THE times they are a changin' - even for high-end home buyers. And luxe developer SC Global is rolling with it. The Simon Cheong vehicle, known for building "Mansions in the Sky" at The Marq, is now going small with its new collection, aptly named Petit Collectibles. The approximately 55-unit Petit Jervois in River Valley, the first project under this new brand, will be mostly one and two-bedders...
SC Global Developments Pte Ltd, a developer of upmarket residences, on Thursday unveiled an Enhanced Purchase Plan that allows prospective buyers of its Hilltops condominium to earn a 10 per cent return per annum on a 20 per cent downpayment - in what is believed to be the first such financing scheme in the market. Prospective buyers will be given a two-year option to purchase the units at a price that...
Shares of property developer SC Global that are freely traded on the Singapore Exchange (SGX) have dropped to 9.64 per cent of the firm's issued shares. This has triggered a voluntary unconditional cash offer by its majority shareholder, SC Global chairman Simon Cheong. Based on Singapore law, the majority shareholder can force the delisting of a firm once the public float falls below 10 per cent. Mr...
The cash offer by property tycoon Simon Cheong to take his flagship company SC Global Developments private is "fair and reasonable". That is the view of the independent directors of the luxury property development firm after taking into account recommendations from an independent financial advisor (IFA). In a company circular to shareholders on Wednesday, the independent directors recommended that...
Property tycoon Simon Cheong is taking his flagship company SC Global Developments private and has made a cash offer of S$1.80 a share. The offer price values the luxury property developer, SC Global, at approximately S$745 million. It is also at a 49.4 percent premium to its last traded price of $1.205 on November 30. Mr Cheong currently holds a 55.06 percent stake in SC Global and plans to de-list the...
Martin No.38 - a warehouse themed development by SC Global Developments - was awarded both the prestigious ‘Building of the Year Award’ and the top Design Award within the residential category (apartments and condominiums) at the Singapore Institute of Architects (SIA) Architectural Design Awards 2012. The SIA ‘Building of the Year’ award is the highest accolade conferred by the Institute, awarded...
SC Global Developments is acquiring a resort development site in Bali for US$32.5 million (S$40.69 million) via a wholly-owned subsidiary called Tanah Investments Pte Ltd (TIPL). TIPL will acquire shares in two companies, Lotusvale Ltd and Tannerson Ltd, to form an entity, PT Tanah Green Investments (PTTGI), which will undertake the acquisition of the site. SC Global said the price tag was based on a...
SC Global Developments Ltd has reported a net profit of S$46.3 million for the quarter ended 30 June, an increase of 88 per cent year-on-year. Revenue for the quarter was S$261.8 million, an increase of 13 per cent year-on-year. This was attributed to contributions from progressive revenue recognition of the group's development projects in Singapore, including Hilltops, Martin No. 38, and Seven Palms at...
Property developer SC Global has posted a first-quarter net profit of S$72.8 million, 15 times that of the same period a year ago. This was mainly due to higher revenue recognition for the group's Singapore development projects as construction progressed, and the effects of the accounting changes relating to the adoption of the Financial Reporting Standard INT FRS 115. Group revenue for the quarter was...
SC Global has a substantial inventory of approximately one million square feet gross of saleable floor area in different luxury housing projects in Singapore. However, Chairman and CEO Simon Cheong was in no rush to sell off the properties, as he is aware of the difficulty of finding replacement landbank in the country’s top-end segment. He believed that replenishing the landbank will be the luxury...
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