SG Dealbook: Aspial to list property arm; Thakral Group forms Australian JV

Transacting a deal. Credit: Flickr/Henrik Sandklef

In Singapore today, there was extensive activity in the property domain. Aspial Corporation announced its plans to list its real estate arm on the Singapore Exchanges’s (SGX) Catalist junior board. The Thakral Group also announced the formation of an Australian joint venture with the Puljich family to develop retirement villages in Australia.

Aspial plans to list property arm on SGX Catalist

Aspial Corp, a publicly listed jewellery, pawn-broking and property group, is planning to list its property arm – which deals with real estate businesses in Malaysia and Australia – on the SGX Catalist.

Aspial disclosed that it’s  total revenue in Singapore stood at approximately $620 million. This was to be recognised progressively using the percentage of completion method. Meanwhile, it’s Australian projects earned an excess of A$1.05 billion of sales revenue, due to its Australia 108 and Avant projects. This amount will be recognised upon completion.

Accounting for current market prices, potential sales revenue from remaining local and overseas property projects of Aspial’s property arm is estimated to be in excess of $2 billion. According to a Yahoo Finance quote on 5 August 2015, Aspial’s market capitalisation currently stands at S$700.10 million with their shares trading at S$0.37, on a price to earnings ratio of 46.25.

In terms of financial health, Aspial disclosed a 2014 net profit of $53.6 million, with a value of 2.41 cents per share. But profit for 1H 2015 stands at $483,000. It should be noted that the financial results for the 2014 fiscal period included a revaluation gain of $25 million.

Aspial has also launched a retail offering of five-year bonds on the SGX carrying a fixed interest of 5.25 per cent per annum and payable twice a year. Currently, there is a retail tranche of up to $50 million and a placement tranche of $25 million. The minimum amount for the public offer is $2000 per application, with the placement tranche valued at $100,000.

The offer opens on 19 August and closes at noon on 26 August. Capital raised from the public offer will be used for general corporate funding requirements including the refinancing of existing debt, working capital, in addition to working capital requirements.

Thakral Group in JV to develop resort-style retirement villages

Thakral Corp has established an Australian joint venture with the Puljich family – developers and owners of retirement resorts in Australia – to build resort-style retirement villages for senior citizens. The joint venture firm GTH Resorts is equally owned by Thakral’s subsidiary, Thakral Capital Australia (aka TCAP Partners) and PVAP Pty Ltd.

This JV seeks to leverage on the rising demand for retirement housing in Australia. The developments will be branded as”Living Gems – A Thakral Joint Venture”.The Living Gems brand was created by the Puljich family as a “vertically integrated family-owned business that develops and operates world-class retirement communities”, according to a media release.

According to a regulatory filing, the “establishment of the JV is for the purpose of acquiring land for development in Eastern Seaboard of Australia, initially South East Queensland”. In addition, the 50-50 JV will be funded through internal cash reserve and external borrowings, credit facilities and other external sources.

GTH Resorts plans to acquire sites in south Queensland and northern New South Wales, targeting to develop more than 1000 retirement homes in these location prior to expanding their footprint in Australia’s major cities. Suitable sites for development of these communities of 150 to 450 homes range from 5 hectares to 30 hectares.

Recently, GTH Resorts signed a contract for A$6.25 million (S$6.43 million) to acquire a 8.46-ha site at Highfields in Queensland’s Toowoomba region, about 125 km from Brisbane.Total development costs of the Highfields project is estimated at A$35.7 million. It will be financed with a mix of internal sources, sales proceeds from the homes and bank loans.

This is the first of several sites to be acquired, with the land acquisition for development subject to regulatory approvals.

Also Read: 

SG Dealbook: mm2Asia to buy two Malaysia cinemas, Lum Chang Holdings to acquire Kelaty House in the UK £25.5m

Malaysia Dealbook: BHS to diversify, SKB acquires land, Mah Sing drops land purchase

Singapore VC Dealbook: Grey Orange raises $30m Series B; Practo raises $90m Series C; Jungle Ventures participates in LivSpace

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.