SG Realty Dealbook: FCL invests in Golden Land, Roxy-Pacific acquires land in Australia

Visual from Frasers website

Singaporean property major Frasers Centrepoint (FCL) is investing in Thai-listed Golden Land Property Development Public Company  while Roxy-Pacific plans to acquire Australian land.

FCL invests in Golden Land

Singaporean property major Frasers Centrepoint (FCL) is investing in Thai-listed Golden Land Property Development Public Company through the subscription of new shares, in a consideration valued at S$196 million (US$137.9 million). The subscription price is valued at approximately S$0.29 per share.

Described as a potential strategic investment in a filing, Golden Land develops commercial and residential properties in Thailand, including single and semi-detached housing, townhouse residential projects as well as mixed-used commercial and hospitality works in Bangkok’s central business district. This is in addition to the provision of property advisory services.

Currently, Univentures Public Company Limited (UV) holds 55.7 per cent of the issued share capital of Golden Land, which in turn has a major stake held by Adelfos Company Limited, owned by Panote Sirivadhanabhakdi and Thapana Sirivadhanabhakdi on a 50:50 basis.

Sirivadhanabhakdi is a director of FCL, with both him and Sirivadhanabhakdi being immediate family members of Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi, directors and controlling shareholders of FCL.

In a filing, FCL elaborated that the investment would enable FCL its re-entry into Thailand’s commercial and residential property markets, serving to complement FCLs’ exiting business profile. With total assets in excess of S$23 billion (US$16.18 billion) as at 30 September 2015, FCL currently maintains four core businesses focused on residential, commercial and hospitality and industrial properties, with assets in Asia, Australasia, Europe, and the Middle-East.

Post subscription, FCLs’ interest will be 29.5 per cent of capital, with Univentures holding the remaining 39.3 per cent. The current subscription price and consideration represent a premium of 1.4 per cent to the last closing price of Golden Land’s shares on 6 Nov 2015. Post-acquisition, Golden Lands book value is projected to rise to Baht 12.7 million from the current Baht 7.8 million.

Roxy-Pacific to acquires Australian land in A$15.65m deal

Roxy-Pacific Holdings said its subsidiary has entered into contracts to purchase land at 6A and 8 Buckingham Road, Killara New South Wales, Australia, for a consideration of A$15.65 million (S$15.69 million).

The properties have a freehold tenure with a land area of about 3,792.2 square metres. The property vendor has secured development approval to construct two residential flat buildings, which will comprise 43 apartments and 63 residential car spaces.

The acquisition is subject to conditions, including regulatory approval from the Foreign Investment Review Board of Australia. It will be financed by a mixture of internal funds and bank borrowings and is not expected to have a material impact on the group’s consolidated earnings and net tangible assets per share for the current financial year ending December 2015.

Also Read: 

SG Realty Dealbook: Sim Lian to buy Melbourne shopping centre; SingPost to launch integrated mall

SG Realty Dealbook: ARA launches third Korea REIT; Modena Bagkok to launch in 2016

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.