Results 1 to 2 of 2

Thread: Top Global exits Capitol site consortium

  1. #1
    Join Date
    Oct 2011
    Posts
    10,829

    Default Top Global exits Capitol site consortium

    http://www.straitstimes.com/Money/St...ry_775557.html

    Top Global exits Capitol site consortium

    Published on Mar 9, 2012


    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.

  2. #2
    Join Date
    Oct 2011
    Posts
    10,829

    Default

    http://www.businesstimes.com.sg/sub/...23140,00.html?

    Published March 9, 2012

    Shareholding changes in Capitol project

    Chesham and Ron Sim buying out Top Investment's stake

    By MICHELLE TAN


    CAPITOL Investment Holdings (Capital Investment) will finalise its new shareholding structure come June this year.

    Chesham Properties Private Limited (Chesham Properties) - an affiliate of Pontiac Land Group - and Ron Sim - via special purpose vehicles - have contracted to acquire Top Property Investment Pte Ltd's (Top Investment's) entire shareholding of the joint venture company which owns the landmark Capitol Development site.

    Following the change, Capitol Investment will be 50 per cent held by Chesham Properties, with the remaining 50 per cent held by Mr Sim (26 per cent) and executive chairman and founder of Perennial Real Estate Pte Ltd (Perennial) Pua Seck Guan (24 per cent).

    Previously, Mr Sim and Mr Pua had a 40 per cent stake in Capitol Investment, while Chesham Properties and Top Investment each held a 30 per cent share.

    Explaining the rationale behind increasing his stake in Capitol Investment, Mr Sim said: 'Having seen the remarkable transformation plans for the Capitol Development, I firmly believe that a first-class unprecedented integrated project is taking shape in the heart of the city. Through leveraging on my partners' hotel and retail development and management skill sets, I see the Capitol Development as a value investment with long-term growth potential.'

    The Capitol Development project, located in the city centre of Singapore, will comprise three conservation buildings, namely the Stamford House, Capitol Building and Capitol Theatre.

    Slated to be completed in 2014, the development will be designed by US-based Pritzker prize architect Richard Meier and Partners, and will boast a six-star hotel, luxury residences, a shopping mall and a cinema/theatre as part of its offerings.

    Notably, the project's 10-storey luxury residential tower will feature 39 generous-sized apartments (with typical units ranging from 2,000 sq ft to 3,000 sq ft) and is expected to be launched some time in the second quarter of this year.

Similar Threads

  1. UOL's consortium tops bids for Prince Charles Crescent site
    By Ringo33 in forum Singapore Private Condominium Property Discussion and News
    Replies: 13
    -: 22-04-14, 14:49
  2. Capitol Theatre to re-open next year as part of new $1.1b Capitol Singapore project
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 3
    -: 09-04-14, 23:04
  3. Capitol site and two new growth areas up for sale
    By mr funny in forum HDB, EC, commercial and industrial property discussion
    Replies: 1
    -: 20-06-08, 12:11
  4. Marina Bay consortium moves to buy rest of site
    By mr funny in forum Singapore Private Condominium Property Discussion and News
    Replies: 2
    -: 09-03-07, 10:19

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •