Readers of my blog will know that I am a huge supporter of this counter, Bukit Sembawang Estates Ltd.

Fundamentally it still stand as one of the best property counter in my view – loaded with cash that can at least cover the dividend for another 3 years and having development properties without any debt.

Recently, I had a discussion with a reader on this company. He is an accountant and were asking me some questions on its financials. I was able to answer some, while others requires a lot of digging.

Nevertheless, he came to a conclusion that the “Development Properties” stated on the Current Asset were at “cost”. I double checked on the 2016 annual report and found this to be true. This meant that I amĀ “sitting on unrealised gold” by having this counter as part of my portfolio.

A screenshot of the Current Asset in its …