Thursday, April 5, 2012

See Hup Seng seeks slice of EC business pie

Business Times: Thu, Apr 05
MAINBOARD-LISTED See Hup Seng Limited has set its sights on a 30 per cent share of Serangoon EC Pte Ltd, to capitalise on the robust demand for executive condominiums (ECs) in Singapore.


The provider of corrosion-prevention services also said it will enter into a joint venture with Ho Lee Group, Evia Real Estate Management and CNH Investment (the proposed joint venture), and plans to make a foray into the booming EC market and potentially generate additional income and cash flow for the group.


Said See Hup Seng executive chairman Thomas Lim: 'Our joint-venture partners have an excellent track record in Singapore's property development scene, particularly for residential projects. The EC project that we will be jointly developing with Ho Lee, Evia and CNH has an attractive location as it is along the coastline of Sungei Serangoon reservoir and near Punggol Park.'


Under the proposed joint venture, See Hup Seng's wholly owned subsidiary, SHS Capital, will acquire a 30 per cent stake in Serangoon EC at a price of $1.5 million, while the remaining 70 per cent stake will be held by Ho Lee, Evia and CNH...

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