reporter2
13-04-12, 03:05
See Hup Seng eyeing EC market
April 5, 2012
See Hup Seng Limited, a mainboard-listed company providing corrosion prevention services in Singapore, is eyeing a 30 percent stake in Serangoon EC Pte Ltd, a move that will benefit the company due to the robust demand for executive condominiums (ECs).
The firm said it plans to enter into a joint venture (JV) with Ho Lee Group Pte Ltd, CNH Investment and Evia Real Estate Management to make a foray into the booming EC market and generate additional income for the company.
Under the proposed JV, the company’s wholly-owned unit SHS Capital Pte Ltd will apply for a 30 percent interest in Serangoon EC Pte Ltd, which was incorporated by Ho Lee and Evia for the development of an EC site at Upper Serangoon View/Upper Serangoon Road (pictured), for around S$1.5 million.
“Our joint-venture partners have an excellent track record in Singapore’s property development scene, particularly for residential projects. The EC project that we will be jointly developing with Ho Lee, Evia and CNH has an attractive location as it is along the coastline of Sungei Serangoon reservoir and near Punggol Park,” said Thomas Lim, Executive Chairman of See Hup Seng.
With continuing healthy demand for well-located EC projects, Lim believes that the proposed JV is a great business opportunity for the company.
“By taking a 30 percent stake in the project and partnering the right people in the field, we will be able to gain a deeper insight into property development that will broaden the group’s knowledge base.”
He added that the project could potentially generate additional income and cash flow for the company, “but without excessive risk exposure based on the present outlook for the EC market.”
April 5, 2012
See Hup Seng Limited, a mainboard-listed company providing corrosion prevention services in Singapore, is eyeing a 30 percent stake in Serangoon EC Pte Ltd, a move that will benefit the company due to the robust demand for executive condominiums (ECs).
The firm said it plans to enter into a joint venture (JV) with Ho Lee Group Pte Ltd, CNH Investment and Evia Real Estate Management to make a foray into the booming EC market and generate additional income for the company.
Under the proposed JV, the company’s wholly-owned unit SHS Capital Pte Ltd will apply for a 30 percent interest in Serangoon EC Pte Ltd, which was incorporated by Ho Lee and Evia for the development of an EC site at Upper Serangoon View/Upper Serangoon Road (pictured), for around S$1.5 million.
“Our joint-venture partners have an excellent track record in Singapore’s property development scene, particularly for residential projects. The EC project that we will be jointly developing with Ho Lee, Evia and CNH has an attractive location as it is along the coastline of Sungei Serangoon reservoir and near Punggol Park,” said Thomas Lim, Executive Chairman of See Hup Seng.
With continuing healthy demand for well-located EC projects, Lim believes that the proposed JV is a great business opportunity for the company.
“By taking a 30 percent stake in the project and partnering the right people in the field, we will be able to gain a deeper insight into property development that will broaden the group’s knowledge base.”
He added that the project could potentially generate additional income and cash flow for the company, “but without excessive risk exposure based on the present outlook for the EC market.”