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  1. #3831
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    Quote Originally Posted by Maverick View Post
    Cheryl the sales lady told our group it was 70 yrs so maybe the ratcheting has already begun
    Are you sure she wasn't talking about the apartments? they are 70 years for sure.
    I'll have to check the brochure when I get home to ensure I did see 65 years of entry for the care suites.

  2. #3832
    …just try’n to manage expectations… Maverick's Avatar
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    Quote Originally Posted by trader_jackson View Post
    Are you sure she wasn't talking about the apartments? they are 70 years for sure.
    I'll have to check the brochure when I get home to ensure I did see 65 years of entry for the care suites.
    My bad. I didn't realise there was a difference between them

  3. #3833
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    Thanks Maverick and Trader_Jackson for both reports, it helps a lot to read that when working from a desk in Wellington. If you guys were close enough I would be cooking an argentinian asado for you.

  4. #3834
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    Quote Originally Posted by MauroNZ View Post
    Thanks Maverick and Trader_Jackson for both reports, it helps a lot to read that when working from a desk in Wellington. If you guys were close enough I would be cooking an argentinian asado for you.
    Cordero o vaca ?? :-) Maybe you should do that for the next opening in Wellington to welcome new owners :-)

  5. #3835
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    Quote Originally Posted by iceman View Post
    Cordero o vaca ?? :-) Maybe you should do that for the next opening in Wellington to welcome new owners :-)
    Ambos . As you are in Nelson you will see in photos.

  6. #3836
    …just try’n to manage expectations… Maverick's Avatar
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    For anybody out there interested, Goose (also a serious share holder) and I have since visited Lady Allum (AKL north shore)and Trevellyn (Hamilton)a few days after the Sands. The purspose was to see how OCA was doing in a less spectacular area than what "The Sands" is. Also to observe these slow rebuilds within existing villages as opposed to starting again from scratch. Here are some key points from our observations and discussions with staff....
    -OCA modus operandi seems to own functioning dated rest homes in well healed and geographically elavated/ desirable areas and then systematically replace them with multi level high end accomodation. The result is a premium product with superior views in a wealthy catchment.
    -They bowl over the low density villas etc and replace them with 3x the dwelling density.(multi story)
    -Their target customers are definitely the high end from the area and these areas can afford the high price tags.
    -Staff are very happy to a surprisingly high degree with their superiors and village developers.
    -unit/ apartment design is continually evolving and improving in consultation with staff on the ground.
    -at Lady Allum, the fairly recent completed , classic OCA, new multi story apartment development (approx $1 million each) are all full except one. This is without even the community center being built yet (a key cornerstone to any village to get new customers) ,also no pool or bowling green. They receive constant requests for units over the whole village of which they have to turn away because of no vacancies. They have five more years of development ahead of them and bought houses around them to continue expansion as required.

    To conclude, I remain convinced OCA is a company who know what they doing and are doing it exceptionally well. I believe they have more than enough demand for their high end product as it comes online.

    PS, I have figured they don't bother with pools or bowling greens in these areas as land is such a premium, it's not stifling demand and it surely allows them to put in another bunch of dwellings instead. I'm told by staff the oldies don't use the pools anyway. Perhaps that's one reason they can get 30% development margin.

    Anyway , im super happy with OCAs staff, business model,execution and product.
    Last edited by Maverick; 13-06-2019 at 09:51 PM.

  7. #3837
    IMO
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    Thanks for doing the legwork and sharing. Slight sidetrack i read in a westpac handout that(right or wrong) they expect a 7% rise in NZ prop prices in the next year citing removal of cap gains tax , low interest , immigration etc.

  8. #3838
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    Oct 2017
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    Quote Originally Posted by Maverick View Post
    For anybody out there interested, Goose (also a serious share holder) and I have since visited Lady Allum (AKL north shore)and Trevellyn (Hamilton)a few days after the Sands. The purspose was to see how OCA was doing in a less spectacular area than what "The Sands" is. Also to observe these slow rebuilds within existing villages as opposed to starting again from scratch. Here are some key points from our observations and discussions with staff....
    -OCA modus operandi seems to own functioning dated rest homes in well healed and geographically elavated/ desirable areas and then systematically replace them with multi level high end accomodation. The result is a premium product with superior views in a wealthy catchment.
    -They bowl over the low density villas etc and replace them with 3x the dwelling density.(multi story)
    -Their target customers are definitely the high end from the area and these areas can afford the high price tags.
    -Staff are very happy to a surprisingly high degree with their superiors and village developers.
    -unit/ apartment design is continually evolving and improving in consultation with staff on the ground.
    -at Lady Allum, the fairly recent completed , classic OCA, new multi story apartment development (approx $1 million each) are all full except one. This is without even the community center being built yet (a key cornerstone to any village to get new customers) ,also no pool or bowling green. They receive constant requests for units over the whole village of which they have to turn away because of no vacancies. They have five more years of development ahead of them and bought houses around them to continue expansion as required.

    To conclude, I remain convinced OCA is a company who know what they doing and are doing it exceptionally well. I believe they have more than enough demand for their high end product as it comes online.

    PS, I have figured they don't bother with pools or bowling greens in these areas as land is such a premium, it's not stifling demand and it surely allows them to put in another bunch of dwellings instead. I'm told by staff the oldies don't use the pools anyway. Perhaps that's one reason they can get 30% development margin.

    Anyway , im super happy with OCAs staff, business model,execution and product.
    Very nice report Maverick, thanks a lot for sharing it.

  9. #3839
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    Thanks for the reports on the other villages.

    Down my neck of the woods Windemere is making good progress. Workers out there early morning under lights. Every day there are new bits poking above the fence line.

  10. #3840
    …just try’n to manage expectations… Maverick's Avatar
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    Annual report is due out in about five weeks time. I,m picking 55.1 million underlying profit.5.6% up on last year. That's a PE of 11.5 at $1.04. (I'm hopeful the market might be pleasantly surprised as low expectations are already baked into the share price)
    The result will be pretty unremarkable as their new units delivered will be mostly empty at this point. I'm thoroughly convinced the company will do very well indeed in the years to come but at this stage the underlying results will most likely appear very sluggish.
    Last edited by Maverick; 15-06-2019 at 07:02 PM.

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