Temasek Holdings portfolio value up 8.6% to S$215b
POSTED: 04 Jul 2013 3:17 PM
Temasek Holdings on Thursday reported that the value of its investment portfolio rose to a new record in the last fiscal year as shareholder returns also climbed.
SINGAPORE: Temasek Holdings on Thursday reported that the value of its investment portfolio rose to a new record in the last fiscal year as shareholder returns also climbed.
The Singapore investment firm said its portfolio, consisting largely of Singapore and Asian equities, increased 8.6 per cent to S$215 billion in the year to March 31, 2013, from S$198 billion a year earlier.
Group net profit was down 0.9 per cent at S$10.6 billion from S$10.7 billion in FY 2011/12.
Temasek said in its annual review that a higher contribution from portfolio returns offset lower contributions from its portfolio companies.
Total shareholder return (TSR), which is Temasek's key measure of performance, was 8.86 per cent for the past year, up from 1.5 per cent in the previous 12 months.
Their three-year TSR was 4.94 per cent. Longer term TSRs for 10, 20 and 30 years were 13 per cent, 14 per cent and 15 per cent respectively. The TSR since inception was 16 per cent.
In the last fiscal year, Temasek invested a total of S$20 billion and divested S$13 billion, for a total net investment of S$7 billion.
Temasek had net investments of S$4 billion in the energy and resources sector and in North America and Europe during the year. Financial services remained its largest portfolio exposure by sector at 31 per cent.
Temasek ended the year with an underlying portfolio exposure of 71 per cent in Asia, including 30 per cent in Singapore and 23 per cent in China.
Temasek's exposure in Australia and New Zealand was 13 per cent, down from 14 per cent a year earlier, while exposure in North America and Europe rose to 12 per cent from 11 per cent. Latin America exposure rose to two per cent from one per cent.
Temasek's key divestments over the year included Asia Pacific Breweries of Singapore and India's Bharti Infratel.
In a statement, Temasek chief executive Ms Ho Ching said: "We are almost entirely invested in equities. This means a lot more year-to-year volatility, as we have seen over the last 10 years. We are prepared to ride through the large mark-to-market volatility on our portfolio value, because a portfolio of mostly equities also means we expect higher returns over the long-term from our portfolio."
Ms Ho added that Temasek is seeing increased opportunities in North America and Europe, and it will be setting up offices in London and New York to support investment activities in those markets.
- CNA/ac
- wong chee tat :)
Showing posts with label Temasek Holdings. Show all posts
Showing posts with label Temasek Holdings. Show all posts
Friday, July 5, 2013
Monday, July 1, 2013
Olam Raises $712.5 Million From Oversubscribed Bond Offering
Olam Raises $712.5 Million From Oversubscribed Bond Offering
By Michelle Yun & Klaus Wille - Jan 25, 2013 5:47 PM GMT+0800
Olam International Ltd. (OLAM), the commodity supplier targeted by short-seller Carson Block, raised $712.5 million from a 10 percent-oversubscribed bond sale, which was backed by its two largest shareholders.
Kewalram Singapore Ltd. and Temasek Holdings Pte took up all of their entitlement of bonds, which were were priced at 95 cents on the dollar, and warrants, the Singapore-based trading company said yesterday in a statement. Olam, which expects the bonds and warrants to start trading Jan. 31, said Chief Executive Officer Sunny Verghese also took up his share.
Olam, the world’s second-largest rice trader, said last month that it planned to sell $750 million in bonds and as much as $500 million in warrants to address any “lingering doubts” about its finances. Olam’s bonds and shares sank in November after Block, founder of Los Angeles-based Muddy Waters LLC, questioned its accounting and expansion strategy.
“Muddy Waters has caused greater scrutiny,” said Carey Wong, a senior analyst at OCBC Investment Research Pte. The bond sale results mean there are other people willing to put their money into Olam and the proceeds of the sale “really do come in handy. There’s no question about it,” he said.
Olam shares advanced 0.9 percent to close at S$1.63 in Singapore. That compares with a 0.6 percent gain in the benchmark Straits Times index.
‘Strong Support’
Temasek, which agreed to buy any rights not taken up by other investors, didn’t go beyond its entitlement, according to Jeffrey Fang, a spokesman for the Singaporean state investment company. The offer indicates “strong support from the bond and equity markets for Olam,” Verghese said in the statement.
Olam received applications for $827 million, or about 10 percent more than the $750 million under offer, it said.
The company, also one of the world’s top six cotton traders, fell 27 percent last year in Singapore trading and is down 6.3 percent since Block first said he was short on the stock and the company was likely to fail. Olam has dismissed the claims, saying it’s in the best financial health since its initial public offering in 2005.
A short seller profits by selling borrowed shares and buying them back at a lower price. Olam’s 5.75 percent bonds due September 2017 fell to a record low of 83.2 cents on Nov. 30, from 97 cents on Nov. 19, the day Block first said he was short the stock, Bloomberg prices show.
“We maintain our belief that Olam will fail because it has squandered huge amounts of money on investments that are incapable of repaying the debt incurred to finance them,” Block said yesterday in a statement. “This financing only postpones the inevitable, while putting more investors’ funds at risk.”
Temasek Holding
Temasek increased its stake in Olam to 20 percent from 16 percent last month in a series of transactions. Kewalram Singapore is the largest shareholder with 20.2 percent, according to data compiled by Bloomberg. It said last month it would also subscribe to the bonds.
Olam shareholders approved a sub-underwriting fee to be paid to a Temasek unit by the banks arranging the sale, the company said Jan. 15.
RRJ Capital, a fund run by former Goldman Sachs Group Inc. banker Richard Ong, planned to buy Olam bonds and shares, a person with knowledge of the matter said last week. The fund bought the rights to $90 million of Olam bonds on Jan. 15, their last trading day, the person said. It also plans to invest $60 million to exercise the warrants to be issued with the five- year, 6.75 percent bonds.
Fracking Services
RRJ’s team includes Ong’s brother, Charles Ong, who left his post as senior managing director of special projects at Temasek last January. RRJ teamed up with a group including Temasek in 2011 to purchase Frac Tech Holdings LLC, a Fort Worth-based hydraulic-fracturing services company.
The price of rights to participate in the bond issue, which traded for a week, fell about 41 percent to 7 U.S. cents on Jan. 15. They reached a high of 22.5 cents on the first trading day.
The decline in the price indicated a lack of interest from shareholders as Olam’s finances were still “far too opaque,” Michael Dee, a former senior managing director at Temasek, said in an article in Singapore’s Business Times newspaper Jan. 19.
In November, Muddy Waters offered to pay to get Olam’s debt rated, saying “investors should wonder whether the company is worried that a rating would mortally wound it.” Olam’s Verghese rejected the offer. Block reiterated his offer yesterday.
To contact the reporters on this story: Michelle Yun in Hong Kong at myun11@bloomberg.net; Klaus Wille in Singapore at kwille@bloomberg.net.
To contact the editor responsible for this story: Jason Rogers at jrogers73@bloomberg.net.
- wong chee tat :)
By Michelle Yun & Klaus Wille - Jan 25, 2013 5:47 PM GMT+0800
Olam International Ltd. (OLAM), the commodity supplier targeted by short-seller Carson Block, raised $712.5 million from a 10 percent-oversubscribed bond sale, which was backed by its two largest shareholders.
Kewalram Singapore Ltd. and Temasek Holdings Pte took up all of their entitlement of bonds, which were were priced at 95 cents on the dollar, and warrants, the Singapore-based trading company said yesterday in a statement. Olam, which expects the bonds and warrants to start trading Jan. 31, said Chief Executive Officer Sunny Verghese also took up his share.
Olam, the world’s second-largest rice trader, said last month that it planned to sell $750 million in bonds and as much as $500 million in warrants to address any “lingering doubts” about its finances. Olam’s bonds and shares sank in November after Block, founder of Los Angeles-based Muddy Waters LLC, questioned its accounting and expansion strategy.
“Muddy Waters has caused greater scrutiny,” said Carey Wong, a senior analyst at OCBC Investment Research Pte. The bond sale results mean there are other people willing to put their money into Olam and the proceeds of the sale “really do come in handy. There’s no question about it,” he said.
Olam shares advanced 0.9 percent to close at S$1.63 in Singapore. That compares with a 0.6 percent gain in the benchmark Straits Times index.
‘Strong Support’
Temasek, which agreed to buy any rights not taken up by other investors, didn’t go beyond its entitlement, according to Jeffrey Fang, a spokesman for the Singaporean state investment company. The offer indicates “strong support from the bond and equity markets for Olam,” Verghese said in the statement.
Olam received applications for $827 million, or about 10 percent more than the $750 million under offer, it said.
The company, also one of the world’s top six cotton traders, fell 27 percent last year in Singapore trading and is down 6.3 percent since Block first said he was short on the stock and the company was likely to fail. Olam has dismissed the claims, saying it’s in the best financial health since its initial public offering in 2005.
A short seller profits by selling borrowed shares and buying them back at a lower price. Olam’s 5.75 percent bonds due September 2017 fell to a record low of 83.2 cents on Nov. 30, from 97 cents on Nov. 19, the day Block first said he was short the stock, Bloomberg prices show.
“We maintain our belief that Olam will fail because it has squandered huge amounts of money on investments that are incapable of repaying the debt incurred to finance them,” Block said yesterday in a statement. “This financing only postpones the inevitable, while putting more investors’ funds at risk.”
Temasek Holding
Temasek increased its stake in Olam to 20 percent from 16 percent last month in a series of transactions. Kewalram Singapore is the largest shareholder with 20.2 percent, according to data compiled by Bloomberg. It said last month it would also subscribe to the bonds.
Olam shareholders approved a sub-underwriting fee to be paid to a Temasek unit by the banks arranging the sale, the company said Jan. 15.
RRJ Capital, a fund run by former Goldman Sachs Group Inc. banker Richard Ong, planned to buy Olam bonds and shares, a person with knowledge of the matter said last week. The fund bought the rights to $90 million of Olam bonds on Jan. 15, their last trading day, the person said. It also plans to invest $60 million to exercise the warrants to be issued with the five- year, 6.75 percent bonds.
Fracking Services
RRJ’s team includes Ong’s brother, Charles Ong, who left his post as senior managing director of special projects at Temasek last January. RRJ teamed up with a group including Temasek in 2011 to purchase Frac Tech Holdings LLC, a Fort Worth-based hydraulic-fracturing services company.
The price of rights to participate in the bond issue, which traded for a week, fell about 41 percent to 7 U.S. cents on Jan. 15. They reached a high of 22.5 cents on the first trading day.
The decline in the price indicated a lack of interest from shareholders as Olam’s finances were still “far too opaque,” Michael Dee, a former senior managing director at Temasek, said in an article in Singapore’s Business Times newspaper Jan. 19.
In November, Muddy Waters offered to pay to get Olam’s debt rated, saying “investors should wonder whether the company is worried that a rating would mortally wound it.” Olam’s Verghese rejected the offer. Block reiterated his offer yesterday.
To contact the reporters on this story: Michelle Yun in Hong Kong at myun11@bloomberg.net; Klaus Wille in Singapore at kwille@bloomberg.net.
To contact the editor responsible for this story: Jason Rogers at jrogers73@bloomberg.net.
- wong chee tat :)
Wednesday, February 20, 2013
Marina One set to raise bar for future integrated developments
Marina One set to raise bar for future integrated developments
By Saifulbahri Ismail | Posted: 19 February 2013 1515 hrs
SINGAPORE: The Marina One mixed-use development in the heart of Singapore's Central Business District (CBD) will be a coveted business and lifestyle destination that will raise the bar for integrated developments and act as a catalyst to attract and grow new businesses.
That is the vision of M+S, a joint venture company owned by Malaysia's Khazanah Holdings Bhd and Singapore's Temasek Holdings, that is working on the landmark project.
M+S also said Marina One, designed by world renowned architect Christoph Ingenhoven, marks a brand new chapter in the Marina Bay Masterplan.
Its design was unveiled on Tuesday by Singapore's Prime Minister Lee Hsien Loong and his Malaysian counterpart, Mr Najib Razak, who are holding their Leaders' Retreat.
M+S said Marina One will be completed in 2017, with a gross floor area of 3.67 million square feet and is valued at S$7 billion.
It consists of Marina One Residences, Marina One Offices as well as a retail podium.
Marina One Residences comprises two towers of 1,042 luxury city residences, ranging from one- to four- bedroom units, including penthouses. These will be launched in the second half of the year.
Marina One Offices -- with east and west towers -- offer 1.88 million square feet of prime office space.
Its crown jewels will be two 100,000 square feet office floor plates, one of the largest in Asia.
Marina One will also have a retail podium called The Heart, which will also serve as a sanctuary and green space.
The development will also incorporate a unique garden ecosystem by landscape architect Gustafson Porter, best known for their world-class design of Singapore's Bay East, Gardens by the Bay.
PM Lee said he is happy to see the bricks and mortar starting to come up on site.
He added: "It's going to be an iconic project in the middle of our new business district for many, many more years to come. This is a project that both countries will be proud of and which will thrive and prosper in our city and friendship."
Mr Najib said he is excited to see the design for himself.
"I think it's a wonderful design. I think we have a real winner in this Marina One and it will certainly fulfil our expectations... A landmark, an iconic building and what we see today is the beginning of that iconic building," he added.
The two leaders were also briefed on the progress of the other joint project located near Kampong Glam.
The project, called DUO, includes office, residential and hotel components.
It sits on 160,000 square metres of land and is valued at S$4 billion.
The DUO and Marina One are part of six land parcels jointly developed by Singapore and Malaysia under a land swop deal agreed on in 2010.
- CNA/al/sf/ir
- wong chee tat :)
By Saifulbahri Ismail | Posted: 19 February 2013 1515 hrs
SINGAPORE: The Marina One mixed-use development in the heart of Singapore's Central Business District (CBD) will be a coveted business and lifestyle destination that will raise the bar for integrated developments and act as a catalyst to attract and grow new businesses.
That is the vision of M+S, a joint venture company owned by Malaysia's Khazanah Holdings Bhd and Singapore's Temasek Holdings, that is working on the landmark project.
M+S also said Marina One, designed by world renowned architect Christoph Ingenhoven, marks a brand new chapter in the Marina Bay Masterplan.
Its design was unveiled on Tuesday by Singapore's Prime Minister Lee Hsien Loong and his Malaysian counterpart, Mr Najib Razak, who are holding their Leaders' Retreat.
M+S said Marina One will be completed in 2017, with a gross floor area of 3.67 million square feet and is valued at S$7 billion.
It consists of Marina One Residences, Marina One Offices as well as a retail podium.
Marina One Residences comprises two towers of 1,042 luxury city residences, ranging from one- to four- bedroom units, including penthouses. These will be launched in the second half of the year.
Marina One Offices -- with east and west towers -- offer 1.88 million square feet of prime office space.
Its crown jewels will be two 100,000 square feet office floor plates, one of the largest in Asia.
Marina One will also have a retail podium called The Heart, which will also serve as a sanctuary and green space.
The development will also incorporate a unique garden ecosystem by landscape architect Gustafson Porter, best known for their world-class design of Singapore's Bay East, Gardens by the Bay.
PM Lee said he is happy to see the bricks and mortar starting to come up on site.
He added: "It's going to be an iconic project in the middle of our new business district for many, many more years to come. This is a project that both countries will be proud of and which will thrive and prosper in our city and friendship."
Mr Najib said he is excited to see the design for himself.
"I think it's a wonderful design. I think we have a real winner in this Marina One and it will certainly fulfil our expectations... A landmark, an iconic building and what we see today is the beginning of that iconic building," he added.
The two leaders were also briefed on the progress of the other joint project located near Kampong Glam.
The project, called DUO, includes office, residential and hotel components.
It sits on 160,000 square metres of land and is valued at S$4 billion.
The DUO and Marina One are part of six land parcels jointly developed by Singapore and Malaysia under a land swop deal agreed on in 2010.
- CNA/al/sf/ir
- wong chee tat :)
Wednesday, December 19, 2012
Temasek raises stake in Olam
Temasek raises stake in Olam
Posted: 19 December 2012 1250 hrs
SINGAPORE: Temasek Holdings has raised its stake in commodity trader Olam International to 17 percent from 16.3 percent.
In a filing with the Singapore Exchange, Olam said Temasek had bought 200,000 shares for S$293,000 from the open market on Tuesday through its investment vehicle Aranda Investments.
In an emailed comment to Channel NewsAsia, a Temasek spokesperson said: "We have invested in Olam over several years. In our judgement, the company represents a reasonably attractive investment over the long term and we are pleased to have the opportunity to add to our stake."
Earlier this month, Olam said Temasek is backing its rights issue of bonds and warrants to raise as much as US$1.2 billion.
This could potentially translate to the investment firm owning as much as 29 percent of Olam if it exercises all the warrants in 2016 at the earliest.
Kewalram Chanrai Group, Olam's largest investor with nearly a 20 percent stake, has also said it will back the issue.
Olam has been the target of short-seller Carson Block and his research firm Muddy Waters, which questioned the company's allegedly flawed accounting standards that they claimed masked its debts.
- CNA/al
- wong chee tat :)
Posted: 19 December 2012 1250 hrs
SINGAPORE: Temasek Holdings has raised its stake in commodity trader Olam International to 17 percent from 16.3 percent.
In a filing with the Singapore Exchange, Olam said Temasek had bought 200,000 shares for S$293,000 from the open market on Tuesday through its investment vehicle Aranda Investments.
In an emailed comment to Channel NewsAsia, a Temasek spokesperson said: "We have invested in Olam over several years. In our judgement, the company represents a reasonably attractive investment over the long term and we are pleased to have the opportunity to add to our stake."
Earlier this month, Olam said Temasek is backing its rights issue of bonds and warrants to raise as much as US$1.2 billion.
This could potentially translate to the investment firm owning as much as 29 percent of Olam if it exercises all the warrants in 2016 at the earliest.
Kewalram Chanrai Group, Olam's largest investor with nearly a 20 percent stake, has also said it will back the issue.
Olam has been the target of short-seller Carson Block and his research firm Muddy Waters, which questioned the company's allegedly flawed accounting standards that they claimed masked its debts.
- CNA/al
- wong chee tat :)
Friday, November 23, 2012
Newly-launched Clifford Capital says it has "decent pipeline" of projects
Newly-launched Clifford Capital says it has "decent pipeline" of projects
By Linette Lim | Posted: 22 November 2012 2350 hrs
SINGAPORE: Specialist finance firm Clifford Capital launches its operations Thursday on a firm footing.
The company, backed by a consortium of shareholders that includes Temasek Holdings, DBS Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, Manulife through its unit, John Hancock Life Insurance Company and Prudential Assurance Company Singapore, said it already has a "decent pipeline" of transactions which are spread across broad geographic regions.
The firm, which provides financing to Singapore corporates in bidding for large, long-tenor projects overseas, expects to operate at a steady state within the next two to three years.
Tharman Shanmugaratnam, Singapore Deputy Prime Minister and Finance Minister, Chairman at Monetary Authority of Singapore said: "We are well placed -- the community here, of financial institutions, multilateral development institutions, government working together with Clifford Capital and professional specialists -- we are well placed as a community in Singapore to help to catalyse the development of infrastructural finance in Asia and beyond."
The company aims to have 80 percent of its portfolio comprising projects that involves Singapore-based firms.
These refer to companies listed or incorporated in Singapore with a material presence in the city state.
In turn, the Singapore government will back debt instruments issued by Clifford Capital with a guarantee.
Clive Kerner, CEO of Clifford Capital said: "The debt is guaranteed by the government of Singapore, which is in turn, triple A.
"If you compare that situation with many of the banks in the world at the moment, I'm not sure there are any banks that actually have triple A credit rating, so what that will do is give us a very low cost of funding and we think we'll be able to pass that benefit on to our clients in the form of attractive financing solutions."
Over the next decade, the Asian Development Bank estimates that there will be about US$8.3 trillion worth of infrastructure investment in Asia.
But at the same time, the cost of funding these investments is up.
Ray Ferguson, CEO of Standard Chartered Bank Singapore said: "The rules around Basel III and banks make long term financing harder for banks to provide, particularly financing beyond the sort of five-year level, because it's very difficult for us to get matching deposits.
"So Clifford can come in take the longer term tranches of some of those deals."
For a start, Clifford Capital will focus on financing the infrastructure and offshore and marine sectors with an average deal size of US$50 to US$100 million.
These are the sectors which Singapore firms have the competitive advantage.
- CNA/lp
- wong chee tat :)
By Linette Lim | Posted: 22 November 2012 2350 hrs
SINGAPORE: Specialist finance firm Clifford Capital launches its operations Thursday on a firm footing.
The company, backed by a consortium of shareholders that includes Temasek Holdings, DBS Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, Manulife through its unit, John Hancock Life Insurance Company and Prudential Assurance Company Singapore, said it already has a "decent pipeline" of transactions which are spread across broad geographic regions.
The firm, which provides financing to Singapore corporates in bidding for large, long-tenor projects overseas, expects to operate at a steady state within the next two to three years.
Tharman Shanmugaratnam, Singapore Deputy Prime Minister and Finance Minister, Chairman at Monetary Authority of Singapore said: "We are well placed -- the community here, of financial institutions, multilateral development institutions, government working together with Clifford Capital and professional specialists -- we are well placed as a community in Singapore to help to catalyse the development of infrastructural finance in Asia and beyond."
The company aims to have 80 percent of its portfolio comprising projects that involves Singapore-based firms.
These refer to companies listed or incorporated in Singapore with a material presence in the city state.
In turn, the Singapore government will back debt instruments issued by Clifford Capital with a guarantee.
Clive Kerner, CEO of Clifford Capital said: "The debt is guaranteed by the government of Singapore, which is in turn, triple A.
"If you compare that situation with many of the banks in the world at the moment, I'm not sure there are any banks that actually have triple A credit rating, so what that will do is give us a very low cost of funding and we think we'll be able to pass that benefit on to our clients in the form of attractive financing solutions."
Over the next decade, the Asian Development Bank estimates that there will be about US$8.3 trillion worth of infrastructure investment in Asia.
But at the same time, the cost of funding these investments is up.
Ray Ferguson, CEO of Standard Chartered Bank Singapore said: "The rules around Basel III and banks make long term financing harder for banks to provide, particularly financing beyond the sort of five-year level, because it's very difficult for us to get matching deposits.
"So Clifford can come in take the longer term tranches of some of those deals."
For a start, Clifford Capital will focus on financing the infrastructure and offshore and marine sectors with an average deal size of US$50 to US$100 million.
These are the sectors which Singapore firms have the competitive advantage.
- CNA/lp
- wong chee tat :)
Thursday, November 15, 2012
New mixed use development coming up in Bugis
New mixed use development coming up in Bugis
By Millet Enriquez | Posted: 14 November 2012 2338 hrs
SINGAPORE : A S$3 billion mixed development property is set to vastly alter the Bugis skyline over the next few years.
Named DUO, the property will comprise residences, offices, hotel and retail space.
Its developer, M+S, jointly owned by Malaysia's Khazanah Nasional and Temasek Holdings, unveiled the design of the project on Wednesday.
By 2017, two new towers will be added to the Bugis skyline.
Enclosed in a park-like environment, DUO features 660 units of prime residences, 21 storeys of Grade A offices, a five-star hotel and close to 80,000 square feet of retail space.
Designed by a renowned architect Ole Scheeren, the project is connected to the Bugis MRT interchange that will link the East-West Line and the upcoming Downtown Line.
Its developers are optimistic it will draw strong interest when it launches for sale in early 2013 - with foreign buyers possibly eyeing the residential property.
Tan Sri Azman Yahya, chairman of M+S, said: "The large three international buyers in Singapore have been Malaysians, Indonesians and Chinese. So we expect that the ratio of buyers will be quite similar to any other offerings around the CBD (Central Business District) area. We do expect a significant number of international buyers."
Property consultant HSR said homes in DUO could fetch up to S$2,000 psf depending on size, and a premium of 5 to 10 per cent, given its connectivity to the MRT station.
"Being a Khazanah project, we would expect demand to particularly come from Malaysian investors. The locality would boost the commercial hub status in the Bugis area. It has the potential of being Hong Kong's ICC Tower or Kowloon East if marketed and priced properly to attract financial companies who are saddled with high cost within the financial district," said Donald Han, special advisor at HSR Group.
The lack of Grade A offices in the area should also result in demand for the long term.
"Bugis office supply is confined to mostly grade B stock. The M+S office project can bring critical mass into the area, as a serious business hub. Residential within integrated mixed developments tend to enjoy a premium and sell well in today's market," added Mr Han.
Mr Scheeren said: "I have worked independently for Singaporean clients and independently for Malaysian clients, and I think what is really exciting about the project is that this is indeed a joint venture between both of them. Both the way that that is translated into the architecture and also in a way what that symbolises in itself, it may be both sensitive but also extremely positive."
However, analysts said initial marketing in 2013 may not result in strong take-up, given that pre-leasing usually rises a year prior to completion.
Some analysts also cautioned of downward price pressures on the prime residential market, in light of the government's cooling measures.
Nicholas Mak, executive director at SLP International Property Consultants, said office rents in the Bugis area could also face a downtrend in 2013.
CapitaLand and UEM Land Holdings are the project managers of the development.
- CNA/ms
- wong chee tat :)
By Millet Enriquez | Posted: 14 November 2012 2338 hrs
SINGAPORE : A S$3 billion mixed development property is set to vastly alter the Bugis skyline over the next few years.
Named DUO, the property will comprise residences, offices, hotel and retail space.
Its developer, M+S, jointly owned by Malaysia's Khazanah Nasional and Temasek Holdings, unveiled the design of the project on Wednesday.
By 2017, two new towers will be added to the Bugis skyline.
Enclosed in a park-like environment, DUO features 660 units of prime residences, 21 storeys of Grade A offices, a five-star hotel and close to 80,000 square feet of retail space.
Designed by a renowned architect Ole Scheeren, the project is connected to the Bugis MRT interchange that will link the East-West Line and the upcoming Downtown Line.
Its developers are optimistic it will draw strong interest when it launches for sale in early 2013 - with foreign buyers possibly eyeing the residential property.
Tan Sri Azman Yahya, chairman of M+S, said: "The large three international buyers in Singapore have been Malaysians, Indonesians and Chinese. So we expect that the ratio of buyers will be quite similar to any other offerings around the CBD (Central Business District) area. We do expect a significant number of international buyers."
Property consultant HSR said homes in DUO could fetch up to S$2,000 psf depending on size, and a premium of 5 to 10 per cent, given its connectivity to the MRT station.
"Being a Khazanah project, we would expect demand to particularly come from Malaysian investors. The locality would boost the commercial hub status in the Bugis area. It has the potential of being Hong Kong's ICC Tower or Kowloon East if marketed and priced properly to attract financial companies who are saddled with high cost within the financial district," said Donald Han, special advisor at HSR Group.
The lack of Grade A offices in the area should also result in demand for the long term.
"Bugis office supply is confined to mostly grade B stock. The M+S office project can bring critical mass into the area, as a serious business hub. Residential within integrated mixed developments tend to enjoy a premium and sell well in today's market," added Mr Han.
Mr Scheeren said: "I have worked independently for Singaporean clients and independently for Malaysian clients, and I think what is really exciting about the project is that this is indeed a joint venture between both of them. Both the way that that is translated into the architecture and also in a way what that symbolises in itself, it may be both sensitive but also extremely positive."
However, analysts said initial marketing in 2013 may not result in strong take-up, given that pre-leasing usually rises a year prior to completion.
Some analysts also cautioned of downward price pressures on the prime residential market, in light of the government's cooling measures.
Nicholas Mak, executive director at SLP International Property Consultants, said office rents in the Bugis area could also face a downtrend in 2013.
CapitaLand and UEM Land Holdings are the project managers of the development.
- CNA/ms
- wong chee tat :)
Wednesday, August 10, 2011
Temasek steps up investment in South Africa
Temasek steps up investment in South Africa
By Clement Mesenas | Posted: 05 August 2011 2324 hrs
SINGAPORE: Temasek Holdings has stepped up investment in South Africa with the setting up of a joint venture - Tana Africa Capital - with E Oppenheimer & Son International Ltd.
E Oppenheimer & Son is the investment vehicle of the Oppenheimer family and its primary asset is a stake in diamond miner De Beers SA.
A joint media release on Friday said the 50-50 joint investment will provide capital and business-building support to African businesses in two sectors, primarily consumer and agriculture.
It did not disclose the amount of the investment. But Temasek had made a US$100 million investment last year in South African developer Platmin Ltd, according to Dow Jones.
Tana Africa will also explore opportunities in media, health and education, the statement said.
Nagi Hamiyeh, managing director of investment at Temasek, said: "With a growing population of more than a billion, the African domestic economies are growing with the emergence of a middle class with an increasing disposable income.
"We believe that the consumer and agriculture-related businesses will strongly benefit from this trend."
Temasek, which was set up in 1974 has a S$193 billion portfolio at end-March. While it has been expanding overseas in recent years, most of its investments are anchored in Asia, with only 3 per cent in Latin America, Africa, Central Asia and the Middle East.
- CNA/al
- wong chee tat :)
By Clement Mesenas | Posted: 05 August 2011 2324 hrs
SINGAPORE: Temasek Holdings has stepped up investment in South Africa with the setting up of a joint venture - Tana Africa Capital - with E Oppenheimer & Son International Ltd.
E Oppenheimer & Son is the investment vehicle of the Oppenheimer family and its primary asset is a stake in diamond miner De Beers SA.
A joint media release on Friday said the 50-50 joint investment will provide capital and business-building support to African businesses in two sectors, primarily consumer and agriculture.
It did not disclose the amount of the investment. But Temasek had made a US$100 million investment last year in South African developer Platmin Ltd, according to Dow Jones.
Tana Africa will also explore opportunities in media, health and education, the statement said.
Nagi Hamiyeh, managing director of investment at Temasek, said: "With a growing population of more than a billion, the African domestic economies are growing with the emergence of a middle class with an increasing disposable income.
"We believe that the consumer and agriculture-related businesses will strongly benefit from this trend."
Temasek, which was set up in 1974 has a S$193 billion portfolio at end-March. While it has been expanding overseas in recent years, most of its investments are anchored in Asia, with only 3 per cent in Latin America, Africa, Central Asia and the Middle East.
- CNA/al
- wong chee tat :)
Thursday, June 30, 2011
Temasek, Khazanah to develop prime land parcels
Temasek, Khazanah to develop prime land parcels
By Maria Lois | Posted: 27 June 2011 2352 hrs
SINGAPORE: Singapore investment firm Temasek Holdings and Malaysian sovereign wealth fund Khazanah Nasional will jointly develop prime land parcels in both countries into projects worth about S$12.2 billion.
The two investment firms have established two subsidiaries - M+S Pte Ltd and Pulau Indah Ventures Sdn Bhd - for the purpose.
Temasek has a 40 percent stake in M+S while Khazanah owns the remaining 60 percent stake.
M+S will develop four land parcels in Marina South and two land parcels in Ophir Rochor, each as an integrated development.
The land parcels would be developed into mixed-use properties that will include office, residential, hotel and retail components with a combined permitted gross floor area of up to 501,020 square metres (sqm).
The project is valued at S$11 billion.
Khazanah's subsidiary UEM Land Holdings and a subsidiary of Mapletree Investments, a Temasek portfolio company, have been appointed to oversee the marketing and development of the project at Marina South.
At the same time, a subsidiary of CapitaLand(another Temasek portfolio company) and UEM Land have been appointed to oversee the marketing and development of the Ophir-Rochor site.
Meanwhile Pulau Indah, a 50:50 joint venture between Khazanah and Temasek, will develop projects in Iskandar Malaysia in Johor.
Two sites, one in Medini North and the other at the Heritage Cluster in Medini Central, have been confirmed.
Pulau Indah intends to develop serviced apartments, a corporate training centre, and commercial, retail, residential and wellness-related offerings on these sites.
The Iskandar Malaysia project is valued at about S$1.2 billion (3 billion ringgit) and will cover a vast 1.36-million sqm land.
Planning and design works on the projects began on the first quarter of this year.
In a separate statement, CapitaLand said that it has appointed its chief operating officer Mr Lim Ming Yan to lead several key projects for the Ophir-Rochor site.
It added that the Ophir-Rochor site is located between the Kampong Glam Historical District and the Beach Road Conservation Area.
The site also enjoys excellent connectivity with the existing Bugis MRT Station and the upcoming Downtown Line Bugis MRT Interchange. The total permissible gross floor area for the site is 160,020 sq m.
- CNA/ir
- wong chee tat :)
By Maria Lois | Posted: 27 June 2011 2352 hrs
SINGAPORE: Singapore investment firm Temasek Holdings and Malaysian sovereign wealth fund Khazanah Nasional will jointly develop prime land parcels in both countries into projects worth about S$12.2 billion.
The two investment firms have established two subsidiaries - M+S Pte Ltd and Pulau Indah Ventures Sdn Bhd - for the purpose.
Temasek has a 40 percent stake in M+S while Khazanah owns the remaining 60 percent stake.
M+S will develop four land parcels in Marina South and two land parcels in Ophir Rochor, each as an integrated development.
The land parcels would be developed into mixed-use properties that will include office, residential, hotel and retail components with a combined permitted gross floor area of up to 501,020 square metres (sqm).
The project is valued at S$11 billion.
Khazanah's subsidiary UEM Land Holdings and a subsidiary of Mapletree Investments, a Temasek portfolio company, have been appointed to oversee the marketing and development of the project at Marina South.
At the same time, a subsidiary of CapitaLand(another Temasek portfolio company) and UEM Land have been appointed to oversee the marketing and development of the Ophir-Rochor site.
Meanwhile Pulau Indah, a 50:50 joint venture between Khazanah and Temasek, will develop projects in Iskandar Malaysia in Johor.
Two sites, one in Medini North and the other at the Heritage Cluster in Medini Central, have been confirmed.
Pulau Indah intends to develop serviced apartments, a corporate training centre, and commercial, retail, residential and wellness-related offerings on these sites.
The Iskandar Malaysia project is valued at about S$1.2 billion (3 billion ringgit) and will cover a vast 1.36-million sqm land.
Planning and design works on the projects began on the first quarter of this year.
In a separate statement, CapitaLand said that it has appointed its chief operating officer Mr Lim Ming Yan to lead several key projects for the Ophir-Rochor site.
It added that the Ophir-Rochor site is located between the Kampong Glam Historical District and the Beach Road Conservation Area.
The site also enjoys excellent connectivity with the existing Bugis MRT Station and the upcoming Downtown Line Bugis MRT Interchange. The total permissible gross floor area for the site is 160,020 sq m.
- CNA/ir
- wong chee tat :)
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