I have attended 6 AGMs last week and these are some of my quick takeaways:
Far East Orchard–
They have an All Star board with Mr Koh Boon Hwee and Ms Jennie Chua in it. Issues highlighted were their foray into PBSA sector (student accommodation), Sentosa project, medical suites(low yield), capital recycling efforts, property development pipelines and etc.
They have been in the PBSA sector since 2015 (Not late in the game) and they have build up from ground their Newscastle portfolio but they have recently purchased from other vendors their Liverpool, Bristol and Brighton assets. Net yield for their properties is around 5% (close to SPH’s 6%). It is kind of overcrowded in my view as many are clamouring for this asset class (GIC, SPH, Centurion and etc).
For the Sentosa project, it will be just management contracts for the properties and they have no vested stake