Friday, March 9, 2012

Shareholding changes in Capitol project

Business Times: Fri, Mar 09
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...

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Team Marshe
Martin Koh/ Sherry Tang
9383-3992/ 9844-4400

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