mr funny
20-06-11, 13:15
http://www.businesstimes.com.sg/sub/companies/story/0,4574,443649-1308340740,00.html?
Published June 17, 2011
GuocoLand ropes in EPF for Tg Pagar project
M'sian Employees Provident Fund buys 20% stake worth an estimated $640m
By UMA SHANKARI
GUOCOLAND, which is controlled by Malaysian tycoon Quek Leng Chan, yesterday said it has sold a 20 per cent stake in its upcoming $3.2 billion mixed-use development above Tanjong Pagar MRT station to the Employees Provident Fund of Malaysia (EPF).
The stake is estimated to be worth around $640 million. GuocoLand units will hold the remaining 80 per cent in the joint venture company set up to develop the project.
GuocoLand won the 99-year-leasehold plot in a government land tender in November last year with its offer of $1.708 billion or $1,006 per square foot per plot ratio (psf ppr). The $3.2 billion development cost includes the price of the land.
GuocoLand is required to allocate at least 60 per cent of the maximum 1.7 million sq ft gross floor area (GFA) to offices and another 10 per cent for hotel use.
In line with this, the development will potentially feature over a million sq ft of Grade A office space, a five-star hotel and retail space, as well as Singapore's tallest ever residences, which will reach a height of 280 metres.
The entire development will be completed in 2015 or 2016 but residential units could be launched as early as 2012, GuocoLand said in February this year.
The developer has also appointed Skidmore, Owings & Merrill (SOM) as the project's architects. SOM is the firm behind the world's tallest building, Burj Khalifa in Dubai, and the upcoming One World Trade Center in New York City. The firm also designed Singapore's Changi Airport Terminal Three.
EPF, a Malaysian pension fund, provides retirement benefits for private and non-pensionable public sector employees by managing their savings in approved financial instruments such as Malaysian government securities, money market instruments, loans and bonds, equity and property.
The new joint venture is not expected to have any material effect on the net tangible assets per share or earnings per share of the group for the current financial year ending June 30, 2011, GuocoLand said.
GuocoLand shares lost 12 cents or 5.7 per cent to close at $1.99 yesterday amid a broad market retreat.
Published June 17, 2011
GuocoLand ropes in EPF for Tg Pagar project
M'sian Employees Provident Fund buys 20% stake worth an estimated $640m
By UMA SHANKARI
GUOCOLAND, which is controlled by Malaysian tycoon Quek Leng Chan, yesterday said it has sold a 20 per cent stake in its upcoming $3.2 billion mixed-use development above Tanjong Pagar MRT station to the Employees Provident Fund of Malaysia (EPF).
The stake is estimated to be worth around $640 million. GuocoLand units will hold the remaining 80 per cent in the joint venture company set up to develop the project.
GuocoLand won the 99-year-leasehold plot in a government land tender in November last year with its offer of $1.708 billion or $1,006 per square foot per plot ratio (psf ppr). The $3.2 billion development cost includes the price of the land.
GuocoLand is required to allocate at least 60 per cent of the maximum 1.7 million sq ft gross floor area (GFA) to offices and another 10 per cent for hotel use.
In line with this, the development will potentially feature over a million sq ft of Grade A office space, a five-star hotel and retail space, as well as Singapore's tallest ever residences, which will reach a height of 280 metres.
The entire development will be completed in 2015 or 2016 but residential units could be launched as early as 2012, GuocoLand said in February this year.
The developer has also appointed Skidmore, Owings & Merrill (SOM) as the project's architects. SOM is the firm behind the world's tallest building, Burj Khalifa in Dubai, and the upcoming One World Trade Center in New York City. The firm also designed Singapore's Changi Airport Terminal Three.
EPF, a Malaysian pension fund, provides retirement benefits for private and non-pensionable public sector employees by managing their savings in approved financial instruments such as Malaysian government securities, money market instruments, loans and bonds, equity and property.
The new joint venture is not expected to have any material effect on the net tangible assets per share or earnings per share of the group for the current financial year ending June 30, 2011, GuocoLand said.
GuocoLand shares lost 12 cents or 5.7 per cent to close at $1.99 yesterday amid a broad market retreat.