Wednesday, September 01, 2010

地皮不「易得」

九龍塘義德道地皮卻非「易得」,各地產發展商都要出盡力搶地,嘉里建設(683)更需以九龍區新高樓面呎價16,587元才能擊退各個對手,令新鴻基地產(016)投得何文田地皮時所創的九龍區最高樓面呎價紀錄,只能維持短短兩個月時間,而長江實業(001)於8月中投得的兩幅市區地皮亦變得不算高了,反映豪宅地渴求甚殷。

另一個不是「易得」的原因,當然又是拍賣官的叫價策略,當每口叫價從2,000萬元減一半至1,000萬元,還情有可原,直至承價至11.25億元時,拍賣官將每口叫價再劈至僅500萬元,即相等於當時叫價僅0.44%而已,禤中怡不得不佩服他為政府鞠躬盡瘁,努力爭取一分一毫,令庫房收入增多之餘,亦營造會場的舉牌氣氛,否則怎會有65口叫價,這又算不算幫樓市升溫呢!

中型發展商搶地情況,在拍賣亞皆老街地皮時經已出現,只是嘉里建設最終落敗而已,但今次更引來久未露面的大昌集團(088)主席陳斌、香港興業(480)代表等出現,相信大家都想趁息低時,先補充土儲。

至於買得地皮的嘉里,其股價於昨日午後3時,即拍賣開始時略彈,之後僅在39至39.2元之間上落,並以39.2元收市,跟隨大市跌1%。由於九龍塘地皮所需地價12.85億元,只佔該集團於6月底資產淨值607億元的2.1%,加上其負債比率亦只有20.7%,相信融資發展該地皮的難度不大。

其實,今年樓市向上,持有物業的理應不俗,偏偏華人置業(127)周二所派那份中期成績表,竟然因為投資物業重估虧損高達40億元,引致截至6月底便蝕了32億元之多。該股股價昨日雖挫1.3%,至13.52元,卻未見拋售潮,成交股份才27.5萬股,涉及只有371萬元交投金額罷了。

另一邊廂的九龍倉(004)同日亦公布中期業績,當中卻獲74億元的投資物業公平值盈餘,難免令人產生錯覺,為何大家面對同樣的地產市道,結果卻不同呢?莫非華置的物業不夠那麼值錢?

話雖投資物業重估只是帳面數,不影響現金流,但做股東的定必喜歡資產升值吧!更重要的是,華置於6月底總資產淨值便因該虧損等而跌了10%至347.5億元,即使期內回購股份,每股資產淨值亦由去年底的19.81元降至18.19元。資產淨值下降會否令本身借貸實力有所削弱,日後借錢時,利息條件也受影響呢?

望望份成績表,原來幫該集團做獨立物業估值的,已由多年來經手的普敦國際評估,轉換為保柏國際評估負責。禤中怡向測量界朋友查問,他也答不出所以然,畢竟上半年本港樓市非差,按理所持物業能有增值機會,而碰上內地要打壓樓價,故內地部分物業或受影響亦不足為奇。佢話,一般而言,本港物業一般用剩餘估值法、物業租金現金流,和比較其他物業等標準作評估,故理應跟隨市況變化。

(於9月1日刊於《am730》)

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