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
New Creation and City Harvest don't flout new rules but will have to abide by usage curbs: URA THE commercial investments of New Creation Church and City Harvest Church do not infringe the Urban Redevelopment Authority's (URA) new guidelines, it has been clarified. But plans for the one-north hub and Suntec Convention Centre will have to comply with restrictions on the use of commercial space for worship,...
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 has taken a new round of flak over its Suntec deal. The megachurch disclosed during its weekend Easter services that it received a lawyer's letter last Thursday from its fellow investors in the consortium holding a majority stake in Suntec Singapore, reminding it to keep to a non-disclosure agreement in the deal. The church, which recently invested in the consortium, said some...
CITY Harvest Church (CHC) yesterday gave its first detailed comments about its $310 million stake in Suntec Singapore, two weeks after announcing that it had become a 'co-owner'. The statement, in response to The Straits Times' queries, said its shares in the downtown commercial property were not held by the church itself, but by a separate 'special-purpose investment holding company' it wholly...
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...
THE Commissioner of Charities has questioned City Harvest Church (CHC) about its $310 million stake in Suntec Singapore. The 33,000-strong megachurch announced two weeks ago that it had become a co-owner of the downtown commercial property, which houses a convention and exhibition centre. The complex's full name is Suntec Singapore International Convention and Exhibition Centre. The money spent includes...
I REFER to Sunday's report, 'City Harvest paying $310m to become Suntec co-owner'. While it is City Harvest Church's right to decide how it spends its money, there are related issues which the Government should address. Religious organisations are registered charities. Therefore, contributions and income are non-taxable. However, with more and more religious organisations venturing into business and...