I have said in the comment section in my previous post that I expect Singpost to grow by 10-20%.

So here is how the numbers add up.

Recovery of rental income from SPC mall.

SPC mall rental loss is about 4-4.5 mio annually, if you track the last 3 quarters of loss of income.

When redeveloped, the retail space will double. Not just that, a check at property Guru of rental rate at the nearby Paya Lebar square show psf rental of $25-$27

Even assuming $20 psf for 25000 sqm of retail space, we know the recovery of rental loss will be significant.

Next, the expenses. Depreciation cost has increase due to Logistic Hub TOP, but the savings in expenses might have to materialize. If we look at expenses, the depreciation of Logistic hub will be 5-6 mio annually, so the potential in savings should be more than that …