1
Project 2017 Update
1. New Site Status
2. Design Competition Entry/ Feedback/ Evaluation
3. Timeline
4. Financing
2
Project 2017 Update
1. New Site Status
2. Design Competition Entry/ Feedback/ Evaluation
3. Timeline
4. Financing
3
New Site: Planning Parameters under review
As at Dec 2012
EDB/ URA’ s Proposal
GESS’s Request
Site Area
2.1 Ha
2.6 Ha – 3.0 Ha (max)
3.0 Ha
Gross
Plot Ratio
(min)
1.2
1.4
1.2
25,200 m2
36, 400 m2 42,000 m2 (max)
36,000 m2
Gross Floor
Area (min)
Gross Plot Ratio (GPR)
=
Gross Floor Area (GFA)
_____________________
Site Area
• Board had a constructive meeting with EDB on 25 Oct 13
PMT’s Proposed Site Plan
6
Project 2017 Update
1. New Site Status
2. Design Competition Entry/ Feedback/ Evaluation
3. Timeline
4. Financing
7
Design Competition Entries & Feedback
1. 4 consultant teams participated in the design
competition commenced on 19 Jul 13.
2. 5 designs competition entries were received on
13 Sep 13.
3. Designs competition entries were displayed at
both campuses to the community from 4 Oct 13
to 31 Oct 13.
8
Design Competition Panels on display
@ Bukit Tinggi Campus
@ JSC Campus
9
Design A
10
Design B
11
Design C
12
Design D
13
Design E
14
Design Competition Feedback
4. Feedback received from students, teachers,
staff & parents were summarized as follows:Common concerns raised:
• Lots of light & windows for classrooms
• Lots of open play spaces & hang-out spaces
• Easy accessibility – including sufficient parking & safe drop-off,
not too many stairs, use of elevators, etc.
• Green campus e.g energy efficient, solar power, etc.
• Improved facilities like better lockers, learning pods, drama
centre, canteen, gym, swimming pool, state of art technology
facilities, etc.
15
Design Competition Feedback
Common Concerns Raised
Brightness & Light
Spacious with play areas
27%
16%
22%
16%
19%
Easy Accesibility e.g. sufficient parking,
safe drop-off, elevators, etc
Green Campus
• Statistics based on 3 top most concerned aspects
from the 61 nos. of feedback received
Improved Facilities e.g better lockers,
canteen, etc
PMT’s Assessment: Quality Proposal
Quality Criteria Considerations
Track Record
15%
10%
20%
10%
45%
Cost Control Strategy
Design Strategy
Implementation Strategy
Resources Allocation
17
Design Competition Evaluation Progress
1. From Quality-Fee Method (QFM)’s preliminary
scoring and evaluation, we have narrowed down to
4 designs with 3 Consultant Teams.
2. The Consultant Team Tender Interview was conducted on
5 Nov 13 by SMT & PMT and we have further
streamlined down to 3 designs.
3. 3 Consultant Teams are fine-tuning their design
schemes with PMT currently for the final stage of
assessment & recommendation.
18
Project 2017 Update
1. New Site Status
2. Design Competition Entry/ Feedback & Evaluation
3. Timeline
4. Financing
19
Timelines Summary as @ 6 Nov 2013
2012
Financing
Planning and Negotiation with EDB
2013
Involvement of Stakeholders
Design Competition
Recommendation of Consultant Team (Nov/Dec 2013)
2014
Financing in place
Approval & Agreement with Stakeholders (EGM)
Purchase of Land (in 1st Quarter 2014)
Appointment of Contractor (May/Jun 2014)
Start of Construction (Jun 2014) (24 months Build Period)
2015
2016
2017
Construction
Construction
Completion of Construction (Jun/ Jul 2016)
Fit out completion (Dec 2016)
School opens for students (August 2017)
Q&A
21
Project 2017 Update
1. New Site Status
2. Design Competition Entry/ Feedback & Evaluation
3. Timeline
4. Financing
AGM 25. November 2013
PROJECT 2017
FINANCING
22
23
Project 2017 - Financing
1.
2.
3.
4.
5.
6.
Project costs
Sources of Financing
BT campus sublease, mini-bonds, loans
Projections
Repayment of Loans: result/cash flow generation
Summary
24
Cost Review: Components of Budget as @ Nov 2013
Item
Cost
Notes
*$ 20 M * Exact amount currently unknown
A. Land Cost
(Could range from $15 mil - $30 mil)
B. Construction Cost
$87 M Based on Construction Unit rate of $2200 per m²
and Total GFA of 36,000m²(minimum)
C. Infrastructure
$1.5 M New Roads, drains , etc
D. Consultancy Fees &
authority submission
$6.5 M Based on 4.745% of construction cost (for Arch,
Eng’rs, QS, ID, Landscape Project Team)
$7 M Based on max 8% (6+2) of B
E. FFE & IT
F. Contingency +
$8.7 M Based on 10% of Anticipated Costs
Total Project Budget Anticipated: $130 Million
Financing…
Financing Sources
$15 M
Minibonds
Equity
$40 M
Bank
$75 M
26
Bukit Tinggi Site Sublease
1. Tender was marketed by Savills Singapore and
closed on 20. November 2013
2. We received 4 bids over $40M.
3. Legal and financial analysis as well as
understanding of intentions of candidates ongoing
(financial strength, future competition, implication on
reputation for GESS, acceptance Swiss Club,
expected co-operation for 30 years)
584
591
534
562
581
597
626
626
626
626
626
626
626
626
626
626
626
626
310
308
315
318
326
326
346
368
368
368
368
368
368
368
368
368
368
368
498
Preschool
283
Primary
453
874
874
874
874
870
848
841
820
797
768
762
742
735
716
703
664
622
593
546
500
Secondary
291
27
Project 2017 – Student projection
28
Project 2017 – Classes projection
Secondary
Primary
31
29
Preschool
20
39
39
42
43
43
42
42
43
43
35
36
28
29
29
29
29
29
29
29
29
29
29
18
18
18
18
18
18
18
18
18
18
21
29
Project 2017 – P&L projection
Tuition revenues in ,000 SGD
2029/30
2028/29
2027/28
2026/27
2025/26
2024/25
2023/24
2022/23
2021/22
2020/21
2019/20
2018/19
2017/18
2016/17
2015/16
2014/15
2013/14
2012/13
$80,000.0
$75,000.0
$70,000.0
$65,000.0
$60,000.0
$55,000.0
$50,000.0
$45,000.0
$40,000.0
$35,000.0
$30,000.0
2029/30
2028/29
2027/28
2026/27
2025/26
2024/25
2023/24
2022/23
2021/22
2020/21
2019/20
2018/19
2017/18
2016/17
2015/16
2014/15
2013/14
2012/13
Axis Title
30
Project 2017 – P&L projection
Personnel expenses
$50,000.0
$45,000.0
$40,000.0
$35,000.0
$30,000.0
$25,000.0
$20,000.0
31
Project 2017 – P&L projection
Tuition revenues / Personnel expenses in ,000 SGD
Tuition revenues
Personnel expenses
$80,000.0
$70,000.0
$60,000.0
$50,000.0
$40,000.0
$30,000.0
2029/30
2028/29
2027/28
2026/27
2025/26
2024/25
2023/24
2022/23
2021/22
2020/21
2019/20
2018/19
2017/18
2016/17
2015/16
2014/15
2013/14
2012/13
$20,000.0
32
Project 2017 – P&L projection
Annual surplus in ,000 SGD
annual surplus
Revenues
Expenditure
2029/30
2028/29
2027/28
2026/27
2025/26
2024/25
2023/24
2022/23
2021/22
2020/21
2019/20
2018/19
2017/18
2016/17
2015/16
2014/15
2013/14
2012/13
$75,000.0
$65,000.0
$55,000.0
$45,000.0
$35,000.0
$25,000.0
$15,000.0
$5,000.0
$(5,000.0)
33
Project 2017 – P&L projection
Annual surplus in ,000 SGD
annual surplus
$9,000.0
$7,000.0
Construction
period
$5,000.0
$3,000.0
$1,000.0
$(1,000.0)
2029/30
2028/29
2027/28
2026/27
2025/26
2024/25
2023/24
2022/23
2021/22
2020/21
2019/20
2018/19
2017/18
2016/17
2015/16
2014/15
2013/14
2012/13
$(3,000.0)
34
Project 2017 – Cash position projection
Cash position in ,000 SGD
$45,000.0
$40,000.0
$35,000.0
$30,000.0
$25,000.0
$20,000.0
$15,000.0
$10,000.0
$5,000.0
$$(5,000.0)
$(10,000.0)
Net change in cash
Cash (closing) balance
35
Project 2017 - Financing
Next steps:
• Obtain offer from URA/SLA/EDB for 3 ha
site
• Start official valuation
• Appoint consultant team (architects)
• Finalise term sheet with banks
• Finalise sale of mini-bonds to industry
• Get approval for the entire project at an
EGM
• Award Sub-lease for Bukit Tinggi Campus
Thank you for your attention
Questions ?