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Good strategy... but few years behind Mapletree.
Mapletree inherited from Temasek one. In other words, Mapletree is 'Ah Siah Kia' hahaha.


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I like that...

(29-08-2014, 12:20 PM)opmi Wrote: [ -> ]Mapletree inherited from Temasek one. In other words, Mapletree is 'Ah Siah Kia' hahaha.


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another ah siah kia is ascendas?
(29-08-2014, 12:14 PM)Contrarian Wrote: [ -> ]Good strategy... but few years behind Mapletree.

i still wondering what are high-end industrial buildings?
(28-08-2014, 07:17 PM)greengiraffe Wrote: [ -> ]Wah... Middle Eastern Sovereign Wealth Fund...

http://boustead.listedcompany.com/newsro...ASVG.1.pdf

1. Introduction
Boustead Singapore Limited (“Boustead”) is pleased to announce that its whollyowned
subsidiary, Boustead Projects Pte Ltd (“Boustead Projects”) – a leading
specialist in industrial real estate solutions – has established the Boustead
Development Partnership (“BDP”), a co-investment partnership between
Boustead Projects and the Abu Dhabi Investment Council. The parties will
contribute a combined S$250 million of equity to the BDP which, with leverage, is
expected to allow for an initial investment target in excess of S$600 million.
The BDP has a strategy to develop and redevelop modern logistics and high
quality industrial facilities in Singapore.
2. Boustead Development Partnership
Pursuant to the terms of the relevant BDP agreements as executed, the summary
details of the BDP are as follows.
Both partners in the BDP have each committed equity of S$125 million to the BDP,
providing a combined S$250 million of equity.
The BDP is proposed as the investor for Boustead Projects’ future design-buildand-
lease projects, development projects and redevelopment projects in the
industrial property market in Singapore that meet the BDP’s specified investment
requirements.
Boustead Projects will be the design-and-build partner for the BDP’s pipeline of
projects and Boustead Funds Management Pte Ltd (“Boustead Funds
Management”) will be the Investment Manager to the BDP, providing
development and asset management services respectively to the BDP. Boustead
Property Services Pte Ltd (“Boustead Property Services”) is also proposed as the
Property Manager, providing property management services to the BDP.

The BDP leverages from Boustead Projects’ in-depth domain expertise in designbuild-
and-lease and development projects and strong network within Singapore.
Concurrently, the BDP will allow Boustead Projects to significantly enhance the
real estate solutions that it can offer to potential end-user clients, and expand
Boustead Projects’ capacity to offer new high quality industrial facilities to
multinational corporations and local enterprises looking to grow in Singapore.
The BDP will bolster Boustead Projects’ capabilities in financing a significantly
larger pipeline of design-build-and-lease projects, development projects and
redevelopment projects, particularly for larger scale projects with higher capital
requirements. Furthermore, the BDP may also support further strategic real
estate objectives which Boustead may undertake.
For their respective roles in the BDP, Boustead Projects, Boustead Funds
Management and Boustead Property Services will earn asset management,
development, project management and property services fees from the BDP.

If BP is to sell all its High Quality Industrial DB&L to BDP (in which they have 50% equity), they would earn yearly Management & Service Fees.
This sounds like REIT structure to me.
Except, missing one important REIT advantage, the zero tax.

Nonetheless, I will keep my eyes on the following:
"The BDP will bolster Boustead Projects’ capabilities in financing a significantly larger pipeline of design-build-and-lease projects,
development projects and redevelopment projects, particularly for larger scale projects with higher capital requirements."
Corporate: Boustead Singapore secures partner to expand its industrial property portfolio
By Leu Siew Ying
1815 words
15 Sep 2014
The Edge Singapore
EDGESI
English
© 2014 The Edge Publishing Pte Ltd. All Rights Reserved.

Boustead Singapore (Boustead) CEO Wong Fong Fui reaches for a custard bun that is getting cold on the table and bites into it. He knows the rich Chinese dessert cannot be good for his health, but the sweet-and-salty egg yolk filling is too enticing for him to resist. When it comes to business, however, Wong has little appetite for risk.

In fact, the infrastructure-related engineering company that he runs has been seeking a partner to share the risk of its efforts to become a major industrial properties player. Boustead has been building a portfolio to form a real estate investment trust (REIT), which entails significant investments. In January, it incorporated a 55%-owned subsidiary called Boustead Crescendas Holdings to jointly build up a portfolio for the REIT with Crescendas, but nothing has come of it so far. On Aug 29, Boustead’s real estate unit Boustead Projects said it had entered into a partnership with Abu Dhabi Investment Council (ADIC), a sovereign wealth fund of the Middle Eastern state, to develop industrial properties in Singapore.

Under the so-called Boustead Development Partnership (BDP), each of the two parties will inject $125 million for a 50% share of the venture. The combined equity can be leveraged up to more than $600 million, giving BDP ample funds to bid for projects. Boustead itself is not short of cash to pursue these industrial property investments. The company had a cash hoard of $164 million as at end-June. Yet, Wong, 71, eschews borrowing too much and is mindful that interest rates will rise in future.

Back in his own private meeting room in the newly completed Edward Boustead Centre after lunch, Wong tells The Edge Singapore: “I can go to the market to raise bonds. We have been advised that there will be no difficulty at all in selling the bonds. But we say, ‘No point having a lot of money. We have a lot of money already — we’ve got to have projects.’” Company officials say the enquiries pipeline is healthy, yet the order book of Boustead’s real estate division fell to $105 million in 1QFY2015 (the company has a March year-end) from $174 million in the previous quarter.

More than anything else, the partnership with ADIC, which manages assets estimated at US$627 billion ($794 billion), opens the company’s horizon to projects it would not normally consider because the risks are too much to take on by itself. “Now, with this agreement in place, we would dare to look at it because 50% of the risk is shared with ADIC,” says Keith Chu, vice-president for corporate marketing and investor relations at Boustead. “ADIC’s name can also get us better financing terms.”

A project that the company let go of recently illustrates the rationale for the partnership. Boustead Projects bid for the construction of a logistics space for one of the world’s biggest logistics players. “If we had been in a position to share it 50:50, we could have sweetened the deal; but we had no partners, so the management was a bit more cautious,” says Chu. The project, worth more than $100 million, would have significantly boosted Boustead’s portfolio of 14 industrial properties.

Under its deal with ADIC, any projects completed will be added to Boustead Projects’ existing portfolio. The whole portfolio will eventually be brought to market, allowing ADIC to exit. According to some analysts, Boustead’s portfolio of 14 industrial properties could be worth as much as $500 million when they are all completed and leased. As at end-March, Boustead carried these properties, including three that are still under construction and not fully accounted for, at $149 million in its books.
http://www.sgx.com/wps/portal/sgxweb/hom...stockfacts

Top 5 owners by shares held Number of shares held Percent of shares held
Wong, Fong Fui 173,439,018 33.66%
Chartered Asset Management Pte. Ltd. 69,490,302 13.49%
Marrickville Group Limited 46,193,919 8.97%
Sang Chun Holdings Pte Ltd 23,084,000 4.48%
Fidelity Investments 10,261,261 1.99%

Fido appears to be new...
(20-09-2014, 09:26 PM)greengiraffe Wrote: [ -> ]http://www.sgx.com/wps/portal/sgxweb/hom...stockfacts

Top 5 owners by shares held Number of shares held Percent of shares held
Wong, Fong Fui 173,439,018 33.66%
Chartered Asset Management Pte. Ltd. 69,490,302 13.49%
Marrickville Group Limited 46,193,919 8.97%
Sang Chun Holdings Pte Ltd 23,084,000 4.48%
Fidelity Investments 10,261,261 1.99%

Fido appears to be new...

It is rather strange though, Chartered Asset Management last reported disposal on 21-Mar-2014. Their share ownership at that time was 7.8%.
http://infopub.sgx.com/FileOpen/_eFORM3V...eID=288070

There was no announcement since then.
Did I miss anything?
(20-09-2014, 10:43 PM)ksir Wrote: [ -> ]
(20-09-2014, 09:26 PM)greengiraffe Wrote: [ -> ]http://www.sgx.com/wps/portal/sgxweb/hom...stockfacts

Top 5 owners by shares held Number of shares held Percent of shares held
Wong, Fong Fui 173,439,018 33.66%
Chartered Asset Management Pte. Ltd. 69,490,302 13.49%
Marrickville Group Limited 46,193,919 8.97%
Sang Chun Holdings Pte Ltd 23,084,000 4.48%
Fidelity Investments 10,261,261 1.99%

Fido appears to be new...

It is rather strange though, Chartered Asset Management last reported disposal on 21-Mar-2014. Their share ownership at that time was 7.8%.
http://infopub.sgx.com/FileOpen/_eFORM3V...eID=288070

There was no announcement since then.
Did I miss anything?

Gd point, S&P could have made mistakes...