Qian Jianrong, executive chairman & CEO of CWG International
Singapore-listed companies and Southeast Asian happenings lead the news today, with a SGX-listed developer winning a residential and commercial plot in Hangzhou, China for $178 million. Also in the news, a Malaysian developer has unveiled the country’s biggest indoor theme park in the state of Johor, which is expected to start operations this year. And a market crash of a different sort was on display in Jakarta, where the mezzanine floor of the Indonesia Stock Exchange succumbed to the unforgiving laws of physics. Read on for all these headlines and more.
Singapore-Listed Developer CWG Wins Hangzhou Site for $178M
CWG International has won a bid for the land use rights of a 47,683 square metre residential and commercial site in the city of Hangzhou, Zhejiang, in China for 1.14 billion yuan (S$234.06 million).
CWG, a property developer, said in a filing with the Singapore Exchange on Monday that it will enter into a joint venture with a third party to jointly develop and manage the land parcel. Development of the site is not expected to be completed before 2019. Read more>>
Capital World Unveils Plan for Malaysia’s Biggest Indoor Theme Park
Catalist-listed property developer Capital World has launched Malaysia’s biggest indoor theme park concept at its Capital City Project in Johor, a project with a gross development value of RM2.4 billion (S$804 million).
The group has also signed a number of lease agreements with international and local popular brands, such as Starbucks, KFC, Pizza Hut, Old Town White Coffee, Teh Tarik Place, Moonlight Cake House, Guardian Pharmacy, Caring Pharmacy, F.O.S and Owndays. Read more>>
Scores Hurt as Floor of Indonesian Stock Exchange Building Collapses
A mezzanine floor overlooking the main lobby of the Indonesian Stock Exchange building collapsed on Monday, injuring scores of people, many of them students, under slabs of concrete and other debris.
The high-rise building, constructed in the late 1990s, is part of a two-tower complex in the heart of the financial district and houses dozens of other offices including the World Bank. Police ruled out a bomb as a cause of Monday’s collapse. They said more than 70 people had been injured, but no deaths had been reported. Read more>>
Singapore’s M&L Hospitality Opens Third Sydney Hotel
Singapore-based M&L Hospitality has opened its new 182-room hotel in Sydney, its third property in Sydney to date.
West Hotel is the second new hotel to be constructed in Sydney’s central business district in the last 17 years, the hotel group highlighted. Situated on Sussex Street, it is close to the new Barangaroo commercial and leisure precinct as well as the Darling Harbour waterfront. Read more>>
CDL Said To Hire Advisory Firm for M&C Hotels Buyout Bid
The Singaporean billionaire trying to buy Millennium & Copthorne Hotels has hired advisory firm Georgeson to help to drum up investor support for the deal in the face of shareholder opposition that could derail the bid.
City Developments Limited (CDL), the vehicle of businessman Kwek Leng Beng, has offered 620 pence per share to acquire the 34.8 percent of M&C that it does not already own in a bid that values the London-listed hotelier at 2 billion pounds. Read more>>
Hong Kong’s NWS Reported To Sell $302M Stake in Beijing Airport
Hong Kong construction-to-transport group NWS Holdings Ltd said on Friday it would to sell HK$2.36 billion ($301.7 million) worth of Beijing Capital International Airport Co Ltd in a share sale, generating cash resources to fund other investment projects.
NWS, controlled by New World Development Co Ltd, has agreed to sell 208 million shares, or 11.07 percent of the H shares, of the Beijing Capital Airport operator at HK$11.35 per share. It represented a 7 percent discount to the previous close, according to Reuters calculations. Read more>>
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