THE Straits Trading Company swung back into the black with a third-quarter net profit of S$16.8 million, compared with a loss of S$7 million in the previous year, the group said in a Singapore Exchange filing on Friday. Revenue for the three months ended Sept 30, 2016, fell 18 per cent to S$113.4 million from the preceding year. Earnings per share were 4.1 Singapore cents, a reversal from a loss per...
Straits Trading
Straits Trading Company said on Tuesday (Dec 16) that it will buy a retail development in Chongqing for 668.4 million yuan (S$140.5 million), marking its first foray into China's property market. The purchase of the Times Midtown development from Chongqing BBMG Dacheng Shanshui Properties was done via Straits Real Estate, in which the Singapore investment firm has an 89.5 per cent stake. Straits...
SGX-listed Straits Trading Company plans to sell its Straits Trading Building to Sun Venture Group for S$450 million. In a filing to the Singapore Exchange on Friday (Sep 5), the company said the sale is in line with its strategy of redeploying its low-yielding investment properties into potentially higher return real estate opportunities. Straits Trading is expected to realise an estimated capital...
Straits Trading, an investor in Singapore’s biggest publicly traded property trust manager, is planning “Blackstone-like” funds as Asia’s appetite for real estate investments increases. Straits Trading last month invested in Singapore-listed ARA Asset Management, the property trust manager partly owned by billionaire Li Ka-shing, and set up a joint venture with ARA’s CEO John Lim to invest in...
Singapore's second oldest listed company is partnering one of Asia's largest REIT managers to expand their property business. Conglomerate Straits Trading Company (STC) is acquiring a 20.1 per cent stake in ARA Asset Management (ARA) for S$294 million. Under the strategic alliance, STC will pay ARA Group CEO John Lim as well as Hong Kong-listed developer Cheung Kong Group S$294.37 million for the...
Far East Orchard - a unit of Far East Organization, Singapore's largest privately held developer by assets - said on Monday it planned to buy Straits Trading Co's hospitality management business and stakes in the company's hotel assets, Dow Jones Newswires reported. Far East Orchard said it signed a non-binding memorandum of understanding with Straits Trading for the proposal, which also involves...
Mainboard-listed Straits Trading Company has acquired the Rendezvous Grand Hotel Melbourne for S$79.3 million. The company said this latest acquisition will add to its Rendezvous Hospitality Group portfolio. It will also strengthen and expand its footprint in the Asia Pacific region amid growth in travel and tourism. Mr Eric Teng, Straits Trading's Chief Executive Officer (Property & Hospitality)...
Amid the sluggish outlook for industrial metals, at least one producer is hedging its bets. Straits Trading - whose tin producing unit contributes 85 percent of its revenue - has been diversifying into property and hospitality services. Executive Chairman Chew Gek Khim spoke exclusively to Channel NewsAsia. By 2015, Chew Gek Khim hopes Straits Trading will be Asia's answer to Berkshire Hathaway, the...
THE on-again, off-again redevelopment of the prime Specialists' Shopping Centre and Hotel Phoenix site in Orchard Road is back on the agenda after a two-year break. OCBC Bank announced yesterday that it is in talks with construction and property group United Engineers Limited (UEL) to build a hotel and mall on the land. But the original player lined up for the project - the Straits Trading Company - is...
The property unit of Straits Trading Company will be developing a cluster of freehold bungalows at the prime Chancery Lane area as the mainboard-listed company is acquiring the original developer, Tertius Development. The project, called Chancery Five, will have 12 bungalow units and sits on a land plot of 27,600 square feet. The size of the bungalows will range between 4,800 square feet to 6,500 square...