Hiap Hoe acquires Orchard Towers shops and offices for $162 mil

Hiap Hoe acquires Orchard Towers shops and offices for $162 mil

By: 
Samantha Chiew
03/11/17, 07:04 pm

SINGAPORE (Nov 3): Hiap Hoe is acquiring 21 shops and 38 offices at Orchard Towers.

The property group said it had entered into a sale and purchase agreement to acquire a 100% stake in Golden Bay Realty from AFP Land -- a wholly-owned subsidiary of Sinarmas Land -- for $162 million.

Golden Bay Realty is in the business of property investment holdings. It is the proprietor of 59 strata lots in Orchard Towers.

The properties have an aggregate strata floor area of 128,000 sf and net leasable area of 89,000 sf.

The group will fund the acquisition in cash through internal resources and bank borrowings.

Hiap Hoe has already paid a deposit of $9.72 million.

Shares in Hiap Hoe and Sinarmas Land closed at 87 cents and 42 cents respectively on Friday.

Few have made it where Tung Lok now treads: SAC

SINGAPORE (Oct 17): Since its founding in 1984, Tung Lok Restaurants (2000) has made a name for itself in the local F&B scene. From serving gourmet Chinese cuisine in its flagship Tung Lok Restaurant, it is now engaging the tastebuds of a younger generation and licensing its brands overseas. As at end March, Tung Lok operates as 43 F&B outlets with 24 directly owned, eight held by associates and 11 others under management. These are located in Indonesia, Japan, China, Vietnam and, of course, Singapore. The group’s operations can be segmented into three categories: restaurateur,....
Read More >>

Analysts put SPH on 'hold', but is the end of its earnings decline in sight?

SINGAPORE (Oct 17): Analysts across three brokerages – UOB Kay Hian, OCBC Investment Research, and CGS-CIMB Research – have “hold” recommendations on Singapore Press Holdings (SPH), as the group performed below expectations for FY18. SPH saw its full-year earnings fall 19.7% to $281.1 million for the FY18 ended August, from $350.1 million a year ago. However, this was mainly attributable to the absence of a one-off gain of $149.7 million a year ago from the divestment of a joint venture. FY18 operating revenue fell by 4.8% to $982.6 million, from $1.03 billion a year ago. See:....
Read More >>

Continued overseas expansion to fuel a stronger 2H for MindChamps: RHB

SINGAPORE (Oct 17): RHB Research is maintaining its “buy” call on MindChamps Preschool with an unchanged target price of 94 cents based on a blended valuation methodology comprising a target EV/EBITDA of 18 times, in line with the peer average, and DCF. In a Tuesday report, analyst Juliana Cai reiterates her positive expectations of the company’s impending release of its 2H results, as she expects higher earnings on stronger student enrolment, contributions from the Australia preschools, and one-off gains from the sale of franchise licenses. With MindChamp’s acquisition of six ce....
Read More >>
Stars align for US banks to shine

(Oct 15): A decade after the global financial crisis, the landscape of the US financial services ind