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11-03-12, 19:20
http://www.straitstimes.com/Money/Story/STIStory_775557.html
Top Global exits Capitol site consortium
Published on Mar 9, 2012
http://www.straitstimes.com/STI/STIMEDIA/image/20120308/ST_IMAGES_CAPITOL.jpg
An artist's impression of the Capitol Theatre development at the junction of Stamford and North Bridge roads. The buyers of the Top Global stake are already significant shareholders in the development. -- PHOTO: CAPITOL INVESTMENTS
By Jonathan Kwok
CATALIST-LISTED real estate group Top Global has left the consortium that is developing the old Capitol site.
Top Global, helmed by a member of Indonesia's wealthy Widjaja family, will sell its 30 per cent stake to Pontiac Land's unit Chesham Properties and Mr Ron Sim, chief executive of massage chair maker Osim.
The two parties, already significant shareholders in the development, will pay a total of $70 million to have their stakes increased.
The change in the shareholding structure is expected to be completed by June.
After the deal, Chesham Properties will hold half of the Capitol consortium, with Mr Sim holding 26 per cent and Mr Pua Seck Guan, of Perennial Real Estate, holding 24 per cent.
In October 2010, the consortium won the tender for a 99-year lease to redevelop a 1.43ha land parcel at the junction of Stamford Road and North Bridge Road, with a bid of $250million.
The parcel housed Stamford House, Capitol Building and Capitol Theatre. When redeveloped, it will contain a historical theatre, a premium shopping mall, a six-star hotel and a luxurious residential tower.
'We have crystallised many exciting ideas into the project,' said a statement yesterday from Pontiac Land Group and Perennial.
'As an example, the historical theatre will double up as a movie theatre and a performing arts centre and it will be able to cater for red-carpet events.'
Mr Sim said he sees the Capitol development as a 'value investment with long-term growth potential'.
'This has led me to increase my stake and further strengthen my partnership with the consortium,' he said in a statement.
Seller Top Global is controlled by Madam Sukmawati Widjaja, part of the family that owns the large Indonesian conglomerate Sinar Mas Group.
She is also known as Madam Oei Siu Hua and is the younger sister of well-known investor Oei Hong Leong.
Madam Widjaja, who has been a Singaporean for some years, bought a majority stake in Top Global in March 2010.
Under her leadership, Top Global has sold off non-core businesses, and wants to focus on real estate development and services, with an emphasis on lifestyle mixed developments.
Top Global exits Capitol site consortium
Published on Mar 9, 2012
http://www.straitstimes.com/STI/STIMEDIA/image/20120308/ST_IMAGES_CAPITOL.jpg
An artist's impression of the Capitol Theatre development at the junction of Stamford and North Bridge roads. The buyers of the Top Global stake are already significant shareholders in the development. -- PHOTO: CAPITOL INVESTMENTS
By Jonathan Kwok
CATALIST-LISTED real estate group Top Global has left the consortium that is developing the old Capitol site.
Top Global, helmed by a member of Indonesia's wealthy Widjaja family, will sell its 30 per cent stake to Pontiac Land's unit Chesham Properties and Mr Ron Sim, chief executive of massage chair maker Osim.
The two parties, already significant shareholders in the development, will pay a total of $70 million to have their stakes increased.
The change in the shareholding structure is expected to be completed by June.
After the deal, Chesham Properties will hold half of the Capitol consortium, with Mr Sim holding 26 per cent and Mr Pua Seck Guan, of Perennial Real Estate, holding 24 per cent.
In October 2010, the consortium won the tender for a 99-year lease to redevelop a 1.43ha land parcel at the junction of Stamford Road and North Bridge Road, with a bid of $250million.
The parcel housed Stamford House, Capitol Building and Capitol Theatre. When redeveloped, it will contain a historical theatre, a premium shopping mall, a six-star hotel and a luxurious residential tower.
'We have crystallised many exciting ideas into the project,' said a statement yesterday from Pontiac Land Group and Perennial.
'As an example, the historical theatre will double up as a movie theatre and a performing arts centre and it will be able to cater for red-carpet events.'
Mr Sim said he sees the Capitol development as a 'value investment with long-term growth potential'.
'This has led me to increase my stake and further strengthen my partnership with the consortium,' he said in a statement.
Seller Top Global is controlled by Madam Sukmawati Widjaja, part of the family that owns the large Indonesian conglomerate Sinar Mas Group.
She is also known as Madam Oei Siu Hua and is the younger sister of well-known investor Oei Hong Leong.
Madam Widjaja, who has been a Singaporean for some years, bought a majority stake in Top Global in March 2010.
Under her leadership, Top Global has sold off non-core businesses, and wants to focus on real estate development and services, with an emphasis on lifestyle mixed developments.