights

Hilton Rose Hall Sagicor X Fund recent acquisition

Hilton Rose Hall Sagicor X Fund recent acquisition

Investors in Sagicor Real Estate Fund have gobbled up more than the 598,134,700 provisionally allotted shares in the Rights Issue, the company announced that as at August 24. Pursuant to the terms of the Rights Issue the Directors have decided to release a further 149,533,675 shares in the Un-allocated Pool.
These shares (“Up-sizable Shares”) are available to shareholders as additional shares over and above their provisional allotment.
Shareholders may apply for Up-sizable Shares at the rights issue price of J$6.95 per share in one of 2 ways: (a) by completing an Application for additional shares; or (b) by completing Box 5 in their Provisional Allotment Letter (in the case of shareholders who have not yet returned their Provisional Allotment Letter).
If the aggregate number of shares applied for from the Un-allocated Pool shall exceed the number of shares available in the Pool, then all applications will be scaled down pro rata.
The Rights Issue will close at 4:30 p.m. on September 2, 2015 – unless extended by the Directors.
The funds received from the Rights Issue will be invested as equity in a new subsidiary X Fund Properties LLC established in the USA. X Fund Properties LLC will purchase the DoubleTree Hilton at the Entrance to Universal in Orlando, Florida.
The DoubleTree by Hilton at the Entrance to Universal is 742 guest rooms (inclusive of 17 suites) hotel with over 62,800 square feet of meeting and convention space. It is located in Orlando at the entrance to the Universal Theme Park. The purchase price for the Hotel is US$75,000.000. The balance of the purchase price is expected to be financed by a US institutional lender.

Teas could have a good year

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Jamaican Teas DoorJamaican Teas enjoyed good exports sales for the second quarter to March continuing the appreciable growth in the first quarter. Exports moved by 26.6 percent from $64 million to $81 million for the latest quarter and year-to-date $118 million moving to $184 million for an increase of 56 percent.
The strength in exports contributed to the overall increase in sales which moved from $259.2 million to $292.5 million, an increase of 12.8% in the quarter, helping to push profit to $20 million in the March quarter, a 19.8% increase from the comparable period in the prior year. Profit for the six months to March was $43 million, an increase of 16.2% compared to the related period in 2014.
Earnings per share is up to 26 cents for the six months and 12 cents for the quarter, with the expected completion of sale of units in the development property earnings could end up around 80 cents per share for the fiscal year, this could change depending on whether the company disposes of some of the equities it is holding. Sales for the six months to March 2015, are up 14.4 percent to $611 million from $534 million in the prior year.
Exports were helped considerably by the coming on board of a new distributor in the eastern cost of the United States which will see the company products being sold in Wall Mart stores during 2015. Exports were also helped by restoration of sales in the Florida area that was disrupted in the previous financial year from modification in distributorship in that area. Local sales in the manufacturing operations are ahead of the prior year but are not a buoyant as could be expected.

The Orchid property being developed that should add to Jamaican Teas' profits in 2015 & 2016.

The Orchid property being developed that should add to Jamaican Teas’ profits in 2015 & 2016.

The first phase of the real estate development comprising 29 houses has been completed with 5 houses remaining to be sold. Delivery of houses to buyers will commence shortly and should be completed by the end of the fiscal year.
The company’s investment portfolio showed encouraging increase in value, with gains of $12 million during the quarter and $14 million year to March, subsequently it has increased further with the growth in the local stock market.
Jamaican Teas borrowings are at $397 million at March, $310 million is long term, the group equity of $691 million, investments at March amounting to $126 million with cash funds of $27 million. On completion of sales of units in the development property there will be a sharp reduction in loans outstanding and or a build-up in cash.
Jamaican Teas is involved primarily in the production of ingredients for hot beverages, but also sells water and other ready to prepare food products as well as operators supermarkets and in the real estate development. The company is listed on the Jamaica Stock Exchange junior market and last traded at $3.

Point Lisas undervalued shares

Bauxite shipProfit before tax for Trinidad’s Point Lisas Port Development Companyand excluding the impact of fair value gains was $15.3M, an increase of 358 percent compared to the same period last year of $3.3M this flowed from a 19.6 percent growth in revenues. Including gains on valuation of investment properties the company reported profit of TT$67 million versus $36 million in 2014.
Volumes handled by the port grew strongly with the containerized cargo operations experiencing a 25 percent increase in volume but general cargo operations suffered a 13 percent compared to the levels recorded in 2014. The growth in containerised cargo resulted from a 10 percent increase in imports, an 11 percent increase in exports along with a 94 percent increase in trans-shipment cargo. For general cargo there was an 88 percent decrease in exports, a 7 percent increase in imports and a 320 percent increase in trans-shipment.
Direct cost rose faster than the growth in revenues with an increase of 29 percent. Administrative expenses remained relatively stable during the quarter at $21 million but other operating expenses declined to 158 million from $20.5 million.
The Group’s total assets grew to $2.33B in the first quarter of 2015, an increase of 3 percent from December 2014 when the asset base was $2.26B. Working capital continues to remain strong having improved from $49M at December 2014 to $65M in March 2015. The shareholders’ equity stood at “PLIPDECO will continue to embark on various endeavours as determined in its strategic plan. These include among other things infrastructural improvements, information technology upgrades (some already implemented during the first quarter 2015), and continuation of the Port expansion project. The preceding undertakings would further enhance efficiency and productivity to effectively position PLIPDECO in its drive towards continued growth$1.966 billion” Ian Atherly, Chairman of the company told shareholders in his report accompanying the quarterly results.
At the rate of income generation in the first quarter Point Lisas could earn around $1.70 per share excluding cap gains in 2015. The stock which is listed on the Trinidad & Tobago Stock Exchange and traded as high as $8.25 in 2007, last traded at $3.69. The net asset value of the stock is $49.60.
The stocks is undervalued and seems to be an interesting, IC Insider is maintaining a BUY RATED status on the stock.

More choices for investors

Barita

There were times, not so long ago, when things in the local financial markets were much simpler than they are now. Well up to just a few years ago there were only three unit trust companies operating and about 6 or 7 schemes. At the end of 2014 there were 22 different unit trust offerings and currently there are 27.
NCB Capital Markets added two new ones this year and Barita has just launched two new ones. By the end of 2015 the field is likely to get even more crowded with a number of institutions already indicating that they will be launching new schemes, included are JMMB Securities and Stocks and Securities. Part of the reason for the mush rooming of these schemes is occasioned by the dictates of the IMF and the World Bank who considered the risk financial institutions were taking by issuing repos using government securities as the flip side of the trades as too high and could pose major problems to the financial system. The result is a change in the rules that now require smaller amounts of funds to be routed through managed schemes, where the liability is left with the investors rather than the financial institutions, as is now the case. The market has also changed, with investors looking for a greater number of opportunities to invest in.
Barita Unit Trust is the latest entity to launch new schemes, bringing their suite of schemes to 6 in April. The latest are; the Barita US$ FX Growth Portfolio which invests mainly in international equity, and the Barita JA$ Real Estate Portfolio which invests primarily in commercial and residential buildings for lease or sale.
The US$ FX Growth Portfolio is a US Dollar denominated equity portfolio with investments in foreign currency ordinary and preference shares of countries within the Commonwealth, Caricom and the United States and may extend to other sovereign governments as prescribed by the Financial Services Commission and the Bank of Jamaica. A minimum purchase of 100 units is required to open an account, the current price per unit is US$1.

Barita Property Fund invested in 138 Student Living shares

Barita Property Fund invested in 138 Student Living shares

The real estate portfolio is JA$ denominated with investments in commercial or residential buildings for lease or sale and may also become financiers of real property developments and or participate in construction or financing of such structures.
Real Estate Portfolio investments must be held for a minimum of three years with a moratorium of 6 months’ notice required for encashment of the investment. At the launch, the managers stated that the fund has started off with an investment in 138 Student Living shares that are listed on the Jamaica Stock Exchange (JSE). A minimum purchase of 100 units is required to open an account and the current price is $5,000 per unit.
How the new funds will perform is left to time. What is known is the Cameron Burnett who is associated with the US dollar equity fund, has been investing in the overseas’ market for several years successfully, the fund should benefit from his experience. Hopefully, they will be able to navigate what is set to be a choppy period ahead for the US stock market, with interest rates set to go up.
Locally, real estate values should grow at an increasing pace as the government keeps the target of a balance fiscal operation firmly in sight and be committed to achieving it, which will lead to lower interest rates and higher asset values.
Barita Unit Trust is a subsidiary of Barita Investments a JSE listed stock.

Kingston Properties sells property

KingstonProperitesREIT280X150Kingston Properties sold its office and warehouse property located at 83 Hagley Park Road effective January 6, 2015 for approximately Two Hundred and Thirty Million Dollars ($230 million). The property was sold to Medical Disposables & Supplies a junior market listed company.
“Net proceeds of the sale are expected to be invested in other properties. Over the five years holding period, Total Return which includes annual cash yield and capital appreciation, net of transactions costs was 13.2% annually,” the company said in a release to the Jamaica Stock Exchange.
Kingston Properties is primarily involved in the ownership and rental of commercial properties in the Kingston area and residential units in Miami. The company reported rental income of $77.4 million up from $66.6 million in the nine months to September 2013 and net profit of $4.5 million.

138 Student Living gets money

138 photo 11-14138 Student Living Jamaica received the full amount they sough from the capital market, when the initial public offer, was fully taken up at the close of the offer, on Thursday 4 December, JMMB Securities Ltd reported to the Jamaica Stock Exchange.
According to a release from the brokers “all of the Ordinary Shares and Preference Shares offered for subscription by the Company, valued at $500m in the aggregate were fully taken up. All Applicants will receive a full allotment of the amounts that they applied for.”
The Company offered 82,900,000 Ordinary Shares at $4 each and initially, 33,680,000 subject to an option to increase the amount up to 60,000,000 Cumulative Redeemable Preference Shares at $5. In addition shareholders of the company offered for sale 15,716,667 ordinary shares at $4 each to raise $62.8 million and received $31.3m.
The Company will now apply to the Jamaica Stock Exchange for the listing of the Ordinary Shares and the Preference Shares on the Main Market of the JSE.

138 Student Living long term inflation play

Artist's drawing of apartment blocks of 138 Student Living

Artist’s drawing of apartment blocks of 138 Student Living


The growing population of university students, attending colleges within the Kingston area means a steady demand for affordable accommodation for students. Apart from Jamaicans, there are many overseas’ students attending the universities and in need of accommodation.
Historically, the Mona Heights homeowners utilized their helpers’ quarters to accommodate many youngsters and generate added income at the same time. These were very popular with students, as they were within walking distance of the colleges. The university’s population has grown vastly, since the 1960s and seventies, when these units could have provided a decent supply of rooms for the community. According to 138 Student Living Jamaica Limited who are seeking capital to build out the development of 1,584 student residence units, there is currently a shortage of on – campus student accommodation at the UWI Mona campus, which has in total 3,356 rooms for student accommodation. In the 2013/14 academic year, 5031 first year students applied for the 1,678 available allocated rooms for first year students. The remaining rooms were allocated to returning students. Helping to push demand is that enrolment at Mona has nearly doubled since 2001 moving from 8,758 students to 16,518 in 2013, 138 Students Living states.
The company is partnering with UWI Mona, under the Concession Agreement to construct and manage 1,584 rooms. The UWI guarantees 90% occupancy of the constructed units in any 51 – week period for as long as the Concession Agreement is in place, which is currently contemplated to be a minimum of 30 years and a maximum of 65 years.
Opening|Effective November 27, the Company invites applications for up to 82,900,000 Ordinary Shares at $4 each and initially, 33,680,000 subject to an increase up to 60,000,000 Cumulative Redeemable Preference Shares at $5.
jmmb150x150The issue is underwritten by JMMB, the Underwriter, who has given an irrevocable commitment to subscribe for any of the 82,900,000 Ordinary Shares and/or the 13,680,000 Preference Shares that are not taken up by Applicants on the Closing Date of the Invitation up to a maximum of $400M. The existing shareholders are also selling 15,716,667 units. The offers will close on Thursday, 4 December 2014. With the ordinary share issue have been fully underwritten it is expected that the directors will be making the application to the Jamaica Stock Exchange the Ordinary Shares and the Preference Shares on the Main Market.
138 stndt liv 11-14The preference shares| Cumulative preferential dividends will be paid at a rate equal to the Government of Jamaica 180 days Weighted Average Treasury Bill Yield plus 3% per annum (WATBY + 3%). Dividends will accrue from the issue date, and paid on the 4th anniversary. Thereafter dividends will accrue and be due and payable semi-annually. With 182 days Treasury bills rate is now at 7.385 percent the yield initially will be just over 10 percent, but that is sure to decline within months and could remain pretty low going forward as the country sorts out its economy and enter a period of economic stability. The listing will provide a market for investors to quit early, if they so desire, the question then will be at what price?
The Company is a special purpose real estate investment company. It was established by the Founder, its majority shareholder K Limited, which is a company owned and controlled by the Chairman of the Company John Lee former PriceWaterhouse Partner and his immediate family members inclusive of his wife Director Marrynette Lee. Under the direction of John Lee and Marrynette Lee, K Limited has in the past 7 years developed a number of multiple – residential accommodation complexes comprising over 100 units in the aggregate, in and around Kingston and Saint Andrew.
138 photo 11-14Future income| On the positive side, it could be a good dividend payer with the potential for steady revenues due the demand for housing at UWI and the agreement they have with UWI re guaranteed income. The real payoff will be long term as interest cost falls while revenues grow.
The projections are for a loss in 2016 of $71 million and profit of $28.4 million in 2017, then $161 million in the following year and $269 million in 2019. The projection factors in very high levels of debt servicing cost that exceeds 50 percent of projected income. That of course is going in the opposite direction to what is happening to interest rates currently and could redound to the benefit of investors with increased profits, if interest rates decline. That is assuming the company is not tied into high fixed interest rates on loans to fund the development, as Jamaica comes to grips with its high interest cost, which it seems poised to do, with government’s focus on wiping out high fiscal deficits and reduction in its debt load. At November 13, the company had incurred $436 million in construction of the units so far.
The overall project, to cost $4.4 billion, is to be funded by $3.8 billion of debt and would make the company highly leveraged with long-term capital of just over $900 million. While the company could and should raise added equity capital going forward, the projection for high debt funding, could delay or derail the full build out of the units in the time frame expected which is up to 2017 as such the forecasted.

Rosa Manor welcomes you for J$50m

Rosa Manor, Kingston, Jamaica

Rosa Manor, Kingston, Jamaica

Rosa Manor is a new three bedroom, three bathroom townhouse complex, nestled in the hills of Widcombe, in the Kingston 6 area. The complex which consists of 10 units of 3,000 and 3,450 square feet, carries a selling price of US$450,000 to $500,000 and comes with garage for 2 cars.
Rosa Manor units at 1 Rosa Place, Widcombe, Kingston 6, Jamaica.

Rosa Manor units at 1 Rosa Place, Widcombe, Kingston 6, Jamaica.

There are two stand-alone units and 8 semi-detached ones. Rosa Manor is located at 1 Rosa Place and has a view of Kingston City. The selling price works out at J$17,000 per square foot, but is closer to J$20,000 for the living space after adjusting for the lower cost relating to the garage and patio. These prices are in line with other new developments within the Kingston metropolitan area.
Interior of Townhouse at Rosa Manor

Interior of Townhouse at Rosa Manor

The complex features solar lighting for the common area, gated entrance, while each unit has back up water tank and pressure system and are piped for air conditioning and solar system. The flooring includes porcelain tiles downstairs, and hardwood upstairs. The roofing is Decra tiles.
The architect if Revi Gardener & Associate and the developers is Rosa Manor Development Company Limited.

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