The City Harvest Church (CHC) has raised its shareholding in Suntec Singapore International Convention and Exhibition Centre to 39.2 per cent. Executive pastor Aries Zulkarnain made the announcement at a service on Saturday. In 2010, the church, through its wholly-owned subsidiary, Urban Property Investments Limited acquired 20 per cent effective shareholding for an aggregate purchase price of S$43.75...
City Harvest Church
So, where does this leave the churches? Commercial premises cannot be owned by or exclusively leased to religious organisations, state the guidelines released yesterday. So, where does this leave City Harvest Church with its $310-million stake in Suntec Singapore? Or New Creation Church, whose business arm is partnering CapitaMalls Asia to build a $1-billion lifestyle hub in One North? The Urban...
City Harvest Church said its management board is in discussion with the relevant parties and a statement will be issued shortly regarding its S$310 million stake in Suntec Singapore. The church was recently asked by the Commissioner of Charities about this business venture. City Harvest did not create a separate business entity for the purchase. There are concerns regarding this arrangement because the...