Latest Forum Topics / SLB Dev Last:0.225 -- |
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SLB Development Ltd. (SGX:1J0)
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Joelton
Supreme |
28-Jan-2025 14:57
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SLB Development jumps 33% after S$0.23-per-share privatisation offer from Lian Beng&rsquo s Ong family
The offer comes amid the low trading volume of the company&rsquo s shares
 
SHARES of property player SLB Development surged on Monday (Jan 27) morning, after it announced last week that it had received a privatisation offer from Lian Beng&rsquo s Ong family.
 
The counter was up 30.2 per cent or S$0.051 at S$0.22 after its trading halt was lifted at 9.20 am. SLB had called for a trading halt on Jan 22, pending the privatisation announcement.
 
By 9.51 am, the counter rose even further, gaining 33.1 per cent or S$0.056 at S$0.225, after 181,500 shares changed hands. The last time it traded at such levels was in 2018.
 
After the market closed last Friday, Lian Beng announced that its board of directors &ndash comprising the controlling Ong family &ndash has proposed to acquire and privatise SLB via a scheme of arrangement.
 
The scheme consideration for each share is S$0.23 in cash.
 
Lian Beng currently holds about 708.5 million shares in SLB, representing about 77.6 per cent of the total number of issued shares. Both companies said that they entered into an implementation agreement setting out the terms and conditions of the scheme.
 
Shares of SLB were last traded at S$0.169, on Jan 22, its last trading day. The offer price represents a premium of 36.1 per cent over the last transacted price.
 
The Ong family had decided to privatise the property developer amid the low trading volume of SLB&rsquo s shares. The acquisition will thus provide shareholders with &ldquo a unique cash exit opportunity to realise their entire investment&rdquo .
 
The scheme presents an opportunity for shareholders to realise their investments at a premium without incurring brokerage fees, the companies said.
 
Delisting from the Singapore bourse would also allow SLB to save on expenses and costs relating to the maintenance of its listing status, they added.
 
After the acquisition and the scheme are completed, Lian Beng intends to &ldquo undertake a review of the operations, management and financial position of the group and will evaluate and pursue any opportunities arising in the ordinary course of business which it regards to be (its) interests&rdquo .
 
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Trainner
Member |
24-Jan-2025 21:37
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23cts was the IPO price. Got free loan from investors for many years~~~~
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spursfan
Elite |
24-Jan-2025 19:38
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PROPOSED PRIVATISATION OF SLB DEVELOPMENT LTD. BY WAY OF A SCHEME OF ARRANGEMENT - 23cts https://links.sgx.com/1.0.0/corporate-announcements/T7GILLJOTKEVD54H/831315_Joint%20Announcement.pdf |
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Trainner
Member |
22-Jan-2025 20:52
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SLB on trading halt, announcing news?
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Joelton
Supreme |
30-Jul-2024 11:23
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SLB Development sinks into $22.1 mil loss in FY2024
 
SLB Development has reported a loss of $22.1 million for the FY2024 ended May 31, reversing from earnings of $8.4 million in the year before.
 
The group made a deeper loss of $17.5 million for the 2HFY2024, compared to the loss of $2.2 million in the 2HFY2023.
 
Full-year revenue plunged by 98.3% y-o-y to $805,000 mainly due to the absence of revenue from property development projects after INSPACE obtained its temporary occupancy permit (TOP) on January 2023. The project&rsquo s revenue was also fully recognised in FY2023.
 
The revenue recognised this year was mainly from distributions from the group&rsquo s fund investments and fees from development management services.
 
FY2024 gross profit fell by 97.0% y-o-y to $394,000 mainly due to the lack of contributions from property development projects.
 
Other operating income inched up by 5.5% y-o-y to $10.2 million due to higher rental income from SLB Developments&rsquo development property, foreign exchange (forex) gain and gain on disposal of plant and equipment. The gains were offset by lower interest income.
 
Share of results of joint ventures and associates also fell to a $4.1 million loss compared to the gain of $9.3 million in the year before. The lower share of results was mainly due to lower development profits recognised from the group&rsquo s associates and joint venture projects in FY2024. The group also recognised its share of pre-launch expenses, finance costs, sales and marketing expenses recognised from its new projects where revenue was not recognised in FY2024.
 
This year, the group also booked an impairment loss of $14.7 million on development property for 225 King Street, Melbourne, Australia.
 
No dividend was declared this year, compared to the final dividend of 0.1 cent per share declared the year before.
 
&ldquo No dividend has been declared or recommended for the financial year ended May 31 as to retain funds for working capital requirements of the group and to allow the group to capitalise on potential investment opportunities,&rdquo says SLB Development in its financial statement.
 
As at May 31, cash and cash equivalents stood at $43.9 million.
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Joelton
Supreme |
23-Dec-2023 12:08
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SLB Development expects 1HFY2024 loss in profit guidance
SLB Development 1J0 0.00% says it expects to report a loss for the 1HFY2024 ended Nov 30 based on a preliminary review of the unaudited financial results for the full year period.
 
In a profit guidance filing, the company says the loss is mainly due to higher finance costs and lower contribution from the Group&rsquo s property development projects for which profits were largely recognised prior to 1H2024.
 
The company has advised that further details of its performance will be set out in its unaudited financial results for 1HFY2024, to be released on or before Jan 12, 2024.
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kepoh88
Veteran |
12-May-2023 14:07
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How much SLB own Lian Beng ? Wow!!! | ||
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Joelton
Supreme |
28-Jul-2022 10:05
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SLB Development reports 91.8% surge in 2HFY2022 earnings of $16.6 mil
Catalist-listed SLB Development has reported earnings of $16.6 million for the 2HFY2022 ended May, 91.8% higher than the earnings of $8.7 million in the same period the year before.
 
SLB Development is the property development subsidiary of construction firm Lian Beng Group.
 
This has brought the property developer&rsquo s earnings for the FY2022 to $29.1 million, more than double the $14.0 million in earnings for the FY2021.
 
Earnings per share (EPS) for the 2HFY2022 and FY2022 stood at 1.56 cents and 2.88 cents respectively.
 
2HFY2022 revenue surged by 126.7% y-o-y to $52.9 million mainly due to the increase in revenue recognised from INSPACE as more units were sold during this period. This was offset by lower revenue recognised from Mactaggart Foodlink as the project had obtained its temporary occupation permit (TOP) in March 2021.
 
Gross profit surged some 3.3 times to $14.6 million in the 2HFY2022 from the $4.4 million in gross profit in the 2HFY2021 due to the higher revenue.
 
2HFY2022 share of results of joint ventures and associates increased by 83.6% y-o-y to $9.7 million due to the higher development profits recognised from Affinity @ Serangoon and Riverfront Residences as additional units were sold and as the respective projects&rsquo construction progressed.
 
For the FY2022, the group&rsquo s revenue surged by 119.0% y-o-y to $92.8 million mainly thanks to the higher revenue recognised from INSPACE and offset by Mactaggart Foodlink.
 
Gross profit for the full year increased by 121.5% y-o-y to $24.0 million.
 
Share of results of joint ventures and associates increased by 182.0% y-o-y to $19.3 million in the FY2022.
 
As at May 30, cash and cash equivalents stood at $361.9 million.
 
&ldquo We are pleased to have delivered a strong year of results despite the on&ndash going turmoil in the current economic environment. This is built on our firm foundation, namely, strategic partnerships, strong network and diversity, both by our asset portfolio as well as geographical reach,&rdquo says Matthew Ong, executive director and CEO of SLB.
 
&ldquo We will keep a steadfast focus and smooth execution of our asset portfolio across the industrial, residential and mixed-use sectors, as we move ahead in our growth path,&rdquo he adds.
 
SLB has declared a final dividend of 0.2 cents per share for the FY2022, two times more than the final dividend of 0.1 cent in the year before.
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Joelton
Supreme |
10-Jun-2022 08:53
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SLB announces acquisition of North Canal Road shophouses, Melbourne office
  SLB Development has announced a couple of acquisitions of properties meant to give it more recurring income.
 
The first is a pair of shophouses, 30 and 31 North Canal Road, for $14.38 million. The four-storey buildings have a total land area of 3,207.64 sq ft and a net lettable area of 11,464 sq ft.
 
Next, SLB is acquiring 225 King Street at, Melbourne for A$35.5 million. This property is a 12-storey office building in the CBD.
 
In addition, SLB has completed the $74.8 million joint-acquisition of Hotel Clover with Weave Living. This deal was first announced on March 11. The new owners plan to reposition this hotel into serviced residences.
 
CEO Matthew Ong says these deals marks &ldquo good progress&rdquo by the company in diversifying its short&ndash term recurring income stream both by asset types and by geographic base.
 
&ldquo We intend to further value add through various asset enhancement initiatives to all three assets,&rdquo he says.
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kepoh88
Veteran |
12-Apr-2022 22:40
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Sin Lian Beng will be beifitted from Mother company Lian Beng latest contract win. both run by same majority shareholder |
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Joelton
Supreme |
12-Mar-2022 09:56
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SLB and Weave Living jointly acquire hotel in Jalan Sultan for $74.8 million
 
SLB Development Ltd. announced today that in partnership with Weave Living, it will jointly acquire the 17 shophouses currently operating as Hotel Clover in Jalan Sultan for $74.8 million. Weave Living, with significant majority ownership, will be responsible for the redesigning and re-positioning of the hotel into serviced apartments, and for the day-to-day operations and management of this asset.
The 2-storey property at No. 17 to 33 Jalan Sultan has a total land area of 15,201 square feet and a total gross floor area of 35,000 square feet. This property comprising of 17 adjourning shophouses has a 99-year leasehold tenure starting April 2008.
&ldquo We are pleased to diversify our income stream into the &lsquo living sectors&rsquo segment through our partnership with Weave Living,&rdquo says Matthew Ong, Executive Director and CEO of SLB. 
SLB is a diversified property developer across the different asset classes. In 2019, SLB established a fund management business in partnership with experienced industry veterans, which aims to actively pursue investment opportunities in real estate funds and various segments of the real estate value chain.
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Joelton
Supreme |
07-Jan-2022 09:13
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SLB expects ' significant' rise in H1 profit parent Lian Beng still weighed by construction challenges
PROPERTY player SLB Development anticipates a " significant" year-on-year increase in net profit for H1 2022 ended November, the Catalist-listed company announced in a Thursday bourse filing.
 
This is mainly due to substantial sales of units in its projects, with contributions recognised as construction progressed.
 
The company' s key projects in the past year include industrial building Inspace, and residential developments Affinity @ Serangoon and Riverfront Residences.
 
However, its parent company Lian Beng Group still expects its overall performance for the half-year to be lower than for the previous year. Its performance is weighed down by continued challenges for the construction business amid the pandemic.
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PhillipTan
Supreme |
30-Jul-2021 09:18
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SLB Development reports 23.5% higher earnings of $13.4 mil in FY2021SLB Development, the property development subsidiary of construction firm Lian Beng Group has posted earnings of $13.4 million for the FY2021 ended May, 23.5% higher than earnings of $10.8 million for the FY2020.This is due to the stronger take up in units in the group' s development projects such as Affinity @ Serangoon, Rezi 24 and Riverfront Residences. All three are currently almost fully sold. The higher earnings were also thanks to the short-term recurring rental income contributions from its newly acquired development property, Thye Hong Centre. Earnings per share (EPS) for the FY2021 stood at 1.46 cents from 1.18 cents in the FY2020. Revenue for the FY2021 fell 8.2% y-o-y to $42.4 million due to the lower contribution recognised from Mactaggart Foodlink. This was offset by an increase in revenue recognised from INSPACE and the sale of the remaining unit from T-Space. Cost of sales stood 14.8% y-o-y higher at $31.6 million due to higher cost of sales recognised from INSPACE and the remaining unit sold from T-Space. Gross profit for the FY2021 fell by 42.1% y-o-y to $10.8 million mainly due to the lower profit margin from the contributing projects and the result of the Covid-19 pandemic. Other operating income grew by 7.7% y-o-y to $2.3 million in the FY2021 mainly due to higher sales commission amortised to profit or loss in the FY2021 as the group' s development projects progressed. SLB' s share of results of joint ventures and associates grew by $9.4 million from share of losses of $2.5 million in the previous FY to share of profits of $6.9 million in the FY2021. This was due to the increase in development profits recognised from Affinity @ Serangoon, Riverfront Residences and Rezi 24 as additional units were sold and development profit recognised. As at end-May, cash and cash equivalents stood at $40.2 million. For the FY2021, the group has recommended a final dividend of 0.1 cent per share. The group says its property developments remain affected by manpower constraints on the back of tighter border controls despite the ongoing recovery and gradual resumption of construction work. It says it will remain cautious when seeking opportunities to replenish its land bank and that it will continue to look out for business opportunities in the region through acquisitions, joint ventures, as well as strategic alliances. " The diversified nature of our asset portfolio across the industrial, residential and mixed-use sectors as well as a broadened geographical reach through our fund management business, has weathered us better during the year. Additionally, together with our strategic partners, we have made good progress and have seen a pick-up in sales momentum for three joint venture residential developments in Singapore," says Matthew Ong, executive director and CEO of SLB. " In fund management, extending beyond our UK investment, we are pleased to have invested in the Australian market, one in which we already enjoy a good network and have strong familiarity with." " Together with our recent acquisition of Thye Hong Centre and the ongoing enhancement works to the ground floor, we are looking at enhancing the short-term income for the asset. This is in line with our long-term goal of creating new and recurring income streams for sustained growth in the short-term while waiting for the right market condition to re-develop the building, which continues to feature prominently in our strategy given the challenging global environment," he adds. Shares in SLB closed 0.2 cents higher or 1.5% up at 13.2 cents on July 29.   |
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Joelton
Supreme |
15-Jan-2021 09:33
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SLB Development H1 net profit stable year on year at S$5.54m
CATALIST-LISTED SLB Development' s earnings held steady in the first half-year on profit contributions from its associates, according to unaudited results on Thursday.
 
Net profit ticked up by 0.9 per cent year on year, to S$5.54 million for the six months to Nov 30, 2020, even as revenue slipped 4.9 per cent to S$19.0 million on a slowdown in construction work amid Covid-19 safe management measures at project sites.
 
The bottom line was buoyed by the share of results from joint ventures and associates, which came to S$1.54 million, reversing the loss of S$592,000 previously.
 
The improvement came as Development profits were recognised from Affinity @ Serangoon, Riverfront Residences and Rezi24, where more units were sold, SLB said.
 
Still, it warned in its outlook statement that it expects possible completion delays for some of its developments, although it did not name them.
 
Earnings per share stood at 0.61 Singapore cent, against 0.60 Singapore cent previously. Net asset value was 17.92 Singapore cents a share, compared with 17.33 Singapore cents on May 31, 2020.
 
No dividend was recommended, unchanged from the year before. SLB said it hopes to retain funds for working capital needs and to enable potential investments.
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Joelton
Supreme |
14-Dec-2020 09:26
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SLB moves beyond property development
It' s scaling back property development and raising exposure to fund management and alternative asset classes.
 
THE risk involved in embarking on property developments in the current climate is prompting SLB Development to modify its strategy.
 
The company is the property development arm of mainboard-listed construction firm Lian Beng Group that was spun off via a Catalist listing in April 2018.
 
Says SLB Development' s chief executive, Matthew Ong: " Whatever property with redevelopment potential that we buy now, it must also come with an existing income stream.
 
" In case of any uncertainty, we do not have to go all out and redevelop the asset. Instead, we can hold on to it for a while since it is generating a stable income."
 
He cites a couple of risk factors stacked against embarking on property development ventures in Singapore at this juncture: the impact of the Covid-19 pandemic on businesses globally and what he terms " local policy changes" , probably alluding to Singapore' s property cooling measures.
 
While waiting for the right time to redevelop any newly acquired property, SLB will seek to add some value over the medium term, for instance, by refurbishing the asset and enhancing its rental income, said Mr Ong.
 
" Such an approach helps us to better manage our risk profile. As a young company, we have to be nimble, adapt to changing market conditions and create our own niche," he said in an interview with The Business Times. " Thus we have decided to scale back on development projects and increase our exposure to value-add opportunities, fund management and alternative asset classes."
 
Take for example, the group' s S$112.5 million recent acquisition of Thye Hong Centre at 2 Leng Kee Road.
 
Although SLB will be exploring the redevelopment possibilities for this freehold asset near Redhill MRT station, its medium-term plan is to collect rental income from this property.
 
The six-storey building' s net lettable area (NLA) of 146,834 sq ft is fully occupied. The net yield on the purchase price is in the high-3 per cent, said Mr Ong.
 
The group will squeeze out some additional NLA and spruce up the common areas and ground floor. It will also inject lifestyle elements such as a garden, gym and fitness corner on the rooftop - to create a more conducive working environment.
 
Thye Hong Centre
 
Thye Hong Centre is on a 64,067 sq ft site with 2.5 plot ratio and zoned for Business 1 use under Master Plan 2019, which means that it is suitable for clean and light industrial use.
 
" Redeveloping the site and doing strata sales may be challenging now as most local businesses are in cash-conservation mode and will tend to delay allocating funds for big-ticket items," said Mr Ong.
 
Nevertheless, he is sanguine about leasing prospects for light industrial space on the back of increased demand for storage and warehousing facilities amid the e-commerce boom. Moreover, some companies may meet the criteria to house their back-end offices in such premises.
 
Mr Ong points to the potential of developing residences on the site. " We are very fortunate to be able to acquire this asset. It is near the Jervois/Tanglin precinct the location would be ideal for a residential development.
 
" Although our purchase was based on the current usage and zoning, we shall explore all possible options and permutations for this asset with the relevant authorities."
 
Value-adding is very much part of SLB' s DNA, going back to the days when it was the property development division of Lian Beng Group.
 
Mr Ong was already the director of the division when, in 2014, Lian Beng led a consortium that acquired a 92.8 per cent stake in Prudential Tower in Singapore' s CBD from Keppel Reit. It resold the space progressively.
 
The lower stack in the building had two strata titles per floor and the upper stack, just a single title per floor. The consortium subdivided the strata titles on a few floors into smaller units it also spruced up the lobby and common areas. " We sold the final batch of space in Q4 2018 - making a profit on the entire venture," recalled Mr Ong. The 38-year-old is the son of Lian Beng Group chairman and managing director Ong Pang Aik whose father, Ong Sek Chong, founded Lian Beng in 1973. Lian Beng owns 77.58 per cent of SLB.
 
During Mr Matthew Ong' s days at Lian Beng, there were three instances when the group bought properties in Melbourne during the 2015 to 2017 period and resold them within short spans of time ranging from 11 months to just over two years - for handsome gains.
 
Observers said the gains were largely a function of the buoyant Australian property market back then. That said, Lian Beng' s efforts may also have played a part - such as obtaining approval from the authorities for a redevelopment scheme, or buying a vacant building and filling it up with new tenants.
 
SLB Development has also diversified into property fund management, taking a one-third stake in 32 Real Estate (or 32RE). The outfit was co-founded in October 2019 by Jeremy Choy, formerly from BlackRock, where he held several positions including head of real estate (Greater China).
 
Also holding a one-third stake in 32RE is a vehicle owned by Wee Teng Chuen, son of UOB chief executive Wee Ee Cheong. He is 32RE' s managing director. An entity controlled by Mr Choy holds the rest of 32RE.
 
Said SLB Development' s Mr Ong: " Under 32RE, we are looking to set up thematic platforms to build scale within certain niche sectors - rather than just doing standalone, random transactions."
 
In June, 32RE established its first platform - a S$150 million equity joint-venture with Hong Kong-based Weave Co-Living. The JV will acquire, develop, refurbish and operate co-living and rental accommodation assets in Singapore under Weave or its affiliated brands. Said Mr Choy: " We are scouting for suitable hospitality assets here to buy for conversion into a Weave Co-Living property."
 
Alternative asset class
 
32RE also plans to establish more platforms in other property segments in Singapore and the Asia-Pacific, added Mr Choy, who is 32RE' s CEO.
 
SLB has also has its finger in another pie - the UK private rented sector (PRS). Akin to the multi-family residential sector in the US and Japan, PRS is seen as a resilient segment of the UK housing market, where home ownership rates are not as high as, say, in Singapore.
 
SLB will have exposure to this segment through its investment in the Pinnacle Residential Fund, managed by Pinnacle Investment Management Limited (PIML). SLB also holds an equity stake in PIML, a fund management subsidiary of UK-based Pinnacle Investments (Holdings) that aims to build a series of funds focused on the PRS across the UK.
 
SLB' s ongoing private residential developments here include the Riverfront Residences and Affinity at Serangoon condos. It is a member of separate Oxley Holdings-led consortiums developing the two projects.
 
On a solo basis, SLB is developing Mactaggart Foodlink near Tai Seng MRT station this is a five-storey facility with 28 strata food factory units.
 
Property development used to be SLB' s bread-and-butter business. " We will be looking to evolve into a more dynamic real estate firm, merging a higher returns approach (of redeveloping properties), and a stable-income strategy through value-adding and fund management," said Mr Ong.
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Joelton
Supreme |
18-Sep-2020 09:18
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SLB Development to acquire Thye Hong Centre for S$112.5m
PROPERTY developer SLB Development said on Thursday that it has entered into a sale and purchase agreement with Thye Hong Manufacturing for the acquisition of Thye Hong Centre at 2 Leng Kee Road, a freehold six-storey industrial building for S$112.5 million, exclusive of goods and services tax.
 
SLB Development had on Aug 25 made an expression of interest to purchase the development.
 
The development has a land area of approximately 5,952 sq m, which is held on trust by the vendor for Thye Hong Properties.
 
The purchase price takes into account the market value of the development and the group' s assessment of the redevelopment potential of the development, said SLB Development in a filing. The group had also obtained an indicative value from an independent valuer which supports the value of the purchase price.
 
The group said that this move is in line with its long-term growth strategy to expand its business through the purchase and development of quality properties. The group intends to redevelop the land on which the development is situated, and does not intend to keep the development for long-term rental income.
 
The proposed acquisition is expected to be completed on Dec 17, 2020, three months after the agreement date.
 
The group added that the proposed acquisition will be funded using long-term bank borrowings and internal funds.
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Joelton
Supreme |
06-Jul-2020 09:27
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SLB Development
 
On June 26, controlling shareholding Lian Beng Group acquired 12 million shares of SLB Development (SLB) for a consideration of S$1.44 million. At 12 cents per share, this took its total interest in SLB, its Catalist-listed property developer spin-off, from 76.24 per cent to 77.56 per cent. Ong Sek Chong & Sons Pte Ltd, Ong Pang Aik and Ong Lay Huan are the controlling shareholders of Lian Beng Group.
 
The married deal followed Lian Beng Group' s acquisition of 3,936,500 shares of SLB at 11.9 cents per share back on June 8.
 
On June 16, SLB announced it had exercised its option to subscribe to a 20 per cent equity stake for £ 90,000 on a willing buyer-willing seller basis in fund manager Pinnacle Investment Management Ltd, which aims to build a series of funds focused on the private rented sector across the UK.
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Joelton
Supreme |
25-Jun-2020 16:25
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SLB' s associated company and 32RE to run co-living assets with Weave
CATALIST-LISTED property developer SLB Development announced on Wednesday that its fund-management company 32 Real Estate (32RE) and an associated company are establishing a joint venture with Hong Kong-based Weave Co-Living to " acquire, develop, refurbish and operate co-living and rental accommodation assets in Singapore" .
 
The companies entered into a subscription and shareholders agreement with Weave to establish a S$150 million equity joint venture, said SLB in a regulatory filing. Weave, a lifestyle-focused rental accommodation brand, will own 80 per cent of the JV and will be responsible for day-to-day management of the JV&rsquo s assets.
 
The remaining 20 per cent will be owned by a fund managed by the 32RE group, which may appoint two out of six directors to the JV' s board. 
 
Executive director and chief executive officer of SLB Matthew Ong said: " This ties in well with our intention to deepen our focus onthe co-living and accommodation segment. Apart from diversifying our income stream, the fund-management business will provide SLB with access to like-minded partners and reputable global investors.&rdquo
 
SLB has committed to contribute a stake of the total fund commitments via the 32RE Group, with the balance capital being raised from other accredited and/or institutional investors. The group has also agreed not to be involved or provide financial assistance to certain businesses that may be in direct conflict with the business of the JV during the relevant restricted periods stipulated in the agreement. 
 
Weave, founded in 2017 in Hong Kong, provides secure living spaces with a focus on design for people globally. In November 2018, global private equity firm Warburg Pincus invested US$181 million of growth capital in it to expand its business across the Asia-Pacific. 
https://www.businesstimes.com.sg/companies-markets/slbs-associated-company-and-32re-to-run-co-living-assets-with-weave |
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Joelton
Supreme |
17-Jun-2020 10:08
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SLB acquires 20% stake in UK fund management business for £ 90,000TUE, JUN 16, 2020 - 1:52 PMPROPERTY developer SLB Development on Tuesday said it has exercised its option to subscribe for a 20 per cent stake in  Pinnacle Investment Management Limited (PIML) for  £ 90,000 (S$158,385). PIML,  which aims to build funds focused on the private rented sector (PRS) across the UK, is the  fund management subsidiary of UK-based Pinnacle Investments (Holdings) and Pinnacle Group. Following shareholders' approval obtained last September  to diversify SLB' s business into fund management, the group made a maiden investment of  £ 2 million into UK residential fund, Pinnacle Residential Fund, which is managed by PIML. The investment was made through SLB' s subsidiary, SLB Starcap.  " The Pinnacle Residential Fund is acquiring assets across the UK in areas where supply and demand is most dislocated and that exhibit good prospects for economic growth," SLB said.  Matthew Ong, executive director and chief executive of SLB, said: " The diversification of our business into fund management has proven to be a winning strategy through the creation of new and recurring income streams for sustained growth." He added: " Despite uncertainties from the ongoing Covid-19 pandemic and outcome of Brexit, we remain optimistic about the housing market and investment demand in the UK, especially in the long term. " The UK PRS, backed by strong fundamentals underpinned by demographic growth and favourable supply-demand dynamics, has been a steady source of income even in tough times." According to Knight Frank' s  UK Residential Market Forecast 2020&ndash 2024  report, the UK PRS is projected to reach  £ 75 billion by 2025, SLB said.  It added that amid the Covid-19 pandemic, the UK PRS has proven " resilient" , as  research firm Savills predicts that there will likely be no significant impact on  rental values in the short term for the UK PRS. Catalist-listed SLB is the  spin-off of mainboard-listed construction company Lian Beng Group.  Separately on June 8, controlling shareholder  Lian Beng raised its stake in SLB  to 76.2 per cent, up from 75.8 per cent. As at 1.32pm on Tuesday, shares in Lian Beng were trading at S$0.41, up S$0.01 or 2.5 per cent. Meanwhile, shares in SLB last traded at 11.1 Singapore cents on June 11. https://www.businesstimes.com.sg/companies-markets/slb-acquires-20-stake-in-uk-fund-management-business-for-%C2%A390000   |
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Joelton
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15-Jun-2020 09:38
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SLB Development On June 8, controlling shareholding Lian Beng Group acquired 3,936,500 shares of SLB Development (SLB) for a consideration of S$468,444. At 11.9 cents per share, this took its total interest in SLB, its Catalist-listed property developer spin-off, from 75.81 per cent to 76.24 per cent.
 
Ong Sek Chong & Sons Pte Ltd, Ong Pang Aik and Ong Lay Huan are the controlling shareholders of Lian Beng Group.
 
Back on Jan 13, SLB reported a net profit attributable to the owners of the company of S$3.6 million on the back of a significant 55.5 per cent year on year (yoy) growth in revenue to S$12.1 million for its Q2 FY20 (ended Nov 30). The net profit was a turnaround from a net loss of S$0.7 million in its Q2 FY19.
 
During Q2 FY20, the group, through its wholly-owned subsidiary, SLBF Pte Ltd, also entered into a joint venture with 32 Holdings Pte Ltd and Jeremy Choy Chun Min, to establish a fund management company, 32 Real Estate Pte Ltd.
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