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emaar mgf to sell Palm Drive to Tishman Speyer

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emaar mgf to sell Palm Drive to Tishman Speyer

Last updated: November 16 2012
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  • emaar mgf to sell Palm Drive to Tishman Speyer

    hey all
    emaar mgf is in advanced stages of selling off its palm drive project to Tishman Speyer....
    this is generate some cash for the heavily leveraged emaar mgf....(amit i agree with your debt to equity post so completely)

    below is the link to the news article

    Emaar MGF to sell apartment project to US co for R1,200 cr
  • #2

    #2

    Re : emaar mgf to sell Palm Drive to Tishman Speyer

    Emaar MGF is learnt to be in an advanced stage of selling its under-construction 550-flat residential complex Palm Drive in Gurgaon for Rs 1,000-1,200 crore to New York-based marquee realtor Tishman Speyer.

    For the beleaguered Emaar MGF, a joint-venture between Dubai-based Emaar and Shravan Gupta-led MGF Land Ltd, this is a fire sale, as the company is unable to sell the flats by itself owing to the current slump in the housing market


    After reading the report cant understand few facts
    1 Contrary to the report Emaar as per my understanding has sold most of the inventory.. in fact the total Palm drive project is close to 1500 units including sky/palm/premier/premier terraces select,enclave and palm studio so cant understand how they mention 550 units

    2. Emaar claims to have sold about 1300 appts by 2010.. later they sold enclave and palm terraces select so my guess is they have not more than 100-150 appts.

    3.now there sky and palm terraces are in advanced stage of const.( structure ready) what is lagging is premier and premier terrace select(comprising about 800 units) where const has not started.

    So educated guess is that the report is talking about some portion of palm drive and unsold units is not the driving force

    more comments welome for better understanding..

    All said if tis deal goes through it would be a welcome respite for emaar MGF and investors alike

    Comment

    • #3

      #3

      Re : emaar mgf to sell Palm Drive to Tishman Speyer

      Seems like they are not selling Emerald plaza project anymore as it was only 220 cr.. Builder can claim that most of the apartments are sold but everybody knows that is not the case in most of the instances... and I highly doubt there Palm terrace select and palm terrace are almost sold because they launched these projects around 2-3 years back and if they would have been sold buyers would be after emaar to start construction... seems like this project has lot of unsold inventory and emaar is finding it difficult to complete the project...

      Originally posted by AmitMM View Post
      Emaar MGF is learnt to be in an advanced stage of selling its under-construction 550-flat residential complex Palm Drive in Gurgaon for Rs 1,000-1,200 crore to New York-based marquee realtor Tishman Speyer.

      For the beleaguered Emaar MGF, a joint-venture between Dubai-based Emaar and Shravan Gupta-led MGF Land Ltd, this is a fire sale, as the company is unable to sell the flats by itself owing to the current slump in the housing market


      After reading the report cant understand few facts
      1 Contrary to the report Emaar as per my understanding has sold most of the inventory.. in fact the total Palm drive project is close to 1500 units including sky/palm/premier/premier terraces select,enclave and palm studio so cant understand how they mention 550 units

      2. Emaar claims to have sold about 1300 appts by 2010.. later they sold enclave and palm terraces select so my guess is they have not more than 100-150 appts.

      3.now there sky and palm terraces are in advanced stage of const.( structure ready) what is lagging is premier and premier terrace select(comprising about 800 units) where const has not started.

      So educated guess is that the report is talking about some portion of palm drive and unsold units is not the driving force

      more comments welome for better understanding..

      All said if tis deal goes through it would be a welcome respite for emaar MGF and investors alike

      Comment

      • #4

        #4

        Re : emaar mgf to sell Palm Drive to Tishman Speyer

        Manu my numbers are verifiable unless Emaar is lying on record or if the declared size of project is much larger than 1500.

        also the report talks about valuation of 550 units at 1000-1200 crores which is absurd as each unit is then valued at 2 cr!!!!

        similarly 1500 units will take valuation to 2500 cr +

        so fact/purported truth/fact will be some where in between....
        yes they will find completing the project a challenge and hence the fire sale but unsold units being the reason is i guess not factual





        Originally posted by manu813 View Post
        Seems like they are not selling Emerald plaza project anymore as it was only 220 cr.. Builder can claim that most of the apartments are sold but everybody knows that is not the case in most of the instances... and I highly doubt there Palm terrace select and palm terrace are almost sold because they launched these projects around 2-3 years back and if they would have been sold buyers would be after emaar to start construction... seems like this project has lot of unsold inventory and emaar is finding it difficult to complete the project...

        Comment

        • #5

          #5

          Re : emaar mgf to sell Palm Drive to Tishman Speyer

          There can be factual errors in this report , true facts we will know only after after official announcement... If they would have sold most of the project then why would they sell that project to tishman ..this business logic seems absurd to me.. only reason can be they are finding hard to sell...


          Originally posted by AmitMM View Post
          Manu my numbers are verifiable unless Emaar is lying on record or if the declared size of project is much larger than 1500.

          also the report talks about valuation of 550 units at 1000-1200 crores which is absurd as each unit is then valued at 2 cr!!!!

          similarly 1500 units will take valuation to 2500 cr +

          so fact/purported truth/fact will be some where in between....
          yes they will find completing the project a challenge and hence the fire sale but unsold units being the reason is i guess not factual

          Comment

          • #6

            #6

            Re : emaar mgf to sell Palm Drive to Tishman Speyer

            quite right let the deal go through first!!!
            but the 1200 cr in emaar kitty will definately boost their ability to manage other projects better....


            Originally posted by manu813 View Post
            There can be factual errors in this report , true facts we will know only after after official announcement... If they would have sold most of the project then why would they sell that project to tishman ..this business logic seems absurd to me.. only reason can be they are finding hard to sell...

            Comment

            • #7

              #7

              Re : emaar mgf to sell Palm Drive to Tishman Speyer

              yes if dealgoes through it ll be positive for emaar and its investors ........
              also the fact that another well reputed international co. coming to gurgaon would boost up the overall value (not in terms of money but in terms of diversity and job generation and future prospects of tishman entering gurgaon) of gurgaon ....

              Comment

              • #8

                #8

                Re : emaar mgf to sell Palm Drive to Tishman Speyer

                Who owns this now? Emmar still or sold off?

                Comment

                • #9

                  #9

                  Re : emaar mgf to sell Palm Drive to Tishman Speyer

                  I have one flat here. m so looking forward to its possession.

                  Comment

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