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Closing 220 BUY Target 360
Investment Rationale
~ Various Projects – Completed – Ongoing – in momentum
~ New launches – The trigger
~ Improving financial performance
~ The venture - 50% stake in ICICI venture
~ Developers try to woo buyers – Industry scenario
~ FDI policy nod – to spur real estate demand
The Business
Oberoi Realty Ltd is a Mumbai based real estate development
company. The company's primary focus is to develop residential
properties. They develop residential, office space, retail,
hospitality and social infrastructure projects in mixed-use and
single-segment developments. On going and planned projects are
of nearly 20 mn sqft. It’s now a mixed play in realty and hospitality.
Currently the company has 3 completed investment property i.e.
Oberoi Mall, Commerze (a commercial property) and Westin
Mumbai Garden City, a 269 room hospitality property.
The gross lease area of Oberoi mall was 552893 sft and that of
Commerz was 364888 sft.
The residential projects are Oberoi woods, Exquisite, Esquire,
splenfor, splendor Grande.
The social infrastructure project of Oberoi International school.
Investment Rationale
• Various Projects – Completed – Ongoing – in
momentum
RESIDENTIAL
Oberoi Woods and Exquisite (Residential) – Revenue
recognition for both the projects.
Esquire – Launched in Feb FY11. Partial revenue recognition
happening as the project is yet to reach the threshold.
Oberoi Splendor - Most of the units have been sold and partly
revenue has been recognized as part payment has been received.
The possession for the units will happen in FY12.
Oberoi Splendor Grande – Partly units have been sold and
revenue has been recognized.
RETAIL
Oberoi Mall - The key tenants comprise Central, Lifestyle, Croma,
PVR Cinemas other various brands. Occupancy has been
91.33%. Management expects consistent improvement in FY12 as
well.
OFFICE SPACE
Commerz - Commerz continues to attract corporate looking to
shift from island city to suburbs as well as corporate looking for a
launch pad in Mumbai. Occupancy has been at 73.71% which is
comparatively higher than last year 43.97% levels.
HOSPITALITY
Westin - The hotel is operated and managed by Starwood under
the Westin brand. The management is confident that the hotel will
put in a better performance in FY12.
SOCIAL INFRASTRUCTURE
Oberoi International school - The Oberoi International School
building is owned by the Company and leased to and operated by
Oberoi Foundation, a public charitable trust.
The projects are very much on track with on time revenue
recognition.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Closing 220 BUY Target 360
Investment Rationale
~ Various Projects – Completed – Ongoing – in momentum
~ New launches – The trigger
~ Improving financial performance
~ The venture - 50% stake in ICICI venture
~ Developers try to woo buyers – Industry scenario
~ FDI policy nod – to spur real estate demand
The Business
Oberoi Realty Ltd is a Mumbai based real estate development
company. The company's primary focus is to develop residential
properties. They develop residential, office space, retail,
hospitality and social infrastructure projects in mixed-use and
single-segment developments. On going and planned projects are
of nearly 20 mn sqft. It’s now a mixed play in realty and hospitality.
Currently the company has 3 completed investment property i.e.
Oberoi Mall, Commerze (a commercial property) and Westin
Mumbai Garden City, a 269 room hospitality property.
The gross lease area of Oberoi mall was 552893 sft and that of
Commerz was 364888 sft.
The residential projects are Oberoi woods, Exquisite, Esquire,
splenfor, splendor Grande.
The social infrastructure project of Oberoi International school.
Investment Rationale
• Various Projects – Completed – Ongoing – in
momentum
RESIDENTIAL
Oberoi Woods and Exquisite (Residential) – Revenue
recognition for both the projects.
Esquire – Launched in Feb FY11. Partial revenue recognition
happening as the project is yet to reach the threshold.
Oberoi Splendor - Most of the units have been sold and partly
revenue has been recognized as part payment has been received.
The possession for the units will happen in FY12.
Oberoi Splendor Grande – Partly units have been sold and
revenue has been recognized.
RETAIL
Oberoi Mall - The key tenants comprise Central, Lifestyle, Croma,
PVR Cinemas other various brands. Occupancy has been
91.33%. Management expects consistent improvement in FY12 as
well.
OFFICE SPACE
Commerz - Commerz continues to attract corporate looking to
shift from island city to suburbs as well as corporate looking for a
launch pad in Mumbai. Occupancy has been at 73.71% which is
comparatively higher than last year 43.97% levels.
HOSPITALITY
Westin - The hotel is operated and managed by Starwood under
the Westin brand. The management is confident that the hotel will
put in a better performance in FY12.
SOCIAL INFRASTRUCTURE
Oberoi International school - The Oberoi International School
building is owned by the Company and leased to and operated by
Oberoi Foundation, a public charitable trust.
The projects are very much on track with on time revenue
recognition.
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