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2021-12-03

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Entities linked to Chip Eng Seng, SingHaiyi in S$650m bid for Peace Centre

PROPERTY player Chip Eng Seng, a SingHaiyi joint venture and Ultra Infinity have made a joint S$650

Entities linked to Chip Eng Seng, SingHaiyi in S$650m bid for Peace Centre

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEntities linked to Chip Eng Seng, SingHaiyi in S$650m bid for Peace Centre\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-03 10:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.businesstimes.com.sg/companies-markets/entities-linked-to-chip-eng-seng-singhaiyi-in-s650m-bid-for-peace-centre><strong>businesstimes</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>PROPERTY player Chip Eng Seng, a SingHaiyi joint venture and Ultra Infinity have made a joint S$650 million bid for Peace Centre/Peace Mansion (PCPM), by way of a private treaty, the companies ...</p>\n\n<a href=\"https://www.businesstimes.com.sg/companies-markets/entities-linked-to-chip-eng-seng-singhaiyi-in-s650m-bid-for-peace-centre\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ER0.SI":"金成兴控股有限公司","1J0.SI":"新联明发展"},"source_url":"https://www.businesstimes.com.sg/companies-markets/entities-linked-to-chip-eng-seng-singhaiyi-in-s650m-bid-for-peace-centre","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137450856","content_text":"PROPERTY player Chip Eng Seng, a SingHaiyi joint venture and Ultra Infinity have made a joint S$650 million bid for Peace Centre/Peace Mansion (PCPM), by way of a private treaty, the companies announced on Friday (Dec 3).\nA KSH Holdings subsidiary, SLB Development and Ho Lee Group each own a one-third stake in Ultra Infinity.\nThe SingHaiyi joint venture, Sing-Haiyi Crystal, is equally owned by a SingHaiyi Group subsidiary and an entity controlled by Singaporeans Gordon Tang and Celine Tang - who are also Chip Eng Seng controlling shareholders.\nThis comes after PCPM was put on the market for collective sale in September, with the owners expecting offers in excess of S$650 million.\nAs part of the deal, Chip Eng Seng, Sing-Haiyi Crystal and Ultra Infinity will form a joint venture. Chip Eng Seng will hold the largest stake at 40 per cent, while the remaining 2 each hold 30 per cent.\nThe enbloc acquisition of PCPM is subject to the joint offerors obtaining a sale order approving the collective sale; approval from the lessor of the property; as well as meeting planning criteria.\nThe joint offerors will also need approval from the Singapore Land Authority for a fresh 99 years lease top up.\nAs of Friday, the joint offerors have paid an offer fee of S$1 million in connection with the acquisition.\nPCPM, a mixed development comprising 319 strata units, has a 99-year tenure starting from Jun 2, 1970. The property has a land area of 7,118 square metres and is currently zoned for commercial use.\nIn a bourse filing, Chip Eng Seng said the en bloc sale of PCPM presents a strategic opportunity for the company to acquire a prominent District 9 site for redevelopment.\nSingHaiyi group said separately in a bourse filing that partnering with the joint offerors will allow the company to better manage its financial and execution risks.\nShares of Chip Eng Seng closed 1.2 per cent or S$0.005 lower at S$0.410, SingHaiyi closed flat at S$0.117, SLB Development was unchanged at S$0.116, and KSH Holdings also closed flat at S$0.35 on Thursday (Dec 2).","news_type":1},"isVote":1,"tweetType":1,"viewCount":516,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}