reporter2
19-08-13, 16:09
http://www.businesstimes.com.sg/archive/wednesday/premium/companies/others/guocoland-have-new-md-spore-operations-20130814
Published August 14, 2013
GuocoLand to have new MD for S'pore operations
She will take over from Trina Loh, who is leaving the group after a 14-year stint
By Felda Chay
SINGAPORE-LISTED property developer GuocoLand will bring in a new group managing director for its Singapore operations in a few weeks.
The Business Times understands that she is Margaret Goh, now CapitaLand's chief executive officer of special projects.
She takes over the group MD position in Singapore from Trina Loh, who is leaving the group after 14 years.
Ms Goh, 52, is set to oversee, among other things, GuocoLand's major project, the Tanjong Pagar Centre. A few months ago, the group unveiled plans for this 64-storey skyscraper, which, at 290m, is to be Singapore's tallest building when it is completed in 2016.
It will sit atop Tanjong Pagar MRT Station and consist of Grade A office space, and residential and retail space. It will also be linked to a business hotel with about 200 rooms.
The Employees Provident Fund, a pension fund in Malaysia, holds a 20 per cent stake in the project.
Ms Goh comes to her new job after several years' experience in marketing real estate. She was chief executive of NTUC Choice Homes Co-operative Ltd from 2007, before joining CapitaLand in April last year.
She was also previously general manager at Sentosa Cove Pte Ltd, where she oversaw sales and marketing, investor relations and the overall management of the waterfront development.
She clocked seven years at City Developments, and also had stints in the Pontiac group and Hong Leong Holdings.
During her tenure at CapitaLand, she oversaw the joint-venture projects between Temasek Holdings and Khazanah Nasional, for which CapitaLand has been appointed project manager.
These projects are part of the breakthrough land swop deal Singapore and Malaysia inked in May 2010. One project is DUO, a two-tower, mixed-use project in Bugis with a gross floor area of 1.8 million square feet and a development value exceeding $3 billion when completed in 2017.
Another project is a 2-ha urban-wellness project in Iskandar Malaysia; this will comprise serviced apartments, a wellness centre and a corporate training centre. Construction began this year and will take more than four years to complete.
For its upcoming Tanjong Pagar Centre project, GuocoLand said in May that construction alone will cost $700 million.
It declined at the time to provide an update on the total cost of the project, which it estimated in 2011 to be $3.2 billion, including the land cost.
The group paid $1.71 billion - or $1,006 per square foot per plot ratio - for the white site at the corner of Peck Seah Street and Choon Guan Street in February 2011.
In May, GuocoLand announced a loss of $13.3 million for the third quarter ended March 31, which it attributed in the main to additional construction costs for Goodwood Residence and Sophia Residence.
The two projects were among those Poh Lian Construction was in charge of when it applied for judicial management in March.
One of Poh Lian's directors said then that it was in a $60 million black hole because it mismanaged funds and had entered into poor contractual deals.
Lian Beng Group has since taken over the construction contract for Goodwood Residence; Kimly Construction is now in charge of Sophia Residence.
GuocoLand said in its third quarter financial statement: "Estimated completion costs for the two projects have increased as a result of the change in the projects' main contractors. Nonetheless, both projects remain profitable."
For the nine months ended March 31, the group recorded profit attributable to owners of $8.3 million, up from $0.2 million.
Revenue for the nine months increased 42 per cent.
GuocoLand shares closed yesterday two cents down at $2.08.
Published August 14, 2013
GuocoLand to have new MD for S'pore operations
She will take over from Trina Loh, who is leaving the group after a 14-year stint
By Felda Chay
SINGAPORE-LISTED property developer GuocoLand will bring in a new group managing director for its Singapore operations in a few weeks.
The Business Times understands that she is Margaret Goh, now CapitaLand's chief executive officer of special projects.
She takes over the group MD position in Singapore from Trina Loh, who is leaving the group after 14 years.
Ms Goh, 52, is set to oversee, among other things, GuocoLand's major project, the Tanjong Pagar Centre. A few months ago, the group unveiled plans for this 64-storey skyscraper, which, at 290m, is to be Singapore's tallest building when it is completed in 2016.
It will sit atop Tanjong Pagar MRT Station and consist of Grade A office space, and residential and retail space. It will also be linked to a business hotel with about 200 rooms.
The Employees Provident Fund, a pension fund in Malaysia, holds a 20 per cent stake in the project.
Ms Goh comes to her new job after several years' experience in marketing real estate. She was chief executive of NTUC Choice Homes Co-operative Ltd from 2007, before joining CapitaLand in April last year.
She was also previously general manager at Sentosa Cove Pte Ltd, where she oversaw sales and marketing, investor relations and the overall management of the waterfront development.
She clocked seven years at City Developments, and also had stints in the Pontiac group and Hong Leong Holdings.
During her tenure at CapitaLand, she oversaw the joint-venture projects between Temasek Holdings and Khazanah Nasional, for which CapitaLand has been appointed project manager.
These projects are part of the breakthrough land swop deal Singapore and Malaysia inked in May 2010. One project is DUO, a two-tower, mixed-use project in Bugis with a gross floor area of 1.8 million square feet and a development value exceeding $3 billion when completed in 2017.
Another project is a 2-ha urban-wellness project in Iskandar Malaysia; this will comprise serviced apartments, a wellness centre and a corporate training centre. Construction began this year and will take more than four years to complete.
For its upcoming Tanjong Pagar Centre project, GuocoLand said in May that construction alone will cost $700 million.
It declined at the time to provide an update on the total cost of the project, which it estimated in 2011 to be $3.2 billion, including the land cost.
The group paid $1.71 billion - or $1,006 per square foot per plot ratio - for the white site at the corner of Peck Seah Street and Choon Guan Street in February 2011.
In May, GuocoLand announced a loss of $13.3 million for the third quarter ended March 31, which it attributed in the main to additional construction costs for Goodwood Residence and Sophia Residence.
The two projects were among those Poh Lian Construction was in charge of when it applied for judicial management in March.
One of Poh Lian's directors said then that it was in a $60 million black hole because it mismanaged funds and had entered into poor contractual deals.
Lian Beng Group has since taken over the construction contract for Goodwood Residence; Kimly Construction is now in charge of Sophia Residence.
GuocoLand said in its third quarter financial statement: "Estimated completion costs for the two projects have increased as a result of the change in the projects' main contractors. Nonetheless, both projects remain profitable."
For the nine months ended March 31, the group recorded profit attributable to owners of $8.3 million, up from $0.2 million.
Revenue for the nine months increased 42 per cent.
GuocoLand shares closed yesterday two cents down at $2.08.