reporter2
28-08-15, 18:25
http://www.businesstimes.com.sg/real-estate/raymond-chia-is-back-with-new-outfit-in-tow
Raymond Chia is back, with new outfit in tow
His partners in LGB Corp include Alan Wang; group may consider S'pore IPO based on funding needs
By Kalpana Rashiwala
[email protected]@KalpanaBT
Aug 21, 2015
RAYMOND Chia, who resigned as CEO of Chip Eng Seng late last year, has emerged on the property scene again.
LGB Corporation, the Singapore-incorporated outfit he set up in April this year, was in the news earlier this week for awarding the management contract for a 250-room hotel in Adelaide to Park Hotel Group.
When contacted by The Business Times on Thursday, Mr Chia let on that besides this project, which will come up on a site in Pirie Street in Adelaide's Central Business District, LGB Corporation has plans for other projects in Australia as well as Ho Chi Minh City and possibly Jakarta. The group is also open to opportunities in Singapore. "We may consider listing LGB Corporation on the Singapore Exchange depending on funding requirements," said Mr Chia.
The group is developing the Pirie Street project on a 14,000 sq ft freehold site. It acquired the site, which has a six-storey office block on it, recently for A$13 million. The office block will be torn down and construction of the 36-storey tower on the site is scheduled to begin in early 2017.
Besides the 250 hotel rooms, with an average size of 247 sq ft, there will be 250-280 apartments on the upper levels of the same tower. "These will comprise studios, one and two-bedders and will be launched for sale at a later date," said Mr Chia. The project is expected to be completed by 2019 and will have an estimated total development cost of A$175 million (S$180 million).
In another part of Adelaide, at the corner of North Terrace and West Terrace, LGB has been granted an option for the purchase of an approximately 27,000 sq ft freehold site that is currently occupied by a pub and discotheque.
"A heritage building stands on part of this site and we will restore it; the other structures on the rest of the site will be torn down and redeveloped. We are looking at an apartment and medical suites project," said Mr Chia. The site is opposite a big hospital being built by the government.
LGB Corporation will pay A$10.8 million for its site and the all-in development cost could be in the region of A$190 million.
Mr Chia, 49, said he chose the name 'LGB' for his new outfit after the first letters of the names of his three children, Lynn, Gwen and Benjamin. Mr Chia is the son-in-law of Lim Tiam Seng, the founder and executive chairman of listed Chip Eng Seng Corporation, which is involved in property and construction. Chip Eng Seng has been in the news recently for achieving strong sales at High Park Residences in Fernvale Road.
LGB Corporation is fully owned by 5ASR Pte Ltd, which in turn is 60 per cent controlled by LGB Investments. The latter is two-thirds owned by Mr Chia with the remaining one-third held by Alan Wang, founder of Asdew Acquisitions. Mr Wang, a former Kim Eng director, is a dealmaker and has invested in many companies.
The remaining 40 per cent of 5ASR is owned by Lian Soon Holdings (25 per cent) and We Lim (15 per cent). Both are in the construction business.
Mr Chia said that LGB Corporation is in advanced discussions to buy a freehold development site in a Sydney suburb for a residential and serviced apartment project. "The development cost is expected to come in at around A$60 million. We are likely to have a partner for this project."
In Vietnam, LGB Corporation is ironing out the proposed acquisition of a 200,000 sq ft site in a suburb of Ho Chi Minh City. The plan is to build a project with about 1,500 apartments for the mass-market segment.
It will cost about US$85 million to develop this project and LGB plans to take take the lead in a consortium that is likely to include Singapore and Vietnamese partners. The group is also eyeing development opportunities in Jakarta (mostly in the residential segment) as well as all sectors of the Singapore real estate market.
Raymond Chia is back, with new outfit in tow
His partners in LGB Corp include Alan Wang; group may consider S'pore IPO based on funding needs
By Kalpana Rashiwala
[email protected]@KalpanaBT
Aug 21, 2015
RAYMOND Chia, who resigned as CEO of Chip Eng Seng late last year, has emerged on the property scene again.
LGB Corporation, the Singapore-incorporated outfit he set up in April this year, was in the news earlier this week for awarding the management contract for a 250-room hotel in Adelaide to Park Hotel Group.
When contacted by The Business Times on Thursday, Mr Chia let on that besides this project, which will come up on a site in Pirie Street in Adelaide's Central Business District, LGB Corporation has plans for other projects in Australia as well as Ho Chi Minh City and possibly Jakarta. The group is also open to opportunities in Singapore. "We may consider listing LGB Corporation on the Singapore Exchange depending on funding requirements," said Mr Chia.
The group is developing the Pirie Street project on a 14,000 sq ft freehold site. It acquired the site, which has a six-storey office block on it, recently for A$13 million. The office block will be torn down and construction of the 36-storey tower on the site is scheduled to begin in early 2017.
Besides the 250 hotel rooms, with an average size of 247 sq ft, there will be 250-280 apartments on the upper levels of the same tower. "These will comprise studios, one and two-bedders and will be launched for sale at a later date," said Mr Chia. The project is expected to be completed by 2019 and will have an estimated total development cost of A$175 million (S$180 million).
In another part of Adelaide, at the corner of North Terrace and West Terrace, LGB has been granted an option for the purchase of an approximately 27,000 sq ft freehold site that is currently occupied by a pub and discotheque.
"A heritage building stands on part of this site and we will restore it; the other structures on the rest of the site will be torn down and redeveloped. We are looking at an apartment and medical suites project," said Mr Chia. The site is opposite a big hospital being built by the government.
LGB Corporation will pay A$10.8 million for its site and the all-in development cost could be in the region of A$190 million.
Mr Chia, 49, said he chose the name 'LGB' for his new outfit after the first letters of the names of his three children, Lynn, Gwen and Benjamin. Mr Chia is the son-in-law of Lim Tiam Seng, the founder and executive chairman of listed Chip Eng Seng Corporation, which is involved in property and construction. Chip Eng Seng has been in the news recently for achieving strong sales at High Park Residences in Fernvale Road.
LGB Corporation is fully owned by 5ASR Pte Ltd, which in turn is 60 per cent controlled by LGB Investments. The latter is two-thirds owned by Mr Chia with the remaining one-third held by Alan Wang, founder of Asdew Acquisitions. Mr Wang, a former Kim Eng director, is a dealmaker and has invested in many companies.
The remaining 40 per cent of 5ASR is owned by Lian Soon Holdings (25 per cent) and We Lim (15 per cent). Both are in the construction business.
Mr Chia said that LGB Corporation is in advanced discussions to buy a freehold development site in a Sydney suburb for a residential and serviced apartment project. "The development cost is expected to come in at around A$60 million. We are likely to have a partner for this project."
In Vietnam, LGB Corporation is ironing out the proposed acquisition of a 200,000 sq ft site in a suburb of Ho Chi Minh City. The plan is to build a project with about 1,500 apartments for the mass-market segment.
It will cost about US$85 million to develop this project and LGB plans to take take the lead in a consortium that is likely to include Singapore and Vietnamese partners. The group is also eyeing development opportunities in Jakarta (mostly in the residential segment) as well as all sectors of the Singapore real estate market.