Lumi got execution risk whereas TA is going to VP soon. Depending the rest of the sales of Lumi, I rate it quite high risk as their land cost is high.

You mean Lumi will become an abandoned project?

But thriven global has a CG from mulpha international (a rm1.2bil paid up capital company with a profit after tax of rm480mil in 2012, a holding company focuses mainly in foreign land development mainly Australia.)

Thriven global revenue jumped 3 folds since 2010 to 45 mil in 2014. No dividend delclared which shows shareholders financial commitment towards the company. This is further supported by a 3 times increase in paid up capital to 22 mil from 9 mil in 2013 probably due to lumi visions. Reason for their low revenue was due to no big launches and rev being recognised upon completion of projects.

Thrive purchased a rm113mil from tropicana in 2013. But mulpha int acts as a CG to thriven with a paid up cap of 1.2bil.. I don't see how is a 113mil land cost a high risk given lumi tropicana itself carries a gdv of 850 mil.

Land cost is high? but price for an average unit in lumi tropicana is 1.2 mil. They sell 94 units ady cover the land cost. So far they already sold roughly 100 units with confirmed bank approval.

Pls enlighten me.

I personally felt that it will be a show down between TA and Lumi. Let's see what kinda tenants will they bring in. But TA shops are strata shops while lumi ones aren't. Well both TA and LT will bring vibrant to Persiaran tropicana.

This post has been edited by mthc: Dec 11 2015, 01:43 PM

Quite high risk is not "will become" la. If risk is 10% also, I consider as quite high risk.

Corporate guarantee from Mulpha? What does it cover? Corporate guarantee for what? Loans from banks? Cover end purchasers?

45mil turnover and 22 mil paid up is very small la.

If GDV is 850mil and they have sold 100 times 1.2mil = 120 mil , it means 14% of total GDV sold to date? Hmm...still a long way to go.

Sell 94 units means cover the land cost? Bro, do you know how to calculate? You think the 94 units sale is net profit ah? They will be happy to make 10% of that only. Long way more before can cover land cost.

Please enlighten me further. I am learning.

[quote=Brandon323,Dec 11 2015, 06:45 PM]

If 10% is high risk then all project financing can go longkang already.

Yes 45 mil turnover is very small but it was a 3 times fold from 2010, given that it's the subsidiary of mulpha int. And even if it's a 22 mil paid up capital company, it has a solid TNW of 140mil. So does that mean all the sme with 500k paid up but million of TNW are considerably small also? Lol.. Bro.. this is a developer and their revenue is recognised upon completion of projects. If there are no projects yet to be completed then how would the revenue be big? Some developers recognise their revenue upon progressive billing.

You said that there will be a risk of execution in the events of default plus it's 113mil land cost which is deemed high in yr scenario but mulpha int acts as a guarantor to loans from bank. Given the size of mulpha int, the land cost is nth comparable to its CG"s paid up of 1.3bil or a clearer indicator, it's TNW of 2.4bil. Thriven TNW of 140mil is able to cover lumi tropicana land cost of 113mil already. And also fyi, purchasing the land and securing a contract to finance the project are two different events so ya.

I'm just giving an indicator to yr high land cost in terms of a gdv. Ya I admit I was being sarcastic in comparing. Idk how to calculate bro. Just trying my luck to keep my job with false calculation.

I'm learning too. Cheers buddy

This post has been edited by mthc: Dec 11 2015, 07:23 PM

Better talk in lumi tropicana .thanks
https://forum.lowyat.net/topic/3079903/+240

They will struggle, but die die price will not go down. Gotta give face to Tropicana grande. Besides, they already have potential buyers *wink wink. And the herd all come in for the slaughter. Mehhhhh mehhhh meh

I just pluck 10% out of thin air. To me, 10% risk is too high because it is not worth the reward. If purchasers are willing to take 10% or more risk of abandonment, they should be compensated by rewards in the form of lower pricing compared to the market...but they are not...they are paying future price(whatever that means). They are buying on the assumption everything will be delivered according to plan - to me, that is a big assumption. Even if they get everything delivered according to plan, is the price still too high? that is a question purchasers have to ask themselves(but I know they won't because as satrionex said, there are suckers everywhere)

TNW = total net worth? It does not mean much when a company has liquidity problem. A company can have billions of NTA but still can go bankkrupt or a particular project can be abandoned and the company is still operational. The fact that banks need a CG from Mulpha tell you the stability of the developer right? I don't know of any CG and what does the CG cover(purchasers go find them out themselves). A CG only cover the banks. CG is not everything. You cannot say just because a company has NTA of billions that they can take on any projects. Do you know all of their other financial commitments?

I am just saying comparatively, I would prefer Tropicana to develop the piece of land themselves as their cost is low and they have the track record. I understand that nobody cares much because everybody fully expect things to work out just fine and normally they do. But...in case, it does not, are you prepared to swallow the 1.2mil or lesser loss? Are you able to recover from the loss? Will it put you into financial misery for the rest of your life? Is 10% chance of the happening too high for you? Those are the questions purchasers should be asking.

This post has been edited by Brandon323: Dec 12 2015, 11:22 AM

Any early buyer receive VP letter yet..? If got, please share here. Thx

Damn, just now drove by saw the residence lobby were using blue spotlights, damn ah beng…jialat

Got buyer called said developer get CCC !now waiting vp letter gua !

From where you hear?

No take photo ?

No one receive letter ?

Nobody receive letter ?

Welcome to the haunted house of Tropicana

ok la better than green colour !look like nokia 8210!
jus call Tropicana office, she said first batch is about 100+ unit ,my one is 2nd batch in January!

When is the first batch?

I think is starting ! Have u call to check ?

Nope, the last I ask was last month and they told me Jan/Feb